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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000928816-05-001255.txt : 20050928
<SEC-HEADER>0000928816-05-001255.hdr.sgml : 20050928
<ACCEPTANCE-DATETIME>20050928143448
ACCESSION NUMBER:		0000928816-05-001255
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050731
FILED AS OF DATE:		20050928
DATE AS OF CHANGE:		20050928
EFFECTIVENESS DATE:		20050928

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MUNICIPAL OPPORTUNITIES TRUST
		CENTRAL INDEX KEY:			0000900422
		IRS NUMBER:				043187549
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07626
		FILM NUMBER:		051107682

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>pmot1.htm
<DESCRIPTION>PUTNAM MUNICIPAL OPPORTUNTIES TRUST
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>&lt;SUBMISSION&gt;</TITLE>
<META NAME="author" CONTENT="Larry McMunn">
<META NAME="date" CONTENT="07/19/2005">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin:0pt; padding-bottom:3pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; border-bottom:0.75pt solid #000000">Item 1. Schedule of Investments:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=558.6 colspan=2><P style="margin:0pt; line-height:20pt; font-family:Verdana; font-size:18pt">Putnam Municipal Opportunities Trust</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Courier New; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=558.6 colspan=2><P style="margin:0pt; line-height:16pt; font-family:Verdana; font-size:14pt">The fund's portfolio</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=558.6 colspan=2><P style="margin:0pt; line-height:14pt; font-family:Verdana; font-size:12pt">7/31/05 (Unaudited)</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>-</P>
</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=558.6 colspan=2><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>KEY TO ABBREVIATIONS</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>AMBAC</B></P>
</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">AMBAC Indemnity Corporation</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>COP</B></P>
</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Certificate of Participation</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>FGIC</B></P>
</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Financial Guaranty Insurance Company</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>FNMA Coll.</B></P>
</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Federal National Mortgage Association Collateralized</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>FSA</B></P>
</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Financial Security Assurance</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>GNMA Coll.</B></P>
</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Government National Mortgage Association Collateralized</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>G.O. Bonds</B></P>
</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">General Obligation Bonds</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>IFB</B></P>
</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Inverse Floating Rate Bonds</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>MBIA</B></P>
</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">MBIA Insurance Company</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>PSFG</B></P>
</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Permanent School Fund Guaranteed</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>U.S. Govt. Coll.</B></P>
</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">U.S. Government Collateralized</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>VRDN</B></P>
</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Variable Rate Demand Notes</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>XLCA</B></P>
</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">XL Capital Assurance</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt"><B>&nbsp;</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt"><B>&nbsp;</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>MUNICIPAL BONDS AND NOTES (99.6%)(a)</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center><B>&nbsp;</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Rating (RAT)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Principal amount</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Value</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>Arizona (0.9%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">AZ Hlth. Fac. Auth. Hosp. Syst. Rev. Bonds (John C. Lincoln Hlth. Network), 6 3/8s, 12/1/37</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>BBB</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;$750,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;$822,135 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa Grande Regl. Med. Ctr.), Ser. A, 7 5/8s, 12/1/29</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>B-/P</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>950,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,021,041 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Cochise Cnty., Indl. Dev. Auth. Rev. Bonds (Sierra Vista Cmnty. Hosp.), Ser. A, 6 3/4s, 12/1/26</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>BB+/P</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>475,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487,478 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Pima Cnty., Indl Dev. Auth. Rev. Bonds (Horizon Cmnty. Learning Ctr.), 5.05s, 6/1/25</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>BBB-</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>500,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502,440 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,833,094 </B></P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt"><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>Arkansas (0.8%)</B></P>
</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Independence Cnty., Poll. Control Rev. Bonds (Entergy, Inc.), 5s, 1/1/21</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>A-</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,020,450 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Northwest Regl. Arpt. Auth. Rev. Bonds, 7 5/8s, 2/1/27</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>BB/P</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,126,600 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Washington Cnty., Hosp. Rev. Bonds (Regl. Med. Ctr.)</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Ser. A, 5s, 2/1/35</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Baa2</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>250,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250,938 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Ser. B, 5s, 2/1/25</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Baa2</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>250,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253,585 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,651,573 </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>California (15.2%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">CA G.O. Bonds, 5s, 5/1/22</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>A</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>4,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,237,080 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">CA State G.O. Bonds</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">5 1/8s, 4/1/23</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>A2</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>500,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531,395 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">5.1s, 2/1/34</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>A2</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>750,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772,958 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">CA State Dept. of Wtr. Resources Rev. Bonds, Ser. A</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">6s, 5/1/15</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>A2</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,281,400 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">AMBAC, 5 1/2s, 5/1/16</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,214,740 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">CA State Econ. Recvy. G.O. Bonds, Ser. A, 5s, 7/1/16</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aa3</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,067,880 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">CA State Public Wks. Board Rev. Bonds (Dept. of Hlth. Svcs. Richmond Laboratory), Ser. B, XLCA, 5s, 11/1/22</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,810,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,913,966 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">CA Statewide Cmnty. Dev. Auth. COP (The Internext Group), 5 3/8s, 4/1/30</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>BBB</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,750,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,757,910 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Cathedral City, Impt. Board Act of 1915 Special Assmt. (Cove Impt. Dist.), Ser. 04-02, 5.05s, 9/2/35</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>BB+/P</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>250,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250,555 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Chula Vista COP, MBIA, 5s, 8/1/32</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>4,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,187,400 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Gilroy, Rev. Bonds (Bonfante Gardens Park), 8s, 11/1/25</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>D/P</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>576,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472,389 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Metropolitan Wtr. Dist. IFB (Southern CA Waterworks), 9.005s, 8/10/18</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aa2</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>3,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,015,080 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Sacramento, Special Tax (North Natomas Cmnty. Fac.), Ser. 97-01, 5s, 9/1/29</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>BB/P</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,190,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,180,075 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Sacramento, City Unified School Dist. G.O. Bonds (Election 1999), Ser. D, FSA, 5s, 7/1/28</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,108,060 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">San Bernardino Cnty., COP (Med. Ctr. Fin.), Ser. A, MBIA, 6 