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<SEC-DOCUMENT>0000891804-08-003016.txt : 20080929
<SEC-HEADER>0000891804-08-003016.hdr.sgml : 20080929
<ACCEPTANCE-DATETIME>20080929124724
ACCESSION NUMBER:		0000891804-08-003016
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080731
FILED AS OF DATE:		20080929
DATE AS OF CHANGE:		20080929
EFFECTIVENESS DATE:		20080929

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:		081093219

	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>Nuveen Investments<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>
        Kevin J. McCarthy 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;&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;7/31/08&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 (&sect;&sect; 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 ("OMB") 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. &sect; 3507.</font></p>

        <p><font face="Times New Roman, Times, Serif" size="2"><b>Item 1. Schedule of Investments</b></font></p>
        <a name="page_1"></a>

        <table cellspacing="1" cellpadding="0" width="648" border="0">
            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Portfolio of Investments (Unaudited)</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Nuveen Municipal Income Fund, Inc. (NMI)</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><i><font face="sans-serif" size="2">July 31, 2008</font></i>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><b><font face="sans-serif" size="2">Principal</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><b><font face="sans-serif" size="2">Optional Call</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><b><font face="sans-serif" size="2">Amount (000)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Description (1)</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><b><font face="sans-serif" size="2">Provisions (2)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><b><font face="sans-serif" size="2">Ratings (3)</font></b>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><b><font face="sans-serif" size="2">Value</font></b>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Alabama &ndash; 0.8%</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Phenix City Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">5/12 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BBB</font>&nbsp;</td>

