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<SEC-DOCUMENT>0000891804-06-001184.txt : 20060331
<SEC-HEADER>0000891804-06-001184.hdr.sgml : 20060331
<ACCEPTANCE-DATETIME>20060331095357
ACCESSION NUMBER:		0000891804-06-001184
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060131
FILED AS OF DATE:		20060331
DATE AS OF CHANGE:		20060331
EFFECTIVENESS DATE:		20060331

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:		06725634

	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>nq1.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:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/31&nbsp;&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:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/31/06&nbsp;&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>
<P align=left>
<TABLE>

  <TR>
    <TD width=189>&nbsp;</TD>
    <TD noWrap><B><FONT face=sans-serif size=1
     >Portfolio of Investments (Unaudited)</FONT></B><BR><B><FONT
      face=sans-serif size=1>Nuveen Municipal
      Income Fund, Inc. (NMI)</FONT></B><BR><I><FONT face=sans-serif size=1
     >January 31,
  2006</FONT></I><BR></TD></TR></TABLE></P>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0
>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%">&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><B><FONT
      face=sans-serif size=1
     >Optional</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><B><FONT
      face=sans-serif size=1
     >Principal</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%">&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><B><FONT
      face=sans-serif size=1
     >Call</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><B><FONT
      face=sans-serif size=1
     >Amount (000)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><B><FONT face=sans-serif size=1
     >Description</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><B><FONT
      face=sans-serif size=1
     >Provisions (1)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><B><FONT
      face=sans-serif size=1
     >Ratings (2)</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><B><FONT
      face=sans-serif size=1
     >Value</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><B><FONT face=sans-serif size=1
     >Alabama &#150; 0.8%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;690</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Phenix City Industrial Development Board, Alabama,
      Environmental Improvement Revenue Bonds,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>5/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%"
     ><FONT face=sans-serif size=1
     >$</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >742,254</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >MeadWestvaco Corporation, Series 2002A, 6.350%, 5/15/35
      (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><B><FONT face=sans-serif size=1
     >California &#150; 19.7%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >5,530</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Adelanto School District, San Bernardino County, California,
      General Obligation Bonds, Series</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2,669,608</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >1997A, 0.000%, 9/01/22 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Brea Olinda Unified School District, California, General
      Obligation Bonds, Series 1999A:</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >0.000%, 8/01/21 &#150; FGIC Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,003,380</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,070</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >0.000%, 8/01/22 &#150; FGIC Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >986,914</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,120</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >0.000%, 8/01/23 &#150; FGIC Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >959,788</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >California State Public Works Board, Lease Revenue Bonds,
      Department of Mental Health,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>6/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A&#150;</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >3,108,360</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >Coalinga State Hospital, Series 2004A, 5.000%,
      6/01/25</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >California Statewide Community Development Authority, Revenue
      Bonds, Daughters of Charity</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>7/15 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >BBB+</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,004,660</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >Health System, Series 2005A, 5.000%, 7/01/39</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>500</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >California, General Obligation Bonds, Series 2004, 5.200%,
      4/01/26</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>4/14 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >534,345</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >California, General Obligation Bonds, Series 2005, 5.000%,
      3/01/27</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>3/16 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,044,010</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,150</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Foothill/Eastern Transportation Corridor Agency, California,
      Toll Road Revenue Bonds, Series</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>1/07 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,179,613</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >1995A, 6.000%, 1/01/34 (Pre-refunded 1/01/07)</FONT>&nbsp;
</TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Golden State Tobacco Securitization Corporation, California,
      Tobacco Settlement Asset-Backed</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>6/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >3,378,510</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >Bonds, Series 2003A-1, 6.750%, 6/01/39</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>500</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Lake Elsinore Public Financing Authority, California, Local
      Agency Revenue Refunding Bonds,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>10/13 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>N/R</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >541,970</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2003H, 6.375%, 10/01/33</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Vernon, California, Electric System Revenue Bonds, Malburg
      Generating Station Project, Series</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>4/08 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,043,740</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >2003C, 5.375%, 4/01/18 (Pre-refunded 4/01/08)</FONT>&nbsp;
</TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >22,870</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Total California</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >17,454,898</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><B><FONT face=sans-serif size=1
     >Colorado &#150; 6.4%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>855</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Colorado Educational and Cultural Facilities Authority,