1/2s, 8/1/17</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>5,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,018,750 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">San Diego Cnty., COP, AMBAC</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">5.485s, 9/1/12</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>6,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,793,020 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">5.36s, 9/1/07</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>6,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,329,640 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">San Jose, Redev. Agcy. Tax Alloc. Bonds (Merged Area Redev. Project), MBIA, 5s, 8/1/32</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,500,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,586,275 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Sunnyvale, Cmnty. Fac. Dist. Special Tax Rev. Bonds, 7.65s, 8/1/21</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>BB-/P</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>770,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831,977 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Vallejo, COP (Marine World Foundation), 7.2s, 2/1/26</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>BBB-/P</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,300,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,374,698 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50,925,248 </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>Colorado (3.1%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Denver, City &amp; Cnty. Arpt. Rev. Bonds, Ser. A, MBIA, 5.7s, 11/15/25</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>10,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,276,100 </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>Delaware (0.5%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">GMAC Muni. Mtge. Trust 144A sub. notes, Ser. A1-2, 4.9s, 10/31/39</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>A3</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,500,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,502,100 </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>District of Columbia (5.7%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">DC G.O. Bonds, Ser. A, 6s, 6/1/26 (SEG)</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>A-</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>12,450,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,391,096 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">DC Wtr. &amp; Swr. Auth. Pub. Util. Rev. Bonds, FGIC, 5s, 10/1/28</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>5,550,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,791,425 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,182,521 </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>Florida (1.4%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Lee Cnty., Indl. Dev. Auth. Rev. Bonds (Alliance Cmnty. Project), Ser. C, 5 1/2s, 11/15/29</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>BBB-</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,004,120 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Miami Beach, Hlth. Fac. Auth. Hosp. Rev. Bonds (Mount Sinai Med. Ctr.), Ser. A, 6.8s, 11/15/31</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>BB+</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>600,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656,190 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Reunion West, Cmnty. Dev. Dist. Special Assmt., 6 1/4s, 5/1/36</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>BB-/P</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>800,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846,120 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">St. Lucie Cnty., School Board COP (Master Lease), Ser. A, FSA, 5s, 7/1/26</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,965,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,082,271 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,588,701 </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>Georgia (3.9%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Atlanta, Arpt. Rev. Bonds, Ser. B, FGIC, 5 5/8s, 1/1/30</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>3,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,175,470 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Atlanta, Wtr. &amp; Waste Wtr. Rev. Bonds, FSA, 5s, 11/1/24</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>4,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,245,960 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Burke Cnty., Poll. Control Dev. Auth. Mandatory Put Bonds (GA Power Co.), 4.45s, 12/1/08</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>A2</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,500,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,551,960 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Effingham Cnty., Indl. Dev. Auth. Rev. Bonds (Pacific Corp.), 6 1/2s, 6/1/31</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Ba3</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,400,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,471,428 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Rockdale Cnty., Dev. Auth. Solid Waste Disp. Rev. Bonds (Visay Paper, Inc.), 7.4s, 1/1/16</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>B+/P</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,145,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,157,045 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Savannah, Econ. Dev. Auth. Poll. Control Rev. Bonds (Intl. Paper Co.), Ser. A, 5.1s, 8/1/14</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Baa2</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,500,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,578,435 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,180,298 </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>Hawaii (0.5%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">HI State Hsg. &amp; Cmnty. Dev. Corp. Rev. Bonds (Single Fam. Mtge.), Ser. B, 3.7s, 1/1/22</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996,930 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">HI State Hsg. Fin. &amp; &nbsp;Dev. Corp. Rev. Bonds, Ser. A, FNMA Coll., 5 3/4s, 7/1/30</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>690,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694,768 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,691,698 </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>Illinois (2.3%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">IL Hsg. Dev. Auth. Multi-Fam. Hsg. Rev. Bonds, Ser. 91-A, 8 1/4s, 7/1/16</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>A1</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>5,790,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,890,283 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Metropolitan Pier &amp; Exposition Auth. Rev. Bonds (McCormack Place Expansion Project), MBIA, 5s, 12/15/28</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,770,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,853,066 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,743,349 </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>Indiana (4.6%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Carmel Clay, Indl. Parks Bldg. Corp. Rev. Bonds, MBIA, 5s, 1/15/26</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>AAA</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,114,100 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Fairfield, School Bldg. Corp. Ind. Rev. Bonds, FGIC, 5s, 7/15/24</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>AAA</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>3,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,169,170 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">GCS School Bldg. Corp. Rev. Bonds (First Mtg.), FSA, 5s, 7/15/26</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>AAA</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,049,110 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">IN Hlth. Fac. Fin. Auth. Rev. Bonds (Cmnty. Hosp.), Ser. A, AMBAC, 5s, 5/1/24</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,695,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,854,733 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">IN State Dev. Fin. Auth. Env. Impt. Rev. Bonds (USX Corp.), 5.6s, 12/1/32</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Baa1</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,100,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,178,078 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Indianapolis, Arpt. Auth. Rev. Bonds (Federal Express Corp.), 5.1s, 1/15/17</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Baa2</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,500,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,612,500 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Rockport, Poll. Control Mandatory Put Bonds (Indiana Michigan Pwr. Co.), Ser. C, 2 5/8s, 1/1/06</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>BBB</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,300,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,289,171 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,266,862 </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>Iowa (0.4%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">IA Fin. Auth. Hlth. Care Fac. Rev. Bonds (Care Initiatives), 9 1/4s, 7/1/25</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>BBB-/P</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>970,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,174,854 </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>Louisiana (1.1%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">LA Local Govt. Env. Fac. Cmnty. Dev. Auth. Rev. Bonds (St. James Place), Ser. A, 7s, 11/1/20</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>B-/P</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,600,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,543,232 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Port of New Orleans, Indl. Dev. Rev. Bonds (Continental Grain Co.), 7 1/2s, 7/1/13</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>BB-</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,028,920 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,572,152 </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>Maine (0.2%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Rumford, Solid Waste Disp. Rev. Bonds (Boise Cascade Corp.), 6 7/8s, 10/1/26</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Ba1</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>600,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639,738 </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>Massachusetts (2.6%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">MA