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<SEC-DOCUMENT>0000928816-06-000383.txt : 20060329
<SEC-HEADER>0000928816-06-000383.hdr.sgml : 20060329
<ACCEPTANCE-DATETIME>20060329163634
ACCESSION NUMBER:		0000928816-06-000383
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060131
FILED AS OF DATE:		20060329
DATE AS OF CHANGE:		20060329
EFFECTIVENESS DATE:		20060329

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:		06719242

	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>a_muniopptrst1.htm
<DESCRIPTION>PUTNAM MUNICIPAL OPPORTUNITIES TRUST
<TEXT>
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<A name="page_1"></A>

<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="sans-serif">UNITED STATES </FONT><BR>
<FONT size=2 face="sans-serif">SECURITIES AND EXCHANGE COMMISSION</FONT><BR>
<FONT size=2 face="sans-serif">Washington, D.C. 20549</FONT><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<B><FONT size=2 face="sans-serif">FORM N-Q</FONT></B></P>
<P align="left">
<TABLE><TR><TD nowrap>
<B><FONT size=2 face="sans-serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT </FONT></B><BR>
<B><FONT size=2 face="sans-serif">INVESTMENT COMPANY</FONT></B><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">Investment Company Act file number: (811- 07626 )</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Exact name of registrant as specified in charter: Putnam Municipal Opportunities Trust</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109</FONT></P>
<TABLE border=0 width=100% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Name and address of agent for service:</FONT>&nbsp;
	</TD>
	<TD width=42% nowrap colspan=2 align=left>
<FONT size=2 face="sans-serif">Beth S. Mazor, Vice President</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
&nbsp;
	</TD>
	<TD width=42% nowrap colspan=2 align=left>
<FONT size=2 face="sans-serif">One Post Office Square</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
&nbsp;
	</TD>
	<TD width=42% nowrap colspan=2 align=left>
<FONT size=2 face="sans-serif">Boston, Massachusetts 02109</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Copy to:</FONT>&nbsp;
	</TD>
	<TD width=42% nowrap colspan=2 align=left>
<FONT size=2 face="sans-serif">John W. Gerstmayr, Esq.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
&nbsp;
	</TD>
	<TD width=42% nowrap colspan=2 align=left>
<FONT size=2 face="sans-serif">Ropes &amp; Gray LLP</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
&nbsp;
	</TD>
	<TD width=42% nowrap colspan=2 align=left>
<FONT size=2 face="sans-serif">One International Place</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
&nbsp;
	</TD>
	<TD width=42% nowrap colspan=2 align=left>
<FONT size=2 face="sans-serif">Boston, Massachusetts 02110</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=68% nowrap colspan=2 align=left>
<FONT size=2 face="sans-serif">Registrant&#146;s telephone number, including area code:</FONT>&nbsp;
	</TD>
	<TD width=30% nowrap align=left>
<FONT size=2 face="sans-serif">(617) 292-1000</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="sans-serif">Date of fiscal year end: April 30, 2006</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Date of reporting period: January 31, 2006</FONT></P>
<P align="left">
<U><FONT size=2 face="sans-serif">Item 1. Schedule of Investments:</FONT></U></P>