      Charter School Revenue Bonds, Douglas</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>7/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >889,465</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >County School District RE-1 &#150; DCS Montessori School, Series
      2002A, 6.000%, 7/15/22</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>480</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Colorado Educational and Cultural Facilities Authority,
      Charter School Revenue Bonds,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>8/11 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >565,507</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >Peak-to-Peak Charter School, Series 2001, 7.500%, 8/15/21
      (Pre-refunded 8/15/11)</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Colorado Educational and Cultural Facilities Authority,
      Charter School Revenue Bonds, Weld</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>6/11 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>Ba1</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,034,690</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >County School District 6 &#150; Frontier Academy, Series 2001,
      7.375%, 6/01/31</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Colorado Health Facilities Authority, Revenue Bonds,
      Evangelical Lutheran Good Samaritan</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>6/16 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A&#150;</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,007,560</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >Society, Series 2005, 5.000%, 6/01/35</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Denver City and County, Colorado, Airport System Revenue
      Refunding Bonds, Series 2000A,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>11/10 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2,173,980</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >6.000%, 11/15/16 &#150; AMBAC Insured (Alternative Minimum
      Tax)</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >5,335</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Total Colorado</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >5,671,202</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><B><FONT face=sans-serif size=1
     >Connecticut &#150; 5.7%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,480</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Capitol Region Education Council, Connecticut, Revenue Bonds,
      Series 1995, 6.750%, 10/15/15</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>4/06 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,512,190</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Connecticut Health and Educational Facilities Authority,
      Revenue Bonds, University of New</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>7/06 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BBB&#150;
      (3)</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2,066,620</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >Haven, Series 1996D, 6.700%, 7/01/26 (Pre-refunded
      7/01/06)</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>500</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Eastern Connecticut Resource Recovery Authority, Solid Waste
      Revenue Bonds, Wheelabrator</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>7/06 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >503,750</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >Lisbon Project, Series 1993A, 5.500%, 1/01/14 (Alternative
      Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>950</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Willimantic Housing Authority, Connecticut, GNMA
      Collateralized Multifamily Housing Mortgage</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>4/06 at
      105.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >998,716</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<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 vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >4,930</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Total Connecticut</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >5,081,276</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><B><FONT face=sans-serif size=1
     >Florida &#150; 2.3%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>175</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><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 vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>6/06 at
      101.50</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>N/R</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >177,952</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<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 vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,250</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><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 vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>6/06 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BB+</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,273,475</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<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 vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>600</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Martin County Industrial Development Authority, Florida,
      Industrial Development Revenue</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>6/06 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BB+</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >611,814</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >Refunding Bonds, Indiantown Cogeneration LP, Series 1995B,
      8.050%, 12/15/25 (Alternative</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,025</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Total Florida</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2,063,241</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><B><FONT face=sans-serif size=1
     >Illinois &#150; 10.0%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,400</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><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 vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>1/09 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>N/R</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,486,926</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >1998, 7.000%, 1/01/14</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Illinois Development Finance Authority, Revenue Bonds,
      Chicago Charter School Foundation,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Series 2002A:</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>500</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >6.125%, 12/01/22</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>12/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >529,660</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >6.250%, 12/01/32</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>12/21 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,035,590</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Illinois Educational Facilities Authority, Student Housing
      Revenue Bonds, Educational</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>5/12 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >Baa3</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,026,870</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >Advancement Foundation Fund, University Center Project,