State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">(UMass Memorial), Ser. C, 6 1/2s, 7/1/21</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Baa2</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,875,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,025,263 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">(Berkshire Hlth. Syst.), Ser. E, 6 1/4s, 10/1/31</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>BBB+</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,300,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,395,459 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">(Hlth. Care Syst. Covenant Hlth.), Ser. E, 6s, 7/1/31</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>A</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,800,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,957,140 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">MA State Hsg. Fin. Agcy. Rev. Bonds, Ser. 53, MBIA, 6.15s, 12/1/29</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>3,260,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,371,231 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,749,093 </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>Michigan (2.8%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Detroit, G.O. Bonds, Ser. A, FGIC, 5s, 7/1/30</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>4,500,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,655,610 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">MI Higher Ed. Fac. Auth. Rev. Bonds (Kalamazoo College), 5 1/2s, 12/1/18</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>A1</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>500,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544,880 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">MI State Hosp. Fin. Auth. Rev. Bonds (Oakwood Hosp.), Ser. A, 5 3/4s, 4/1/32</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>A2</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,061,540 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">MI State Strategic Fund, Ltd. Rev. Bonds (Worthington Armstrong Venture), U.S. Govt. Coll., 5 3/4s, 10/1/22</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>AAA/P</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,650,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,896,807 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Midland Cnty., Econ. Dev. Corp. Rev. Bonds, 6 3/4s, 7/23/09</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Ba3</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,048,970 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,207,807 </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>Minnesota (0.9%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Cohasset, Poll. Control Rev. Bonds (Allete, Inc.), 4.95s, 7/1/22</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>A</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>3,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,058,350 </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>Mississippi (0.8%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Mississippi Bus. Fin. Corp. Poll. Control Rev. Bonds (Syst. Energy Resources, Inc.), 5.9s, 5/1/22</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>BBB-</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,015,500 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">MS Bus. Fin. Corp. Poll. Control Rev. Bonds (Syst. Energy Resources, Inc.), 5 7/8s, 4/1/22</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>BBB-</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>580,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587,644 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">MS Home Corp. Rev. Bonds (Single Fam.), Ser. B-2, GNMA Coll., FNMA Coll., 6.45s, 12/1/33</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>850,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905,225 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,508,369 </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>Missouri (2.2%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Cape Girardeau Cnty., Indl. Dev. Auth. Hlth. Care Fac. Rev. Bonds (St. Francis Med. Ctr.), Ser. A, 5 1/2s, 6/1/16</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>A</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,750,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,882,195 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">MO State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds (Washington U.), Ser. A, 5s, 2/15/33</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aa1</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,500,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,621,400 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">MO State Hlth. &amp; Edl. Fac. Auth. VRDN (Cox Hlth. Syst.), AMBAC, 2.40s, 6/1/22</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>VMIG1</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,100,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,100,000 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">MO State Hsg. Dev. Comm. Single Fam. Mtge. Rev. Bonds (Home Ownership Loan), Ser. C, GNMA Coll., FNMA Coll., 5.6s, 9/1/35</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>AAA</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>600,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646,602 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,250,197 </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>Montana (0.3%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Forsyth, Poll. Control Mandatory Put Bonds (Avista Corp.), AMBAC, 5s, 10/1/06</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,075,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,121,784 </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>Nevada (2.9%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Clark Cnty., G.O. Bonds (Pk. &amp; Regl. Justice Ctr.), FGIC, 5 5/8s, 11/1/19</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>3,505,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,839,657 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Clark Cnty., Arpt. Rev. Bonds, Ser. A-2, FGIC, 5 1/8s, 7/1/26</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>5,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,302,500 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Henderson, Local Impt. Dist. Special Assmt. (No. T-16)</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">5 1/8s, 3/1/25</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>BB-/P</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>200,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201,336 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">5.1s, 3/1/21</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>BB-/P</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>310,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313,333 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,656,826 </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>New Hampshire (1.1%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">NH Higher Ed. &amp; Hlth. Fac. Auth. Rev. Bonds (Riverwoods at Exeter), Ser. A, 6 1/2s, 3/1/23</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>BB+/P</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,450,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,485,105 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">NH Higher Edl. &amp; Hlth. Fac. Auth. Rev. Bonds, Ser. 05</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">6 3/8s, 1/1/27</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>BBB-</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>765,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791,699 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">6 3/8s, 1/1/27 (Prerefunded)</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>AAA/P</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>270,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288,058 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">(NH College), 6 3/8s, 1/1/27 (Prerefunded)</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>AAA/P</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>215,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229,379 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">NH State Bus. Fin. Auth. Poll. Control Rev. Bonds, 3 1/2s, 7/1/27</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Baa2</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>950,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930,544 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,724,785 </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>New Jersey (5.1%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Casino Reinvestment Dev. Auth. Rev. Bonds, Ser. A, MBIA, 5 1/4s, 6/1/18</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>3,490,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,802,913 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Newark, Hsg. Auth. Rev. Bonds (Port Auth. Newark Marine Terminal), MBIA, 5 1/4s, 1/1/20</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>AAA</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,092,230 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">NJ Econ. Dev. Auth. Rev. Bonds</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">(Cigarette Tax), 5 3/4s, 6/15/29</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Baa2</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,500,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,601,820 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">(Motor Vehicle), Ser. A, MBIA, 5s, 7/1/27</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,128,560 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">NJ State Edl. Fac. Auth. Rev. Bonds (Rowan U.), Ser. C, MBIA, 5s, 7/1/23</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,840,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,978,147 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Passaic Cnty., Impt. Auth. Lease Rev. Bonds (Preakness Hlth. Care Ctr.), AMBAC</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">5s, 5/1/25</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,505,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,665,796 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">5s, 5/1/24</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,385,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,544,008 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Tobacco Settlement Fin. Corp. Rev. Bonds, 6 3/4s, 6/1/39</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>BBB</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,150,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,369,190 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,182,664 </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>New Mexico (0.2%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Farmington, Poll. Control Mandatory