                <td nowrap align="left" width="2%"><font face="sans-serif" size="2">&nbsp; $</font>&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">634,814</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">MeadWestvaco Corporation, Series 2002A, 6.350%, 5/15/35 (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">California &ndash; 19.4%</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">5,530</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Adelanto School District, San Bernardino County, California, General Obligation Bonds, Series</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">No Opt. Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">2,789,000</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">1997A, 0.000%, 9/01/22 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Brea Olinda Unified School District, California, General Obligation Bonds, Series 1999A:</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">2,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">0.000%, 8/01/21 &ndash; FGIC Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">No Opt. Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AA&ndash;</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,031,340</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">2,070</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">0.000%, 8/01/22 &ndash; FGIC Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">No Opt. Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AA&ndash;</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,002,025</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">2,120</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">0.000%, 8/01/23 &ndash; FGIC Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">No Opt. Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AA&ndash;</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">963,074</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">4/16 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A+</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">946,110</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Series 2006, 5.250%, 4/01/39</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">250</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2007E,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">2/17 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">Aa2</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">205,233</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">4.800%, 8/01/37 (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">3,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California State Public Works Board, Lease Revenue Bonds, Department of Mental Health,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">6/14 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">3,001,290</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Coalinga State Hospital, Series 2004A, 5.000%, 6/01/25</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">7/15 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BBB+</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">863,830</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Health System, Series 2005A, 5.000%, 7/01/39</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California, General Obligation Bonds, Series 2004, 5.200%, 4/01/26</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">4/14 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A+</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">506,865</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California, General Obligation Bonds, Series 2005, 5.000%, 3/01/27</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">3/16 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A+</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,001,830</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">3,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">6/13 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">3,430,200</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Lake Elsinore Public Finance Authority, California, Local Agency Revenue Refunding Bonds,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">10/13 at 102.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">N/R</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">501,320</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Series 2003H, 6.375%, 10/01/33</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">21,970</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total California</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">16,242,117</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Colorado &ndash; 6.3%</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">780</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Douglas</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">7/12 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BBB</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">783,916</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">County School District RE-1 &ndash; DCS Montessori School, Series 2002A, 6.000%, 7/15/22</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">430</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">8/11 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">483,595</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">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 nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Weld</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">6/11 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">Ba1 (4)</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,119,230</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">County School District 6 &ndash; Frontier Academy, Series 2001, 7.375%, 6/01/31</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">(Pre-refunded 6/01/11)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">6/16 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A&ndash;</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">878,210</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Society, Series 2005, 5.000%, 6/01/35</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">2,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Denver City and County, Colorado, Airport System Revenue Refunding Bonds, Series 2000A,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">11/10 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">2,038,060</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">6.000%, 11/15/16 &ndash; AMBAC Insured (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">5,210</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total Colorado</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">5,303,011</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Connecticut &ndash; 2.3%</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">1,480</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Capitol Region Education Council, Connecticut, Revenue Bonds, Series 1995, 6.750%, 10/15/15</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">10/08 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BBB</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,482,250</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">450</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">1/09 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BBB</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">448,209</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Lisbon Project, Series 1993A, 5.500%, 1/01/14 (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">1,930</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total Connecticut</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,930,459</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Florida &ndash; 2.9%</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">155</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Dade County Industrial Development Authority, Florida, Revenue Bonds, Miami Cerebral Palsy</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">12/08 at 100.50</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">N/R</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">150,570</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Residential Services Inc., Series 1995, 8.000%, 6/01/22</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">1,250</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Martin County Industrial Development Authority, Florida, Industrial Development Revenue Bonds,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">12/08 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BB+</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,252,350</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Indiantown Cogeneration LP, Series 1994A, 7.875%, 12/15/25 (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">600</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Martin County Industrial Development Authority, Florida, Industrial Development Revenue</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">12/08 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BB+</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">601,218</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Refunding Bonds, Indiantown Cogeneration LP, Series 1995B, 8.050%, 12/15/25</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">(Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">5/14 at 101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">N/R</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">418,345</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.400%, 5/01/37</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">2,505</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total Florida</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">2,422,483</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Illinois &ndash; 7.5%</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">1,190</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Chicago, Illinois, Tax Increment Allocation Bonds, Irving/Cicero Redevelopment Project, Series</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">1/09 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">N/R</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,196,057</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">1998, 7.000%, 1/01/14</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Illinois Development Finance Authority, Revenue Bonds, Chicago Charter School Foundation,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Series 2002A:</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">6.125%, 12/01/22 (Pre-refunded 12/01/12)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">12/12 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BBB (4)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">559,680</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">6.250%, 12/01/32 (Pre-refunded 12/01/12)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">12/12 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BBB (4)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,128,270</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Illinois Finance Authority, Revenue Bonds, Children&rsquo;s Memorial Hospital, Tender Option Bond</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">8/18 