      Series 2002, 6.250%, 5/01/34</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,550</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Illinois Health Facilities Authority, Revenue Bonds, Condell
      Medical Center, Series 2002,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>5/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >Baa2</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,589,990</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.500%, 5/15/32</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,735</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><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 vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>7/07 at
      103.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>N/R
      (3)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,820,883</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >Airport, Series 1997A, 7.250%, 7/01/18 (Pre-refunded 7/01/07)
      (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,305</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >North Chicago, Illinois, General Obligation Bonds, Series
      2005B, 5.000%, 11/01/25 &#150; FGIC</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>11/15 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,374,387</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >8,490</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Total Illinois</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >8,864,306</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><B><FONT face=sans-serif size=1
     >Indiana &#150; 4.0%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Indiana Health Facility Financing Authority, Hospital Revenue
      Bonds, Riverview Hospital,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>8/12 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >Baa1</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2,140,360</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2002, 6.125%, 8/01/31</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,305</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><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 vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>11/10 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>N/R</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,416,551</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<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 vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,305</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Total Indiana</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >3,556,911</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><B><FONT face=sans-serif size=1
     >Louisiana &#150; 2.5%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,745</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><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 vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2,202,033</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >Corporation Project, Series 1994, 11.000%,
      2/01/14</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><B><FONT face=sans-serif size=1
     >Maryland &#150; 1.1%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><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 vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>9/07 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>N/R</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,013,960</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >7.400%, 9/01/19 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><B><FONT face=sans-serif size=1
     >Massachusetts &#150; 0.9%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>500</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><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 vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>12/09 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >538,095</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<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 vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>270</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Massachusetts Industrial Finance Agency, Resource Recovery
      Revenue Refunding Bonds, Ogden</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>12/08 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >275,489</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >Haverhill Project, Series 1998A, 5.450%, 12/01/12
      (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>770</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Total Massachusetts</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >813,584</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><B><FONT face=sans-serif size=1
     >Michigan &#150; 3.7%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Delta County Economic Development Corporation, Michigan,
      Environmental Improvement Revenue</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>4/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,126,080</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >Refunding Bonds, MeadWestvaco Corporation &#150; Escanaba Paper
      Company, Series 2002B, 6.450%,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >4/15/23 (Pre-refunded 4/15/12) (Alternative Minimum
      Tax)</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,150</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Michigan State Hospital Finance Authority, Hospital Revenue
      Refunding Bonds, Sinai Hospital,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>7/06 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>Ba3</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2,168,060</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 1995, 6.625%, 1/01/16</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,150</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Total Michigan</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >3,294,140</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><B><FONT face=sans-serif size=1
     >Montana &#150; 1.4%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,200</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Montana Board of Investments, Exempt Facility Revenue Bonds,
      Stillwater Mining Company, Series</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>7/10 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>B1</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,245,360</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >2000, 8.000%, 7/01/20 (Alternative Minimum Tax)</FONT>&nbsp;
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><B><FONT face=sans-serif size=1
     >Nebraska &#150; 1.2%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><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 vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>11/12 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A+</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,086,280</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >5.900%, 11/01/27 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><B><FONT face=sans-serif size=1