Put Bonds (Pub. Svc. San Juan), Class B, 2.1s, 4/1/06</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Baa2</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>820,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812,759 </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>New York (6.4%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Buffalo, G.O. Bonds, Ser. D, FGIC, 5 1/2s, 12/15/13</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,110,200 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Long Island, Pwr. Auth. NY Elec. Syst. Rev. Bonds, Ser. A, 5 3/4s, 12/1/24</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>A3</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,080,340 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Niagara Cnty., Indl. Dev. Agcy. Rev. Bonds, Ser. C, 5 5/8s, 11/15/24</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Baa3</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>500,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538,785 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">NY City, G.O. Bonds, Ser. C, 5 1/4s, 8/1/11</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>A1</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>3,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,261,390 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">NY City, City Transitional Fin. Auth. Rev. Bonds, AMBAC, 5 1/4s, 8/1/15</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,096,040 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">NY City, Hsg. Dev. Corp. Rev. Bonds, Ser. A, FGIC, 5s, 7/1/25</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>500,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529,225 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">NY City, Indl. Dev. Agcy. Rev. Bonds</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">(Liberty-7 World Trade Ctr.), Ser. A, 6 1/4s, 3/1/15</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>B-/P</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>850,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904,298 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">(Brooklyn Navy Yard Cogen. Partners), 6.2s, 10/1/22</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>BBB-</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>750,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794,025 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">NY City, Indl. Dev. Agcy. Special Arpt. Fac. Rev. Bonds (Airis JFK I LLC), Ser. A, 5 1/2s, 7/1/28</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Baa3</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,100,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,108,295 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds (British Airways PLC), 5 1/4s, 12/1/32</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Ba2</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>700,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638,561 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">NY Cntys., Tobacco Trust III Rev. Bonds (Tobacco Settlement), 6s, 6/1/43</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>BBB</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,500,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,613,145 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">NY State Dorm. Auth. Rev. Bonds, Ser. A, 5 1/2s, 3/15/13</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>AA</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,239,780 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">NY State Energy Research &amp; Dev. Auth. Gas Fac. Rev. Bonds (Brooklyn Union Gas), 6.952s, 7/1/26</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>A+</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,104,340 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Onondaga Cnty., Indl. Dev. Agcy. Rev. Bonds (Solvay Paperboard, LLC), 7s, 11/1/30 (acquired 6/30/04, cost $827,862)(RES)</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>BB/P</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>800,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846,824 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Triborough Bridge &amp; Tunnel Auth. Rev. Bonds, Ser. A, 5s, 1/1/32</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aa2</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,500,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,598,475 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,463,723 </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>North Carolina (0.5%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">NC State Muni. Pwr. Agcy. Rev. Bonds (No. 1, Catawba Elec.), Ser. B, 6 1/2s, 1/1/20</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>A3</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,500,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,680,900 </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>Ohio (4.2%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Cleveland, G.O. Bonds, Ser. A, AMBAC, 5s, 10/1/15</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,185,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,406,140 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Cleveland, Muni. School Dist. G.O. Bonds, FSA, 5s, 12/1/27</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>5,700,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,037,440 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Coshocton Cnty., Env. Rev. Bonds (Smurfit-Stone Container), 5 1/8s, 8/1/13</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>B</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>500,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494,995 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Field, Local School Dist. G.O. Bonds (School Fac. Construction &amp; Impt.), AMBAC, 5s, 12/1/25</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,355,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,447,099 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Montgomery Cnty., Hosp. Rev. Bonds (Kettering Med. Ctr.), 6 3/4s, 4/1/22</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>A2</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,091,570 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Rickenbacker, Port Auth. Rev. Bonds (OASBO Expanded Asset Pooled), Ser. A, 5 3/8s, 1/1/32</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>A2</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,165,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,388,168 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,865,412 </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>Oklahoma (0.3%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">OK Dev. Fin. Auth. Rev. Bonds (Hillcrest Hlth. Care Syst.), Ser. A, U.S. Govt. Coll., 5 5/8s, 8/15/29</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>950,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,041,086 </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>Pennsylvania (5.7%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Allegheny Cnty., Hosp. Dev. Auth. Rev. Bonds (Pittsburgh Mercy Hlth. Syst. ), AMBAC, 5 5/8s, 8/15/26</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>5,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,152,100 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Beaver Cnty., Indl. Dev. Auth. Poll. Control Mandatory Put Bonds (Cleveland Elec.), 3 3/4s, 10/1/08</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Baa2</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,350,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,349,555 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Carbon Cnty., Indl. Dev. Auth. Rev. Bonds (Panther Creek Partners), 6.65s, 5/1/10</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>BBB-</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>800,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856,328 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Hempfield, Area School Dist. G.O. Bonds (Westmoreland Cnty.), Ser. A, FGIC, 5 1/4s, 3/15/21</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>AAA</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>4,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,407,560 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Lancaster Cnty., Hosp. Auth. Rev. Bonds (Gen. Hosp.), 5 1/2s, 3/15/26</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>A</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,500,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,590,510 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Lehigh Cnty., Gen. Purpose Auth. Rev. Bonds (Lehigh Valley Hosp. Hlth. Network), Ser. A, 5 1/4s, 7/1/32</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>A1</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,039,920 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">PA State Econ. Dev. Fin. Auth. Resource Recvy. Rev. Bonds (Colver)</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Ser. E, 8.05s, 12/1/15</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>BBB-/P</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>3,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,064,380 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Ser. D, 7.15s, 12/1/18</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>BBB-/F</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>100,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102,121 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Sayre, Hlth. Care Fac. Auth. Rev. Bonds (Guthrie Hlth.), Ser. A, 5 7/8s, 12/1/31</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>A-</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,450,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,545,642 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,108,116 </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>Rhode Island (0.1%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, 6 1/4s, 6/1/42</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>BBB</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>200,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214,892 </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>South Carolina (4.4%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Lexington Cnty. Hlth. Svcs. Dist. Inc. Hosp. Rev. Bonds, 5 1/2s, 5/1/37</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>A2</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>750,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801,435 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">SC Jobs Econ. Dev. Auth. Hosp. Fac. Rev. Bonds (Palmetto Hlth. Alliance), Ser. C, 6s, 8/1/20</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Baa1</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,250,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,367,713 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">SC State Pub. Svcs. Auth. Rev. Bonds, Ser. A, AMBAC, 5s, 