<HR noshade align="center" width="100%" size=2>

















<A name=page_1></A>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=5
     >Putnam Municipal Opportunities
      Trust</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=4
     >The fund's portfolio</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >1/31/06 (Unaudited)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=4
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >Key to abbreviations</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >AMBAC -- AMBAC Indemnity
      Corporation</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >COP -- Certificate of
      Participation</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >FGIC -- Financial Guaranty Insurance
      Company</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >FHA Insd. -- Federal Housing
      Administration Insured</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >FHLMC Coll. -- Federal Home Loan
      Mortgage Corporation Collateralized</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >FNMA Coll. -- Federal National Mortgage
      Association Collateralized</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >FRN -- Floating Rate
    Notes</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >FSA -- Financial Security
      Assurance</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >GNMA Coll. -- Government National
      Mortgage Association Collateralized</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >G.O. Bonds -- General Obligation
      Bonds</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >IFB -- Inverse Floating Rate
      Bonds</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >MBIA -- MBIA Insurance
    Company</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >PSFG -- Permanent School Fund
      Guaranteed</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >U.S. Govt. Coll. -- U.S. Government
      Collateralized</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >VRDN -- Variable Rate Demand
      Notes</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >XLCA -- XL Capital
    Assurance</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=4
   >&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=4
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><B><FONT face=sans-serif size=2
     >MUNICIPAL BONDS AND NOTES
      (98.9%)(a)</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=4
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   >&nbsp;</TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >Rating (RAT)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >Principal amount</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >Value</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=4
   >&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=4
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><B><FONT face=sans-serif size=2
     >Alabama
    (0.1%)</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >Sylacauga, Hlth. Care Auth. Rev. Bonds
      (Coosa Valley Med. Ctr.), Ser. A, 6s,</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >8/1/25</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >B/P</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >$400,000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><B><FONT face=sans-serif size=2

   >$404,032</FONT></B>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><B><FONT face=sans-serif size=2
     >Arizona
    (0.9%)</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=4
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >AZ Hlth. Fac. Auth. Hosp. Syst. Rev.
      Bonds (John C. Lincoln Hlth. Network),</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >6 3/8s, 12/1/37
    (Prerefunded)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >BBB</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >750,000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >873,398</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >Casa Grande, Indl. Dev. Auth. Rev.
      Bonds (Casa Grande Regl. Med. Ctr.),</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >Ser. A, 7 5/8s, 12/1/29</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >B+/P</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >950,000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >1,053,360</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >Cochise Cnty., Indl. Dev. Auth. Rev.
      Bonds (Sierra Vista Cmnty. Hosp.), Ser.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >A, 6 3/4s, 12/1/26</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >BB+/P</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >465,000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >477,797</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >Pima Cnty., Indl Dev. Auth. Rev. Bonds
      (Horizon Cmnty. Learning Ctr.), 5.05s,</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >6/1/25</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >BBB-</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >500,000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >486,135</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=4
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   >&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><B><FONT face=sans-serif size=2

   >2,890,690</FONT></B>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><B><FONT face=sans-serif size=2
     >Arkansas
    (0.8%)</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=4
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >Independence Cnty., Poll. Control Rev.
      Bonds (Entergy, Inc.), 5s, 1/1/21</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >A-</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >1,000,000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >1,012,180</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >Northwest Regl. Arpt. Auth. Rev. Bonds,
      7 5/8s, 2/1/27 (Prerefunded)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >BB/P</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >1,000,000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >1,101,150</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >Washington Cnty., Hosp. Rev. Bonds
      (Regl. Med. Ctr.)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >Ser. A, 5s, 2/1/35</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >Baa2</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >250,000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >248,108</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >Ser. B, 5s, 2/1/25</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >Baa2</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >250,000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >252,888</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=4
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   >&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><B><FONT face=sans-serif size=2