     >New Hampshire &#150; 0.9%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>400</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><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 vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>1/07 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >BBB&#150;</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >412,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >College, Series 1997, 6.375%, 1/01/27</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><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 vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >College, Series 1997:</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>100</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >6.375%, 1/01/27 (Pre-refunded 1/01/07)</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>1/07 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BBB&#150;
      (3)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >104,575</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>200</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >6.375%, 1/01/27 (Pre-refunded 1/01/07)</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>1/07 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BBB&#150;
      (3)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >209,430</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>700</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Total New Hampshire</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >726,005</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><B><FONT face=sans-serif size=1
     >New York &#150; 6.2%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Dormitory Authority of the State of New York, Revenue Bonds,
      Brooklyn Law School, Series</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>7/13 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,092,060</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >2003A, 5.500%, 7/01/15 &#150; RAAI Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >4,120</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Yates County Industrial Development Agency, New York,
      FHA-Insured Civic Facility Mortgage</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>2/11 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AA+</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >4,424,095</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >Revenue Bonds, Soldiers and Sailors Memorial Hospital, Series
      2000A, 6.000%, 2/01/41</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >5,120</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Total New York</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >5,516,155</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><B><FONT face=sans-serif size=1
     >Ohio &#150; 3.3%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,400</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><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 vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>9/09 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>N/R</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2,487,912</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >1998B, 6.625%, 9/01/20 (Alternative Minimum Tax)</FONT>&nbsp;
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>400</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Ohio Water Development Authority, Solid Waste Disposal
      Revenue Bonds, BHP Steel LLC, Series</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>3/06 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A+</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >408,552</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >1995, 6.300%, 9/01/20 (Alternative Minimum Tax)</FONT>&nbsp;
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,800</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Total Ohio</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2,896,464</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><B><FONT face=sans-serif size=1
     >Pennsylvania &#150; 2.9%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,080</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Allegheny County Hospital Development Authority,
      Pennsylvania, Revenue Bonds, West Penn</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>11/10 at
      102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>Ba3</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,281,539</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >Allegheny Health System, Series 2000B, 9.250%,
      11/15/30</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,165</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Carbon County Industrial Development Authority, Pennsylvania,
      Resource Recovery Revenue</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >BBB&#150;</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,248,752</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >Refunding Bonds, Panther Creek Partners Project, Series 2000,
      6.650%, 5/01/10 (Alternative</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,245</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Total Pennsylvania</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2,530,291</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><B><FONT face=sans-serif size=1
     >Rhode Island &#150; 0.7%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>500</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><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 vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>6/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >528,395</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >Series 2002A, 6.250%, 6/01/42</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><B><FONT face=sans-serif size=1
     >South Carolina &#150; 5.0%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Greenville County School District, South Carolina,
      Installment Purchase Revenue Bonds, Series</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>12/12 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AA&#150;</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2,740,100</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >2002, 5.500%, 12/01/13</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>475</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><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 vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >604,366</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >1/01/19 (ETM) &#150; FGIC Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Tobacco Settlement Revenue Management Authority, South
      Carolina, Tobacco Settlement</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>5/11 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,054,130</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >Asset-Backed Bonds, Series 2001B, 6.000%,
      5/15/22</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,975</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Total South Carolina</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >4,398,596</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><B><FONT face=sans-serif size=1
     >Tennessee &#150; 2.5%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Knox County Health, Educational and Housing Facilities Board,
      Tennessee, Hospital Revenue</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>4/12 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >Baa3</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,061,990</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >Bonds, Baptist Health System of East Tennessee Inc., Series
      2002, 6.375%, 4/15/22</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Shelby County Health, Educational and Housing Facilities