1/1/29</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>5,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,280,800 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">SC Tobacco Settlement Rev. Mgt. Rev. Bonds, Ser. B, 6 3/8s, 5/15/30</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>BBB</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>3,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,510,930 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">SC Trans. Infrastructure Bk. Rev. Bonds, Ser. A, AMBAC, 5s, 10/1/27</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,460,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,619,802 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Spartanburg Cnty., Solid Waste Disp. Rev. Bonds (BMW Project), 7.55s, 11/1/24</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>A1</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,022,470 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,603,150 </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>South Dakota (0.2%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">SD Edl. Enhancement Funding Corp. Rev. Bonds, Ser. B, 6 1/2s, 6/1/32</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>BBB</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>450,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490,451 </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>Tennessee (1.0%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Johnson City, Hlth. &amp; Edl. Fac. Board Hosp. Rev. Bonds (Mountain States Hlth.), Ser. A, 7 1/2s, 7/1/33</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>BBB+</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,750,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,266,808 </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>Texas (8.3%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Alliance, Arpt. Auth. Rev. Bonds (American Airlines, Inc.), 7 1/2s, 12/1/29</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Caa2</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895,830 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Bexar Cnty., Hlth. Fac. Dev. Corp. Rev. Bonds (St. Luke's Hlth. Syst.), FSA, 6.1s, 11/15/23</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>11,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,583,550 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Edgewood, Indpt. School Dist. Bexar Cnty. G.O. Bonds, Ser. A, PSFG, 5s, 2/15/26</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,020,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,128,939 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">El Paso, Indpt. School Dist. G.O. Bonds, Ser. A, PSFG, 5 1/4s, 8/15/21</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>AAA</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,345,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,557,926 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Gateway, Pub. Fac. Corp. Rev. Bonds (Stonegate Villas Apt.), FNMA Coll., 4.55s, 7/1/34</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>750,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776,093 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Harris Cnty., Hlth. Fac. Dev. Corp. Hosp. Rev. Bonds (Memorial Hermann Hlth. Care Syst.), Ser. A, 5 1/4s, 12/1/18</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>A2</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>610,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657,025 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">McKinney, Indpt. School Dist. G.O. Bonds, PSFG, 5 1/4s, 2/15/20</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>3,185,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,487,384 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">San Antonio Wtr. Rev. Bonds, Ser. A, FSA, 5s, 5/15/32</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,071,960 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Snyder, Indpt. School Dist. G.O. Bonds (School Bldg.), AMBAC, 5 1/4s, 2/15/25</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>AAA</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,280,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,389,914 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Tomball, Hosp. Auth. Rev. Bonds (Tomball Regl. Hosp.), 6s, 7/1/29</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Baa3</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,051,800 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,600,421 </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>Utah (0.6%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Salt Lake City, Hosp. Rev. Bonds, AMBAC, 6 3/4s, 5/15/20</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>AAA</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,011,400 </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>Virginia (2.1%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Fredericksburg, Indl. Dev. Auth. Rev. Bonds (Medicorp Hlth. Syst.), Ser. B, 5 1/8s, 6/15/33</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>A3</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>500,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511,435 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Front Royal &amp; Warren Cnty., Indl. Dev. Auth. Lease Rev. Bonds (School Cap. Impt.), Ser. B, FSA, 5s, 4/1/29</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,500,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,625,300 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Henrico Cnty. Econ. Dev. Auth. Rev. Bonds (United Methodist), Ser. A, 6.7s, 6/1/27</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>BB+/P</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,059,740 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">VA College Bldg. Auth. Rev. Bonds (Washington and Lee U.), MBIA, 5 1/4s, 1/1/26</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>AAA</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,500,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,877,450 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,073,925 </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>Washington (3.6%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Chelan Cnty. Dev. Corp. Rev. Bonds (Alcoa), 5.85s, 12/1/31</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>A2</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>4,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,112,320 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">King Cnty., G.O. Bonds, Ser. C, 6 1/4s, 1/1/32</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aa1</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,250,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,389,163 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Tobacco Settlement Auth. of WA Rev. Bonds, 6 1/2s, 6/1/26</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>BBB</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,235,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,357,870 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">WA State G.O. Bonds (Motor Vehicle Fuel), Ser. B, MBIA, 5s, 7/1/24</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Aaa</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>4,000,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,250,960 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,110,313 </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>West Virginia (0.5%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Marshall Cnty., Poll. Control VRDN (OH Pwr. Co.), Ser. E, 2.33s, 6/1/22</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>VMIG1</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>500,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,000 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Princeton, Hosp. Rev. Bonds (Cmnty. Hosp. Assn., Inc.), 6.1s, 5/1/29</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>B2</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>1,300,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,154,374 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,654,374 </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>Wisconsin (2.5%)</B></P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Badger Tobacco Settlement Asset Securitization Corp. Rev. Bonds</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">7s, 6/1/28</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>BBB</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,600,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,905,396 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">6 3/8s, 6/1/32</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>BBB</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,500,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,704,075 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">WI State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds (Wheaton Franciscan), 5 3/4s, 8/15/30</P>
</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>A2</P>
</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>2,400,000 </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,566,416 </P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,175,887 </B></P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial; font-size:12pt"><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=442><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>Total Investments (cost $316,754,081) (b)</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=21.133><P style="margin:0pt; font-family:Arial; font-size:12pt" align=center><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=87.467><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=39.533><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=87.933><P style="margin:0pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=108><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right><B>&nbsp;$332,861,780 </B></P>
</TD></TR>
<TR><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=442>&nbsp;</TD><TD valign=bottom width=21.133>&nbsp;</TD><TD valign=bottom width=87.467>&nbsp;</TD><TD valign=bottom width=39.533>&nbsp;</TD><TD valign=bottom width=87.933>&nbsp;</TD><TD width=108>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=bottom width=473.133 colspan=3><P style="margin:0pt; line-height:20pt; font-family:Arial; font-size:18pt">Putnam Municipal Opportunities Trust</P>
</TD><TD valign=bottom width=72.2>&nbsp;</TD><TD valign=bottom width=138.8>&nbsp;</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=473.133 colspan=3><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>FUTURES CONTRACTS OUTSTANDING at 7/31/05 (Unaudited)</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72.2><P style="margin:0pt; font-family:Arial; font-size:12pt"><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=138.8><P style="margin:0pt; font-family:Arial; font-size:12pt"><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=bottom width=263.8>&nbsp;</TD><TD valign=bottom width=86.4>&nbsp;</TD><TD valign=bottom width=122.933>&nbsp;</TD><TD valign=bottom width=72.2>&nbsp;</TD><TD valign=bottom width=138.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=263.8>&nbsp;</TD><TD valign=bottom width=86.4><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Number of </P>