   >2,614,326</FONT></B>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><B><FONT face=sans-serif size=2
     >California
      (16.7%)</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=4
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >CA G.O. Bonds, 5s,
    5/1/22</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >A2</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >4,000,000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >4,205,240</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >CA State G.O. Bonds</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >5 1/8s, 4/1/23</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >A2</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >500,000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >528,110</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >5.1s, 2/1/34</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >A2</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >750,000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >762,053</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >CA State Dept. of Wtr. Resources Rev.
      Bonds, Ser. A</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >6s, 5/1/15
(Prerefunded)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >Aaa</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >2,000,000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >2,287,000</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >AMBAC, 5 1/2s, 5/1/16</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >Aaa</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >2,000,000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >2,237,420</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >CA State Econ. Recvy. G.O. Bonds, Ser.
      A, 5s, 7/1/16</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >Aa3</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >1,000,000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >1,059,670</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >CA State Pub. Wks. Board Rev. Bonds
      (Dept. of Hlth. Svcs. Richmond</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >Laboratory), Ser. B, XLCA, 5s,
      11/1/22</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >Aaa</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >1,810,000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >1,906,926</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=4
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >CA Statewide Cmnty. Dev. Auth. COP (The
      Internext Group), 5 3/8s, 4/1/30</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >BBB</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >1,750,000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >1,758,068</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >Cathedral City, Impt. Board Act of 1915
      Special Assmt. Bonds (Cove Impt.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >Dist.), Ser. 04-02, 5.05s,
      9/2/35</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >BB+/P</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >250,000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >244,728</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >Chula Vista COP, MBIA, 5s,
      8/1/32</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >Aaa</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >4,000,000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >4,150,640</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >Chula Vista Rev. Bonds (San Diego Gas),
      Ser. B, 5s, 12/1/27</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >A1</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >575,000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >582,653</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >Gilroy, Rev. Bonds (Bonfante Gardens
      Park), 8s, 11/1/25</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >D/P</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >576,000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >473,633</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >Metro. Wtr. Dist. FRN (Southern CA Wtr.
      Works), 2.048s, 8/10/18</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >AA+</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >3,000,000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >3,000,000</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >Metropolitan Wtr. Dist. IFB (Southern
      CA Waterworks), 9.139s, 8/10/18</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >AA+</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >3,000,000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >3,927,480</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >Roseville, Cmnty. Fac. Special Tax
      (Dist. No. 1 -Westpark), 5 1/4s, 9/1/25</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >BB/P</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >875,000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >886,130</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >Sacramento, Special Tax (North Natomas
      Cmnty. Fac.), Ser. 97-01, 5s,</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >9/1/29</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >BB/P</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >1,190,000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >1,188,310</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >Sacramento, City Unified School Dist.
      G.O. Bonds (Election 1999), Ser. D,</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >FSA, 5s, 7/1/28</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >Aaa</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >2,000,000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >2,087,960</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >San Bernardino Cnty., COP (Med. Ctr.
      Fin.), Ser. A, MBIA, 6 1/2s, 8/1/17</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >Aaa</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >5,000,000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >5,923,450</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >San Diego Cnty., Certificates of
      Participation, AMBAC</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >5 5/8s, 9/1/12</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >Aaa</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >6,000,000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >6,481,740</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >5 1/2s, 9/1/07</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >Aaa</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >6,000,000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >6,210,540</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >San Jose, Redev. Agcy. Tax Alloc. Bonds
      (Merged Area Redev. Project),</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >MBIA, 5s, 8/1/32</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >Aaa</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >2,500,000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >2,571,275</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >Sunnyvale, Cmnty. Fac. Dist. Special
      Tax Rev. Bonds, 7.65s, 8/1/21</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >BB-/P</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >770,000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >835,042</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"
   ><FONT face=sans-serif size=2
     >Vallejo, COP (Marine World Foundation),
      7.2s, 2/1/26</FONT>&nbsp;</TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >BBB-/P</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >1,300,000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2