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">741,260</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Trust 2008-1098, 13.259%, 8/15/33 &ndash; AGC Insured (IF)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">1,550</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2002,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">5/12 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">Baa3</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,405,091</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.500%, 5/15/32</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">1,305</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">North Chicago, Illinois, General Obligation Bonds, Series 2005B, 5.000%, 11/01/25 &ndash;</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">11/15 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">N/R</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,294,482</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">FGIC Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">6,545</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total Illinois</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">6,324,840</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Indiana &ndash; 3.9%</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">2,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Riverview Hospital,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">8/12 at 101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">Baa1</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">2,030,460</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Series 2002, 6.125%, 8/01/31</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">1,210</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Whitley County, Indiana, Solid Waste and Sewerage Disposal Revenue Bonds, Steel Dynamics Inc.,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">11/10 at 102.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">N/R</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,235,204</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Series 1998, 7.250%, 11/01/18 (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">3,210</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total Indiana</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">3,265,664</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Louisiana &ndash; 2.1%</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Louisiana Public Facilities Authority, Extended Care Facilities Revenue Bonds, Comm-Care</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Corporation Project, Series 1994:</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">145</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">11.000%, 2/01/14 (ETM)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">No Opt. Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">N/R (4)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">177,574</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">1,295</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">11.000%, 2/01/14 (ETM)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">No Opt. Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">N/R (4)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,585,715</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">1,440</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total Louisiana</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,763,289</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Maryland &ndash; 1.2%</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Maryland Energy Financing Administration, Revenue Bonds, AES Warrior Run Project, Series 1995,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">10/08 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">N/R</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">969,930</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">7.400%, 9/01/19 (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Massachusetts &ndash; 2.2%</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">420</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Massachusetts Development Finance Agency, Resource Recovery Revenue Bonds, Ogden Haverhill</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">12/09 at 102.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BBB</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">429,160</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Associates, Series 1999A, 6.700%, 12/01/14 (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">1,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Massachusetts Development Finance Agency, Revenue Bonds, Boston Architectural College, Series</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">1/17 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">N/R</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,184,940</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">2006, 5.000%, 1/01/37 &ndash; ACA Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">270</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Massachusetts Industrial Finance Agency, Resource Recovery Revenue Refunding Bonds, Ogden</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">12/08 at 102.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BBB</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">267,265</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Haverhill Project, Series 1998A, 5.450%, 12/01/12 (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">2,190</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total Massachusetts</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,881,365</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Michigan &ndash; 3.9%</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Delta County Economic Development Corporation, Michigan, Environmental Improvement Revenue</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">4/12 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,105,730</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Refunding Bonds, MeadWestvaco Corporation &ndash; Escanaba Paper Company, Series 2002B, 6.450%,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">4/15/23 (Pre-refunded 4/15/12) (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">2,150</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Sinai Hospital,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">1/09 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">Ba3</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">2,149,699</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Series 1995, 6.625%, 1/01/16</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">3,150</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total Michigan</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">3,255,429</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Missouri &ndash; 4.5%</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">4,450</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Missouri Environmental Improvement and Energy Resources Authority, Water Facility Revenue</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">12/16 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">3,750,327</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Bonds, Missouri-American Water Company, Series 2006, 4.600%, 12/01/36 &ndash;</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">AMBAC Insured (Alternative Minimum Tax) (UB)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Montana &ndash; 1.3%</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">1,200</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Montana Board of Investments, Exempt Facility Revenue Bonds, Stillwater Mining Company, Series</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">7/10 at 101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BB&ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,131,708</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">2000, 8.000%, 7/01/20 (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Nebraska &ndash; 1.2%</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Washington County, Nebraska, Wastewater Facilities Revenue Bonds, Cargill Inc., Series 2002,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">11/12 at 101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,040,550</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.900%, 11/01/27 (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">New York &ndash; 5.9%</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Dormitory Authority of the State of New York, Revenue Bonds, Brooklyn Law School, Series</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">7/13 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,032,500</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">2003A, 5.500%, 7/01/15 &ndash; RAAI Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">3,735</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Yates County Industrial Development Agency, New York, FHA-Insured Civic Facility Mortgage</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">2/11 at 101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">3,879,729</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Revenue Bonds, Soldiers and Sailors Memorial Hospital, Series 2000A, 6.000%, 2/01/41</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">4,735</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total New York</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">4,912,229</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Ohio &ndash; 4.3%</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">520</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">6/17 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BBB</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">422,469</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Bonds, Senior Lien, Series 2007A-2, 5.875%, 6/01/47</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Erie County, Ohio, Hospital Facilities Revenue Bonds, Firelands Regional Medical Center</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">8/16 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">919,780</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Project, Series 2006, 5.250%, 8/15/46</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">2,300</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Ohio Water Development Authority, Solid Waste Disposal Revenue Bonds, Bay Shore Power, Series</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">9/09 at 102.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">N/R</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">2,303,795</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">1998B, 6.625%, 9/01/20 (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">3,820</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total Ohio</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">3,646,044</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Pennsylvania &ndash; 2.2%</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">1,080</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, West Penn</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">11/10 at 102.