EXHIBIT FOR SUB-ITEM 77O For Period Ending 10/31/03 File Number 811-7902 Issuer From Whom Acquired Identity of Syndicate Members Terms of Transaction Florida Housing Finance Corporation UBS PaineWebber Inc. UBS PaineWebber Inc. Bear, Stearns & Co. Inc. Citigroup Williarm R. Hough & Co. Amount of Purchase:	$300,000 Purchase Price:	 $100 Commission or Spread:	$0 Date of Offering:	06/05/03 Date of Purchase:	06/05/03 Total Amount Offered:	$105,000,000.00 Each transaction met with the following conditions: 1.	The securities are part of an issue registered under the Securities Act of 1933, or are 'municipal securities' as defined under the Securities Exchange Act of 1934. 2.	The purchase price paid did not exceed the offering price at the close of the first full business day after the first day of the offering (or fourth day before termination, if a rights offering). 3.	The underwriting was a firm commitment. 4.	The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during a comparable period of time. 5.	In respect of any securities other than municipal securities, the issuer of such securities has been in continuous operation for not less than three years (including the operations of predecessors), or in respect of any municipal securities, the issuer of such securities has received an investment grade rating from a nationally recognized statistical rating organization or, if the issuer or entity supplying the revenues from which the issue is to be paid has been in continuous operations for less than three years (including any predecessors), it has received one of the three highest ratings from at least one such rating service. 6.	The amount of the securities purchased by the Fund(s) did not exceed the greater of (i) 10% of the principal amount of the offering, or (ii) $1,000,000 in principal amount, but in no event was greater than 25% of the principal amount of the offering. 7.	William R. Hough & Co., or any of its affiliates, as underwriter was not a direct or indirect participant in, or benefited directly or indirectly from, the purchase. 8.	The purchase was not part of a group sale, or otherwise allocated to the account of an officer, director, of an advisory board, investment adviser, or employee of the Fund or an affiliate thereof.