>1,357,720</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>


<!--$$/page=-->
<A name="page_2"></A>

<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="sans-serif">54,665,788</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<B><FONT size=2 face="sans-serif">Delaware (0.5%)</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">GMAC Muni. Mtge. Trust 144A sub. notes, Ser. A1-2, 4.9s, 10/31/39</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">A3</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,500,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="sans-serif">1,512,630</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<B><FONT size=2 face="sans-serif">District of Columbia (5.8%)</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">DC G.O. Bonds, Ser. A, 6s, 6/1/26 (Prerefunded) (SEG)</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">A+</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">12,450,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">13,134,377</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">DC Wtr. &amp; Swr. Auth. Pub. Util. Rev. Bonds, FGIC, 5s, 10/1/28</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">5,550,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">5,749,634</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="sans-serif">18,884,011</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<B><FONT size=2 face="sans-serif">Florida (1.6%)</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Highlands Cnty., Hlth. Fac. Auth. Rev. Bonds (Adventist Hlth.), Ser. A, 5s,</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">11/15/21</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">A+</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">250,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">259,788</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Lee Cnty., Indl. Dev. Auth. Rev. Bonds (Alliance Cmnty.), Ser. C, 5 1/2s,</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">11/15/29</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">BBB-</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,890</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Miami Beach, Hlth. Fac. Auth. Hosp. Rev. Bonds (Mount Sinai Med. Ctr.),</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. A, 6.8s, 11/15/31</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">BB+</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">600,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">657,162</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Reunion West, Cmnty. Dev. Dist. Special Assmt. Bonds, 6 1/4s, 5/1/36</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">800,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">841,224</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">St. Lucie Cnty., School Board COP (Master Lease), Ser. A, FSA, 5s, 7/1/26</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,965,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">2,061,147</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Tern Bay, Cmnty. Dev. Dist. Rev. Bonds, Ser. B, 5s, 5/1/15</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">400,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">397,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="sans-serif">5,217,211</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<B><FONT size=2 face="sans-serif">Georgia (4.1%)</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Atlanta, Arpt. Rev. Bonds, Ser. B, FGIC, 5 5/8s, 1/1/30</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">3,000,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">3,148,170</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Atlanta, Wtr. &amp; Waste Wtr. Rev. Bonds, FSA, 5s, 11/1/24</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">4,000,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">4,193,120</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Atlanta, Wtr. &amp; Waste Wtr. VRDN, Ser. C, FSA, 3.07s, 11/1/41</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">VMIG1</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Burke Cnty., Poll. Control Dev. Auth. Mandatory Put Bonds (GA Power Co.),</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">4.45s, 12/1/08</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">A2</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,500,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,534,740</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Effingham Cnty., Indl. Dev. Auth. Rev. Bonds (Pacific Corp.), 6 1/2s, 6/1/31</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">B2</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">900,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">940,041</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Rockdale Cnty., Dev. Auth. Solid Waste Disp. Rev. Bonds (Visay Paper, Inc.),</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">7.4s, 1/1/16</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">B+/P</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,110,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,114,362</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Savannah, Econ. Dev. Auth. Poll. Control Rev. Bonds (Intl. Paper Co.), Ser.</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">A, 5.1s, 8/1/14</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,500,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,534,230</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="sans-serif">13,464,663</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<B><FONT size=2 face="sans-serif">Hawaii (0.4%)</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">HI State Hsg. &amp; Cmnty. Dev. Corp. Rev. Bonds (Single Fam. Mtge.), Ser. B,</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">3.7s, 1/1/22</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">970,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">962,618</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">HI State Hsg. Fin. &amp; Dev. Corp. Rev. Bonds, Ser. A, FNMA Coll., 5 3/4s,</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">7/1/30</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">500,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">505,765</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="sans-serif">1,468,383</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<B><FONT size=2 face="sans-serif">Idaho (0.2%)</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">ID Hsg. &amp; Fin. Assn. Rev. Bonds (Single Fam. Mtge.), Ser. C-2, FHA Insd.,</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">5.15s, 7/1/29</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">750,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="sans-serif">764,573</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<B><FONT size=2 face="sans-serif">Illinois (2.3%)</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">IL Hsg. Dev. Auth. Multi-Fam. Hsg. Rev. Bonds, Ser. 91-A, 8 1/4s, 7/1/16</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">A1</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">5,790,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">5,833,599</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Metropolitan Pier &amp; Exposition Auth. Rev. Bonds (McCormack Place</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Expansion Project), MBIA, 5s, 12/15/28</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,770,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,832,729</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="sans-serif">7,666,328</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<B><FONT size=2 face="sans-serif">Indiana (4.6%)</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Carmel Clay, Indl. Parks Bldg. Corp. Rev. Bonds, MBIA, 5s, 1/15/26</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,000,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">2,090,960</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Fairfield, School Bldg. Corp. Ind. Rev. Bonds, FGIC, 5s, 7/15/24</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">3,000,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">3,135,960</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">GCS School Bldg. Corp. Rev. Bonds (First Mtg.), FSA, 5s, 7/15/26</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,037,970</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">IN Hlth. Fac. Fin. Auth. Rev. Bonds (Cmnty. Hosp.), Ser. A, AMBAC, 5s,</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">5/1/24</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,695,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">2,822,824</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">IN State Dev. Fin. Auth. Env. Impt. Rev. Bonds (USX Corp.), 5.6s, 12/1/32</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Baa1</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,100,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">2,164,617</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Indianapolis, Arpt. Auth. Rev. Bonds (Federal Express Corp.), 5.1s, 1/15/17</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Baa2</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,500,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">2,608,725</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Rockport, Poll. Control Mandatory Put Bonds (Indiana Michigan Pwr. Co.),</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. C, 2 5/8s, 10/1/06</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Baa2</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,300,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,286,246</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="sans-serif">15,147,302</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<B><FONT size=2 face="sans-serif">Iowa (0.7%)</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">IA Fin. Auth. Hlth. Care Fac. Rev. Bonds (Care Initiatives), 9 1/4s, 7/1/25</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">BBB-/P</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">970,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,163,476</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">IA State Higher Ed. Loan Auth. 5s, 10/1/22</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">BBB-/F</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">605,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">600,904</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">IA State Higher Ed. Loan Auth. Rev. Bonds (Wartburg), Ser. A, 5s, 10/1/21</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">BBB-/F</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">605,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">604,310</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="sans-serif">2,368,690</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<B><FONT size=2 face="sans-serif">Louisiana (0.5%)</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">LA Local Govt. Env. Fac. Cmnty. Dev. Auth. Rev. Bonds (St. James Place),</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. A, 7s, 11/1/20</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">B-/P</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,600,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="sans-serif">1,633,024</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE><BR>