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,261,397</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Allegheny Health System, Series 2000B, 9.250%, 11/15/30 (Pre-refunded 11/15/10)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">605</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Carbon County Industrial Development Authority, Pennsylvania, Resource Recovery Revenue</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">No Opt. Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BBB&ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">616,277</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Refunding Bonds, Panther Creek Partners Project, Series 2000, 6.650%, 5/01/10 (Alternative</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Minimum Tax)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">1,685</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total Pennsylvania</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,877,674</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Rhode Island &ndash; 0.6%</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">6/12 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BBB</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">452,780</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Series 2002A, 6.250%, 6/01/42</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">South Carolina &ndash; 6.4%</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">2,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">12/12 at 101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">2,722,600</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">2002, 5.500%, 12/01/13</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">475</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1991, 6.750%,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">No Opt. Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">Baa1 (4)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">585,599</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">1/01/19 &ndash; FGIC Insured (ETM)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">1,105</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, Bon</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">11/12 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A&ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,108,856</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Secours Health System Inc., Series 2002B, 5.625%, 11/15/30</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">895</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Tobacco Settlement Revenue Management Authority, South Carolina, Tobacco Settlement</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">5/11 at 101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BBB (4)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">947,823</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Asset-Backed Bonds, Series 2001B, 6.000%, 5/15/22 (Pre-refunded 5/15/11)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">4,975</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total South Carolina</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">5,364,878</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Tennessee &ndash; 4.2%</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">4/12 at 101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">Ba2</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,041,830</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Bonds, Baptist Health System of East Tennessee Inc., Series 2002, 6.375%, 4/15/22</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Shelby County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Bonds, Methodist Healthcare, Series 2002:</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">375</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">6.500%, 9/01/26 (Pre-refunded 9/01/12)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">9/12 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">426,390</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">625</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">6.500%, 9/01/26 (Pre-refunded 9/01/12)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">9/12 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">710,650</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">1,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">11/17 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">N/R</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,366,380</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Bonds, Sumner Regional Health System Inc., Series 2007, 5.500%, 11/01/37</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">3,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total Tennessee</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">3,545,250</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Texas &ndash; 13.8%</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">1,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Cameron Education Finance Corporation, Texas, Charter School Revenue Bonds, Faith Family</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">8/16 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BBB&ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,256,955</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Academy Charter School, Series 2006A, 5.250%, 8/15/36 &ndash; ACA Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">2,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Gulf Coast Waste Disposal Authority, Texas, Sewerage and Solid Waste Disposal Revenue Bonds,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">4/12 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A2</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,950,580</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Anheuser Busch Company, Series 2002, 5.900%, 4/01/36 (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">2,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds, Houston</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">10/13 at 101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,923,560</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Light and Power Company, Series 1995, 4.000%, 10/15/15 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">4,120</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">North Texas Thruway Authority, Second Tier System Revenue Refunding Bonds, 5.750%, 1/01/38 (UB)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">1/18 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A3</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">3,978,231</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Weslaco Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Knapp</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Medical Center, Series 2002:</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">2,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">6.250%, 6/01/25</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">6/12 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BBB+</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">2,046,860</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">50</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">6.250%, 6/01/32</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">6/12 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BBB+</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">50,776</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">West Texas Independent School District, McLennan and Hill Counties, General Obligation</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">8/13 at 51.84</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">398,310</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Refunding Bonds, Series 1998, 0.000%, 8/15/25</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">12,670</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total Texas</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">11,605,272</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Virgin Islands &ndash; 3.0%</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">2,545</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Virgin Islands Public Finance Authority, Senior Lien Matching Fund Loan Note, Series 2004A,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">10/14 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BBB</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">2,532,071</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.250%, 10/01/19</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Virginia &ndash; 3.1%</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Chesterfield County Industrial Development Authority, Virginia, Pollution Control Revenue</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">11/10 at 102.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">Baa1</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,053,580</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Bonds, Virginia Electric and Power Company, Series 1987A, 5.875%, 6/01/17</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">1,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Mecklenburg County Industrial Development Authority, Virginia, Revenue Bonds, UAE Mecklenburg</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">10/12 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">Baa1</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,546,125</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Cogeneration LP, Series 2002, 6.500%, 10/15/17 (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">2,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total Virginia</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">2,599,705</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Washington &ndash; 0.6%</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">No Opt. Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">N/R</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">453,365</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Medical Center of Seattle, Series 2007, 5.700%, 12/01/32</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">West Virginia &ndash; 2.4%</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">2,050</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Mason County, West Virginia, Pollution Control Revenue Bonds, Appalachian Power Company,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">10/11 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BBB</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,970,870</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Series 2003L, 5.500%, 10/01/22</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Wisconsin &ndash; 1.2%</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Carroll College Inc.,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="12%"><font face="sans-serif" size="2">10/11 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BBB</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,019,251</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Series 2001, 6.250%, 10/01/21</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; 96,970</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total Investments (cost $89,370,759) &ndash; 107.2%</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">89,895,375</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="7%">
                    <hr noshade size="2">
                </td>