</TD><TD valign=bottom width=122.933>&nbsp;</TD><TD valign=bottom width=72.2><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Expiration</P>
</TD><TD valign=bottom width=138.8><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Unrealized</P>
</TD></TR>
<TR><TD valign=bottom width=263.8>&nbsp;</TD><TD valign=bottom width=86.4><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>contracts</P>
</TD><TD valign=bottom width=122.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Value</P>
</TD><TD valign=bottom width=72.2><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>date</P>
</TD><TD valign=bottom width=138.8><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>appreciation</P>
</TD></TR>
<TR><TD valign=bottom width=263.8>&nbsp;</TD><TD valign=bottom width=86.4>&nbsp;</TD><TD valign=bottom width=122.933>&nbsp;</TD><TD valign=bottom width=72.2>&nbsp;</TD><TD valign=bottom width=138.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=263.8><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">U.S. Treasury Note 10 yr (Short)</P>
</TD><TD valign=bottom width=86.4><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>68</P>
</TD><TD valign=bottom width=122.933><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;7,546,938 </P>
</TD><TD valign=bottom width=72.2><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>Sep-05</P>
</TD><TD valign=bottom width=138.8><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121,469 </P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=263.8><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=86.4><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=122.933><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=72.2><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=138.8><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=263.8>&nbsp;</TD><TD valign=bottom width=86.4>&nbsp;</TD><TD valign=bottom width=122.933>&nbsp;</TD><TD valign=bottom width=72.2>&nbsp;</TD><TD valign=bottom width=138.8>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=62.667>&nbsp;</TD><TD valign=top width=549.333><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">NOTES</P>
</TD><TD valign=top width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=62.667>&nbsp;</TD><TD valign=top width=549.333>&nbsp;</TD><TD valign=top width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=62.667><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">(a)</P>
</TD><TD valign=top width=549.333><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Percentages indicated are based on net assets of $334,304,355.</P>
</TD><TD valign=top width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=62.667>&nbsp;</TD><TD valign=top width=549.333>&nbsp;</TD><TD valign=top width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=62.667><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">(RAT)</P>
</TD><TD valign=top width=549.333><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=justify>The Moody's or Standard &amp; Poor's ratings indicated are believed to be the most recent ratings available at July 31, 2005 for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at July 31, 2005. Securities rated by Putnam are indicated by &quot;/P&quot;. &nbsp;Security ratings are defined in the Statement of Additional Information.</P>
</TD><TD valign=top width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=62.667>&nbsp;</TD><TD valign=top width=549.333>&nbsp;</TD><TD valign=top width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=62.667><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">(b)</P>
</TD><TD valign=top width=549.333><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=justify>The aggregate identified cost on a tax basis is $316,735,481, resulting in gross unrealized appreciation and depreciation of $18,088,386 and $1,962,087, respectively, or net unrealized appreciation of $16,126,299.</P>
</TD><TD valign=top width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=62.667>&nbsp;</TD><TD valign=top width=549.333>&nbsp;</TD><TD valign=top width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=62.667><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">(RES)</P>
</TD><TD valign=top width=549.333><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=justify>Restricted, excluding 144A securities, as to public resale. The total market value of restricted securities held at July 31, 2005 was $846,824 or 0.3% of net assets.</P>
</TD><TD valign=top width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=62.667>&nbsp;</TD><TD valign=top width=549.333>&nbsp;</TD><TD valign=top width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=62.667><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">(SEG)</P>
</TD><TD valign=top width=549.333><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=justify>A portion of this security was pledged and segregated with the custodian to cover margin requirements for futures contracts at July 31, 2005.</P>
</TD><TD valign=top width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=62.667>&nbsp;</TD><TD valign=top width=549.333>&nbsp;</TD><TD valign=top width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=62.667>&nbsp;</TD><TD valign=top width=549.333><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">At July 31, 2005, liquid assets totaling $914,848 have been designated as collateral for open forward commitments.</P>
</TD><TD valign=top width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=62.667>&nbsp;</TD><TD valign=top width=549.333>&nbsp;</TD><TD valign=top width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=62.667>&nbsp;</TD><TD valign=top width=549.333><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=justify>The rates shown on VRDN and Mandatory Put Bonds are the current interest rates at July 31, 2005.</P>
</TD><TD valign=top width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=62.667>&nbsp;</TD><TD valign=top width=549.333>&nbsp;</TD><TD valign=top width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=62.667>&nbsp;</TD><TD valign=top width=549.333><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">The dates shown on Mandatory Put Bonds are the next mandatory put dates.</P>
</TD><TD valign=top width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=62.667>&nbsp;</TD><TD valign=top width=549.333>&nbsp;</TD><TD valign=top width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=62.667>&nbsp;</TD><TD valign=top width=549.333><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=justify>The rates shown on IFB, which are securities paying interest rates that vary inversely to changes in the market interest rates, are the current interest rates at July 31, 2005.</P>
</TD><TD valign=top width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=62.667>&nbsp;</TD><TD valign=top width=549.333>&nbsp;</TD><TD valign=top width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=62.667>&nbsp;</TD><TD valign=top width=549.333><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=justify>The fund had the following industry group concentrations greater than 10% at July 31, 2005 (as a percentage of net assets):</P>
</TD><TD valign=top width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=62.667>&nbsp;</TD><TD valign=top width=549.333>&nbsp;</TD><TD valign=top width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=62.667>&nbsp;</TD><TD valign=top width=549.333><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Health care</P>
</TD><TD valign=top width=101.333><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>19.2%</P>
</TD></TR>
<TR><TD valign=top width=62.667>&nbsp;</TD><TD valign=top width=549.333>&nbsp;</TD><TD valign=top width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=62.667>&nbsp;</TD><TD valign=top width=549.333>&nbsp;</TD><TD valign=top width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=62.667>&nbsp;</TD><TD valign=top width=549.333><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=justify>The fund had the following insurance concentrations greater than 10% at July 31, 2005 (as a percentage of net assets):</P>
</TD><TD valign=top width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=62.667>&nbsp;</TD><TD valign=top width=549.333>&nbsp;</TD><TD valign=top width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=62.667>&nbsp;</TD><TD valign=top width=549.333><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">AMBAC</P>
</TD><TD valign=top width=101.333><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>14.4%</P>
</TD></TR>
<TR><TD valign=top width=62.667>&nbsp;</TD><TD valign=top width=549.333><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">MBIA</P>
</TD><TD valign=top width=101.333><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=right>13.9</P>
</TD></TR>
<TR><TD valign=top width=62.667>&nbsp;</TD><TD valign=top width=549.333>&nbsp;</TD><TD valign=top width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=62.667>&nbsp;</TD><TD valign=top width=549.333><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=justify><B>Security valuation </B>Tax-exempt bonds and notes are valued at fair value on the basis of valuations provided by an independent pricing service, approved by the Trustees. &nbsp;Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. &nbsp;Other investments are valued at fair value following procedures approved by the Trustees. &nbsp;Such valuations and procedures are reviewed periodically by the Trustees.</P>
</TD><TD valign=top width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=62.667>&nbsp;</TD><TD valign=top width=549.333>&nbsp;</TD><TD valign=top width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=62.667>&nbsp;</TD><TD valign=top width=549.333><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=justify><B>Futures and options contracts</B> The fund may use futures and options contracts to hedge against changes in the values of securities the fund owns or expects to purchase. &nbsp;The fund may also write options on securities it owns or in which it may invest to increase its current returns.</P>
</TD><TD valign=top width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=62.667>&nbsp;</TD><TD valign=top width=549.333>&nbsp;</TD><TD valign=top width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=62.667>&nbsp;</TD><TD valign=top width=549.333><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=justify>The potential risk to the fund is that the change in value of futures and options contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, or if the counterparty to the contract is unable to perform. Risks may exceed amounts recognized on the statement of assets and liabilities. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. &nbsp;Realized gains and losses on purchased options are included in realized gains and losses on investment securities. &nbsp;If a written call option is exercised, the premium originally received is recorded as an ad