      Board, Tennessee, Hospital Revenue</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Bonds, Methodist Healthcare, Series 2002:</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>375</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >6.500%, 9/01/26 (Pre-refunded 9/01/12)</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>9/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A&#150;
      (3)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >437,936</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>625</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >6.500%, 9/01/26 (Pre-refunded 9/01/12)</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>9/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A&#150;
      (3)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >729,894</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Total Tennessee</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2,229,820</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><B><FONT face=sans-serif size=1
     >Texas &#150; 7.5%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><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 vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>4/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>A+</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2,116,400</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<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 vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><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 vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>10/13 at
      101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >1,984,500</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >Light and Power Company, Series 1995, 4.000%, 10/15/15 &#150; MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Weslaco Health Facilities Development Corporation, Texas,
      Hospital Revenue Bonds, Knapp</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>6/12 at
      100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >BBB+</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >2,152,660</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >Medical Center, Series 2002, 6.250%, 6/01/25</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >West Texas Independent School District, McLennan and Hill
      Counties, General Obligation</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="12%"><FONT
      face=sans-serif size=1>8/13 at
      51.84</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >360,290</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     >&nbsp;<FONT face=sans-serif size=1
     >Refunding Bonds, Series 1998, 0.000%, 8/15/25</FONT>&nbsp;
</TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >7,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><FONT face=sans-serif size=1
     >Total Texas</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >6,613,850</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
     ><B><FONT face=sans-serif size=1
     >Virgin Islands &#150; 3.1%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"
   ><FONT face=sans-serif
      size=1>2,545</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
   ><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 vAlign=top noWrap align=left width="12%"
   ><FONT face=sans-serif
      size=1>10/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif
      size=1>BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif
      size=1>2,730,607</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
   >&nbsp;<FONT face=sans-serif
      size=1>5.250%, 10/01/19</FONT>&nbsp;
</TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
   ><B><FONT face=sans-serif
      size=1>Virginia &#150;
      3.1%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"
   ><FONT face=sans-serif
      size=1>1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
   ><FONT face=sans-serif
      size=1>Chesterfield County Industrial
      Development Authority, Virginia, Pollution Control Revenue</FONT>&nbsp;
</TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%"
   ><FONT face=sans-serif
      size=1>11/10 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif
      size=1>A3</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif
      size=1>1,090,090</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
   >&nbsp;<FONT face=sans-serif
      size=1>Bonds, Virginia Electric and
      Power Company, Series 1987A, 5.875%, 6/01/17</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"
   ><FONT face=sans-serif
      size=1>1,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
   ><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 vAlign=top noWrap align=left width="12%"
   ><FONT face=sans-serif
      size=1>10/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif
      size=1>A3</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif
      size=1>1,680,615</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
   >&nbsp;<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 vAlign=top noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"
   ><FONT face=sans-serif
      size=1>2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
   ><FONT face=sans-serif
      size=1>Total Virginia</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif
      size=1>2,770,705</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
   ><B><FONT face=sans-serif
      size=1>West Virginia &#150;
      2.4%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"
   ><FONT face=sans-serif
      size=1>2,050</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
   ><FONT face=sans-serif
      size=1>Mason County, West Virginia,
      Pollution Control Revenue Bonds, Appalachian Power Company,</FONT>&nbsp;
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%"
   ><FONT face=sans-serif
      size=1>10/11 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif
      size=1>BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif
      size=1>2,094,301</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
   >&nbsp;<FONT face=sans-serif
      size=1>Series 2003L, 5.500%,
      10/01/22</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
   ><B><FONT face=sans-serif
      size=1>Wisconsin &#150;
      1.2%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"
   ><FONT face=sans-serif
      size=1>1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
   ><FONT face=sans-serif
      size=1>Wisconsin Health and Educational
      Facilities Authority, Revenue Bonds, Carroll College Inc.,</FONT>&nbsp;
</TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%"
   ><FONT face=sans-serif
      size=1>10/11 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif
      size=1>BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif
      size=1>1,066,270</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
   >&nbsp;<FONT face=sans-serif
      size=1>Series 2001, 6.250%,
      10/01/21</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="97%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="7%"
   ><FONT face=sans-serif
      size=1>$&nbsp;&nbsp;&nbsp;&nbsp;
      88,945</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
   ><FONT face=sans-serif
      size=1>Total Investments (cost
      $81,390,424) &#150; 98.5%</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif
      size=1>87,190,904</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="7%">
      <HR noShade SIZE=2>
    </TD>
    <TD width="2%"></TD>
    <TD width="88%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
   ><FONT face=sans-serif
      size=1>Other Assets Less Liabilities &#150;
      1.5%</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif
      size=1>1,344,952</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD width="2%"></TD>
    <TD width="88%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="53%"
   ><FONT face=sans-serif
      size=1>Net Assets &#150; 100%</FONT>&nbsp;
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif
      size=1>$88,535,856</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD width="2%"></TD>
    <TD width="88%" colSpan=7>
      <HR noShade SIZE=2>
    </TD></TR></TABLE><BR>
<HR align=center width="100%" color=#990033 noShade SIZE=3>
<PAGE><A name=page_5></A>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0
>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>(1)</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="91%"
     ><FONT face=sans-serif size=1
     >Optional Call Provisions: Dates (month and year) and prices
      of the earliest optional call or redemption.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="91%"
     ><FONT face=sans-serif size=1
     >There may be other call provisions at varying prices at later
      dates. Certain mortgage-backed securities</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="91%"
     ><FONT face=sans-serif size=1
     >may be subject to periodic principal paydowns.</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>(2)</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="91%"
     ><FONT face=sans-serif size=1
     >Ratings: Using the higher of Standard &amp; Poor&#146;s or Moody&#146;s
      rating. Ratings below Baa by Moody&#146;s Investor</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="91%"
     ><FONT face=sans-serif size=1
     >Service, Inc. or BBB by Standard &amp; Poor&#146;s Group are
      considered to be below investment grade.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>(3)</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="91%"
     ><FONT face=sans-serif size=1
     >Securities are backed by an escrow or trust containing
      sufficient U.S. Government or U.S. Government</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="91%"
     ><FONT face=sans-serif size=1
     >agency securities which ensures the timely payment of
      principal and interest. Such securities are normally</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="91%"
     ><FONT face=sans-serif size=1
     >considered to be equivalent to AAA rated
      securities.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>N/R</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="91%"
     ><FONT face=sans-serif size=1
     >Investment is not rated.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >(ETM)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="91%"
     ><FONT face=sans-serif size=1
     >Security is escrowed to maturity.</FONT>&nbsp;
</TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=1
>Income Tax Information</FONT></B></P>
<P align=left><FONT face=sans-serif size=1
>The following information is presented on an income tax basis.
Differences between amounts for financial statement and federal income tax
purposes are primarily due to timing differences in recognizing taxable market
discount and timing differences in recognizing certain gains and losses on
investment transactions. At January 31, 2006, the cost of investments was
$81,327,360.</FONT></P>
<P align=left><FONT face=sans-serif size=1
>Gross unrealized appreciation and gross unrealized depreciation of
investments at January 31, 2006, were as follows:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0
>

  <TR>
    <TD vAlign=top noWrap align=left width="62%" background="">
      <HR noShade SIZE=1>
    </TD>
    <TD width="2%" background="">
      <HR noShade SIZE=1>
    </TD>
    <TD vAlign=top noWrap align=left width="35%" background="">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="62%"><FONT
      face=sans-serif size=1>Gross
      unrealized:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="35%">&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="62%"
     >&nbsp;&nbsp;<FONT face=sans-serif size=1
     >Appreciation</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="35%"><FONT
      face=sans-serif size=1
     >$5,932,641</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="62%"
     >&nbsp; <FONT face=sans-serif size=1
     >Depreciation</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="35%"><FONT
      face=sans-serif size=1
     >(69,097)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="62%"
     ><FONT face=sans-serif size=1
     >Net unrealized appreciation (depreciation) of
      investments</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="35%"><FONT
      face=sans-serif size=1
     >$5,863,544</FONT>&nbsp; </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>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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jessica R. Droeger<BR>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice President and Secretary</FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2006&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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gifford R. Zimmerman<BR>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Administrative Officer (principal executive officer)&nbsp;</FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2006&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&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;<BR></U>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stephen D. Foy<BR>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice President and Controller (principal financial
officer)&nbsp;</FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2006&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>*&nbsp;Print the name and title of each signing officer under his or her signature. </FONT></P>

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<FILENAME>certification1.htm
<DESCRIPTION>CERTIFICATIONS
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<TITLE>Certifications</TITLE>
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<H3><U>CERTIFICATIONS</U> </H3>
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<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>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>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>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>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>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>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>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>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:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2006&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;<BR></U>Gifford R. Zimmerman<BR>Chief Administrative Officer<BR>(principal executive officer)<BR><BR></H4>
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<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>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>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>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>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>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>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>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>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:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2006&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;<BR></U>Stephen D. Foy&nbsp;<BR>Vice President and Controller<BR>(principal financial officer)<BR><BR></H4>
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