                <td width="2%">
                </td>

                <td width="89%" colspan="7">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Floating Rate Obligations &ndash; (7.6)%</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">(6,340,000)</font> </td>
            </tr>

            <tr>
                <td width="7%">
                </td>

                <td width="2%">
                </td>

                <td width="89%" colspan="7">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Other Assets Less Liabilities &ndash; 0.4%</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">284,646</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="7%">
                </td>

                <td width="2%">
                </td>

                <td width="89%" colspan="7">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Net Assets &ndash; 100%</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="12%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="8%">&nbsp;</td>

                <td nowrap align="left" width="2%"><font face="sans-serif" size="2">&nbsp; $</font>&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">83,840,021</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="7%">
                </td>

                <td width="2%">
                </td>

                <td width="89%" colspan="7">
                    <hr noshade size="2">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="1" cellpadding="0" width="648" border="0">
            <tr valign="bottom">
                <td nowrap align="left" width="33%"><b><font face="sans-serif" size="2">Futures Contracts outstanding at July 31, 2008:</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="11%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="10%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="10%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="10%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="33%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="11%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="10%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="10%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="10%"><b><font face="sans-serif" size="2">Unrealized</font></b>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="33%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><b><font face="sans-serif" size="2">Contract</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="11%"><b><font face="sans-serif" size="2">Number of</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="10%"><b><font face="sans-serif" size="2">Contract</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="10%"><b><font face="sans-serif" size="2">Value at</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="10%"><b><font face="sans-serif" size="2">Appreciation</font></b>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="33%"><b><font face="sans-serif" size="2">Type</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><b><font face="sans-serif" size="2">Position</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="11%"><b><font face="sans-serif" size="2">Contracts</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="10%"><b><font face="sans-serif" size="2">Expiration</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="10%"><b><font face="sans-serif" size="2">July 31, 2008</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="10%"><b><font face="sans-serif" size="2">(Depreciation)</font></b></td>
            </tr>

            <tr>
                <td width="98%" colspan="11">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="33%"><font face="sans-serif" size="2">U.S. Treasury Bond</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">Long</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="11%"><font face="sans-serif" size="2">23</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="10%"><font face="sans-serif" size="2">9/08</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="10%"><font face="sans-serif" size="2">$2,656,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="10%"><font face="sans-serif" size="2">$(9,043)</font></td>
            </tr>

            <tr>
                <td width="98%" colspan="11">
                    <hr noshade size="2">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="1" cellpadding="0" width="648" border="0">
            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">(1)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">All percentages shown in the Portfolio of Investments are based on net assets.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">(2)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">may be subject to periodic principal paydowns.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">(3)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">Ratings: Using the higher of Standard &amp; Poor's Group ("Standard &amp; Poor's") or Moody's Investor Service,</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">Inc. ("Moody's") rating. Ratings below BBB by Standard &amp; Poor's or Baa by Moody's are considered to</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">be below investment grade.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">The Portfolio of Investments may reflect the ratings on certain bonds insured by ACA, AMBAC, CIFG, FGIC,</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">MBIA, RAAI and XLCA as of July 31, 2008. Subsequent to July 31, 2008, and during the period this</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">Portfolio of Investments was prepared, there may have been reductions to the ratings of certain bonds</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">resulting from changes to the ratings of the underlying insurers both during the period and after period</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">end. Such reductions would likely reduce the effective rating of many of the bonds insured by that insurer</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">or insurers presented at period end.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">(4)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">which ensure the timely payment of principal and interest. Such investments are normally considered to</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">be equivalent to AAA rated securities.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">N/R</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">Not rated.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">(ETM)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">Escrowed to maturity.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">(IF)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">Inverse floating rate investment.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">(UB)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">Underlying bond of inverse floating rate trust reflected as a financing transaction pursuant to the</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">provisions of SFAS No. 140.</font>&nbsp;</td>
            </tr>
        </table>
        <br>