dition to sales proceeds. &nbsp;If a written put option is exercised, the premium originally received is recorded as a reduction to cost of investments.</P>
</TD><TD valign=top width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=62.667>&nbsp;</TD><TD valign=top width=549.333>&nbsp;</TD><TD valign=top width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=62.667>&nbsp;</TD><TD valign=top width=549.333><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. &nbsp;The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. &nbsp;Such receipts or payments are known as &#147;variation margin.&#148; &nbsp;Exchange traded options are valued at the last sale price, or if no sales are reported, the last bid price for purchased options and the last ask price for written options. &nbsp;Options traded over-the-counter are valued using prices supplied by dealers. &nbsp;Futures and written option contracts outstanding at period end, if any, are listed after the fund&#146;s portfolio.</P>
</TD><TD valign=top width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=62.667>&nbsp;</TD><TD valign=top width=549.333>&nbsp;</TD><TD valign=top width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=62.667>&nbsp;</TD><TD valign=top width=549.333><P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt" align=justify>For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com</P>
</TD><TD valign=top width=101.333>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Item 2. Controls and Procedures:</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">--------------------------------</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a) The registrant's principal executive officer and principal </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">financial officer have concluded, based on their evaluation of the</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">effectiveness of the design and operation of the registrant's</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">disclosure controls and procedures as of a date within 90 days of</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the filing date of this report, that the design and operation of </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">such procedures are generally effective to provide reasonable </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">assurance that information required to be disclosed by the registrant </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">in this report is recorded, processed, summarized and reported within </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the time periods specified in the Commission's rules and forms.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b) Changes in internal control over financial reporting:</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Not applicable</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Item 3. Exhibits:</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">------------------</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">A separate certification for each principal executive officer and</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">principal financial officer of the registrant as required by Rule 30a-2</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">under the Investment Company Act of 1940, as amended, are filed herewith.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">SIGNATURES</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Pursuant to the requirements of the Securities Exchange Act of 1934</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">and the Investment Company Act of 1940, the registrant has duly</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">caused this report to be signed on its behalf by the undersigned,</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">thereunto duly authorized.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">NAME OF REGISTRANT</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By (Signature and Title):</P>
<P style="margin:0pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">/s/ Michael T. Healy</P>
<P style="margin:0pt; padding-left:108pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">--------------------------</P>
<P style="margin:0pt; padding-left:108pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Michael T. Healy</P>
<P style="margin:0pt; padding-left:108pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Principal Accounting Officer</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Date: September 28, 2005</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Pursuant to the requirements of the Securities Exchange Act of 1934</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">and the Investment Company Act of &nbsp;1940, this report has been signed</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">below by the following persons on behalf of the registrant and in</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the capacities and on the dates indicated.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By (Signature and Title):</P>
<P style="margin:0pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">/s/ Charles E. Porter</P>
<P style="margin:0pt; padding-left:108pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">---------------------------</P>
<P style="margin:0pt; padding-left:108pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Charles E. Porter</P>
<P style="margin:0pt; padding-left:108pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Principal Executive Officer</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Date: September 28, 2005</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By (Signature and Title):</P>
<P style="margin:0pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">/s/ Steven D. Krichmar</P>
<P style="margin:0pt; padding-left:108pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">---------------------------</P>
<P style="margin:0pt; padding-left:108pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Steven D. Krichmar</P>
<P style="margin:0pt; padding-left:108pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Principal Financial Officer</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Date: September 28, 2005</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
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<DOCUMENT>
<TYPE>EX-99.CERT
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<FILENAME>exnn2.htm
<DESCRIPTION>EX-99.CERT
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<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Certifications</TITLE>
<META NAME="author" CONTENT="Larry McMunn">
<META NAME="date" CONTENT="09/28/2005">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Certifications</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">---------------</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">I, Charles E. Porter, the Principal Executive Officer of the funds listed on</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Attachment A, certify that:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">1. &nbsp;I have reviewed each report on Form N-Q of the funds listed on</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Attachment A:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">2. &nbsp;Based on my knowledge, each report does not contain any untrue</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">statements of a material fact or omit to state a material fact necessary to</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">make the statements made, in light of the circumstances under which such</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">statements were made, not misleading with respect to the period covered by</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">each report;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">3. &nbsp;Based on my knowledge, the schedules of investments included in each</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">report fairly present in all material respects the investments of the</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">registrant as of the end of the fiscal quarter for which the report is</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">filed;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">4. The registrant's other certifying officer and I are responsible for</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">establishing and maintaining disclosure controls and procedures (as defined</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">in Rule 30a-3(c) under the Investment Company Act of 1940) and internal</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">control over financial reporting (as defined in Rule 30a-3(d) under the</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Investment Company Act of 1940) for the registrants and have:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">a) &nbsp;designed such disclosure controls and procedures, or caused such</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">disclosure controls and procedures to be designed under our supervision, to</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">ensure that material information relating to the registrant, including its</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">consolidated subsidiaries, is made known to us by others within those</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">entities, particularly during the period in which each report is being</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">prepared;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">b) designed such internal control over financial reporting, or caused such</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">internal control over financial reporting to be designed under our</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">supervision, to provide reasonable assurance regarding the reliability of</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">financial reporting and the preparation of financial statements for external</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">purposes in accordance with generally accepted accounting principles;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">c) &nbsp;evaluated the effectiveness of the registrant&#146;s disclosure controls and</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">procedures and presented in this report our conclusions about the</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">effectiveness of the disclosure controls and procedures, as of a date within</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">90 days prior to the filing