        <p align="left"><b><font face="sans-serif" size="1"><font size="2">Income Tax Information</font></font></b></p>

        <p align="left"><font face="sans-serif" size="1"><font size="2">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, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate transactions subject to SFAS No. 140. To the extent that
        differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.</font></font></p>

        <p align="left"><font face="sans-serif" size="1"><font size="2">At July 31, 2008, the cost of investments was $82,927,124.</font></font></p>

        <p align="left"><font face="sans-serif" size="1"><font size="2">Gross unrealized appreciation and gross unrealized depreciation of investments at July 31, 2008, were as follows:</font></font></p>

        <table cellspacing="1" cellpadding="0" width="648" border="0">
            <tr>
                <td align="left" width="99%" background="" colspan="3">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="61%"><font face="sans-serif" size="2">Gross unrealized:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="36%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="61%"><font face="sans-serif" size="2">&nbsp; Appreciation</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="36%"><font face="sans-serif" size="2">$ 3,345,681</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="61%"><font face="sans-serif" size="2">&nbsp; Depreciation</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="36%"><font face="sans-serif" size="2">(2,718,557)</font></td>
            </tr>

            <tr>
                <td width="99%" colspan="3">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="61%"><font face="sans-serif" size="2">Net unrealized appreciation (depreciation) of investments</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="36%"><font face="sans-serif" size="2">$&nbsp;&nbsp; &nbsp;627,124</font>&nbsp;</td>
            </tr>

            <tr>
                <td align="left" width="99%" background="" colspan="3">
                    <hr noshade size="2">
                </td>
            </tr>
        </table>
        <br>
        <hr style="PAGE-BREAK-AFTER: always" align="center" width="100%" noshade size="2">

        <p><font face="Times New Roman, Times, Serif" size="2"><b>Item 2. Controls and Procedures.</b></font></p>

        <ol type="a">
            <li>The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls
            and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).</li>

            <li>There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.</li>
        </ol>

        <p><font face="Times New Roman, Times, Serif" size="2"><b>Item 3. Exhibits.</b></font></p>

        <p><font face="Times New Roman, Times, Serif" size="2">File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.</font></p>

        <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/&nbsp;Kevin J. McCarthy&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;Kevin J. McCarthy<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; 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;September 29, 2008&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; 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; 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;September 29, 2008&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;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; 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;September 29, 2008&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certification1.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<HTML><HEAD><TITLE>Certifications</TITLE></HEAD>
<BODY>
<CENTER>
<H3><U>CERTIFICATIONS</U> </H3></CENTER>
<P>I, Gifford R. Zimmerman, certify that:</P>
<OL>
  <LI>I have reviewed this report on Form N-Q of Nuveen Municipal Income Fund, Inc.;
  <LI>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;September 29, 2008&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></CENTER>
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<PAGE>
<CENTER>
<H3><BR><U>CERTIFICATIONS</U> </H3></CENTER>
<P>I, Stephen D. Foy, certify that:</P>
<OL>
  <LI>I have reviewed this report on Form N-Q of Nuveen Municipal Income Fund, Inc.;
  <LI>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;September 29, 2008&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></CENTER>
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</DOCUMENT>
</SEC-DOCUMENT>
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