date of this report, based on such evaluation;</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">and</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">d) &nbsp;disclosed in this report any change in the registrant&#146;s internal control</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">over financial reporting that occurred during the registrant&#146;s most recent</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">fiscal quarter that has materially affected, or is reasonably likely to</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">materially affect, the registrant&#146;s internal control over financial</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">reporting; and</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">5. &nbsp;The registrant&#146;s other certifying officer and I have disclosed to each</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">registrant&#146;s auditors and the audit committee of each registrant&#146;s board of</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">directors (or persons performing the equivalent functions):</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">a) &nbsp;all significant deficiencies and material weaknesses in the design or</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">operation of internal control over financial reporting which are reasonably</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">likely to adversely affect each registrant&#146;s ability to record, process,</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">summarize, and report financial information; and</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">b) &nbsp;any fraud, whether or not material, that involves management or other</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">employees who have a significant role in each registrant&#146;s internal control</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">over financial reporting.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; text-indent:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">/s/ Charles E. Porter</P>
<P style="margin:0pt; text-indent:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">-------------------------------------</P>
<P style="margin:0pt; text-indent:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Date: September 27, 2005</P>
<P style="margin:0pt; text-indent:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Charles E. Porter</P>
<P style="margin:0pt; text-indent:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Principal Executive Officer</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Certifications</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">---------------</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">I, Steven D. Krichmar, the Principal Financial Officer of the funds listed</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">on Attachment A, certify that:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">1. &nbsp;I have reviewed each report on Form N-Q of the funds listed on</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Attachment A:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">2. &nbsp;Based on my knowledge, each report does not contain any untrue</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">statements of a material fact or omit to state a material fact necessary to</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">make the statements made, in light of the circumstances under which such</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">statements were made, not misleading with respect to the period covered by</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">each report;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">3. &nbsp;Based on my knowledge, the schedules of investments included in each</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">report fairly present in all material respects the investments of the</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">registrant as of the end of the fiscal quarter for which the report is</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">filed;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">4. The registrant's other certifying officer and I are responsible for</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">establishing and maintaining disclosure controls and procedures (as defined</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">in Rule 30a-3(c) under the Investment Company Act of 1940) and internal</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">control over financial reporting (as defined in Rule 30a-3(d) under the</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Investment Company Act of 1940) for the registrants and have:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">a) &nbsp;designed such disclosure controls and procedures, or caused such</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">disclosure controls and procedures to be designed under our supervision, to</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">ensure that material information relating to the registrant, including its</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">consolidated subsidiaries, is made known to us by others within those</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">entities, particularly during the period in which each report is being</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">prepared;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">b) designed such internal control over financial reporting, or caused such</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">internal control over financial reporting to be designed under our</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">supervision, to provide reasonable assurance regarding the reliability of</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">financial reporting and the preparation of financial statements for external</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">purposes in accordance with generally accepted accounting principles;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">c) &nbsp;evaluated the effectiveness of the registrant&#146;s disclosure controls and</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">procedures and presented in this report our conclusions about the</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">effectiveness of the disclosure controls and procedures, as of a date within</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">90 days prior to the filing date of this report, based on such evaluation;</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">and</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">d) &nbsp;disclosed in this report any change in the registrant&#146;s internal control</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">over financial reporting that occurred during the registrant&#146;s most recent</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">fiscal quarter that has materially affected, or is reasonably likely to</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">materially affect, the registrant&#146;s internal control over financial</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">reporting; and</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">5. &nbsp;The registrant&#146;s other certifying officer and I have disclosed to each</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">registrant&#146;s auditors and the audit committee of each registrant&#146;s board of</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">directors (or persons performing the equivalent functions):</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">a) &nbsp;all significant deficiencies and material weaknesses in the design or</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">operation of internal control over financial reporting which are reasonably</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">likely to adversely affect each registrant&#146;s ability to record, process,</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">summarize, and report financial information; and</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">b) &nbsp;any fraud, whether or not material, that involves management or other</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">employees who have a significant role in each registrant&#146;s internal control</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">over financial reporting.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; text-indent:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">/s/ Steven D. Krichmar</P>
<P style="margin:0pt; text-indent:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">----------------------------------</P>
<P style="margin:0pt; text-indent:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Date: September 27, 2005</P>
<P style="margin:0pt; text-indent:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Steven D. Krichmar</P>
<P style="margin:0pt; text-indent:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Principal Financial Officer</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Attachment A</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">--------------------------------------------</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">NQ</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Period (s) ended July 31, 2005 </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">--------------------------------------------</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">2OV Putnam Mid-Cap Value Fund</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">002 The Putnam Fund for Growth and Income</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">2II Putnam Capital Opportunities Fund</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">840 Putnam Utilities Growth and Income Fund</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">005 Putnam Global Equity Fund</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">008 Putnam Convertible Income-Growth Trust</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">052 Putnam Managed Municipal Income Trust</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">183 Putnam Municipal Bond Fund</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">582 Putnam Municipal Opportunities Trust</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">004 Putnam Income Fund</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">184 Putnam California Investment Grade Municipal Trust</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">185 Putnam New York Investment Grade Municipal Trust</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">2MI Putnam Tax Smart Equity Fund</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">041 Putnam Global Income Trust</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
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