<HR noshade align="center" width="100%" size=2>



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<A name="page_3"></A>

<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<B><FONT size=2 face="sans-serif">Maine (0.2%)</FONT></B>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Rumford, Solid Waste Disp. Rev. Bonds (Boise Cascade Corp.), 6 7/8s,</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">10/1/26</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">Ba2</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">600,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="sans-serif">641,310</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<B><FONT size=2 face="sans-serif">Maryland (0.1%)</FONT></B>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">MD State Hlth. &amp; Higher Edl. Fac. Auth. Rev. Bonds (Peninsula Regl. Med.</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Ctr.), 5s, 7/1/16</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">A2</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">325,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="sans-serif">349,859</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<B><FONT size=2 face="sans-serif">Massachusetts (1.6%)</FONT></B>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">MA State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">(UMass Memorial), Ser. C, 6 1/2s, 7/1/21</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">Baa2</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,875,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">2,005,875</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">(Berkshire Hlth. Syst.), Ser. E, 6 1/4s, 10/1/31</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">BBB+</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,300,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,383,694</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">(Hlth. Care Syst. Covenant Hlth.), Ser. E, 6s, 7/1/31</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">A</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,800,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,938,924</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="sans-serif">5,328,493</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<B><FONT size=2 face="sans-serif">Michigan (4.0%)</FONT></B>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Detroit, G.O. Bonds, Ser. A, FGIC, 5s, 7/1/30</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">4,500,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">4,628,565</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Detroit, Swr. Disp. VRDN, Ser. B, FSA, 3.07s, 7/1/33</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">VMIG1</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,960,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">2,960,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">MI Higher Ed. Fac. Auth. Rev. Bonds (Kalamazoo College), 5 1/2s, 12/1/18</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">A1</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">500,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">540,670</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">MI State Hosp. Fin. Auth. Rev. Bonds (Oakwood Hosp.), Ser. A, 5 3/4s,</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">4/1/32</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">A2</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,052,590</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">MI State Hsg. Dev. Auth. Rev. Bonds, Ser. A, 3.9s, 6/1/30</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,200,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,194,984</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">MI State Strategic Fund, Ltd. Rev. Bonds (Worthington Armstrong Venture),</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">U.S. Govt. Coll., 5 3/4s, 10/1/22</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">AAA/P</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,650,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,879,400</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Midland Cnty., Econ. Dev. Corp. Rev. Bonds, 6 3/4s, 7/23/09</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">B</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">988,400</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="sans-serif">13,244,609</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<B><FONT size=2 face="sans-serif">Minnesota (1.3%)</FONT></B>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Cohasset, Poll. Control Rev. Bonds (Allete, Inc.), 4.95s, 7/1/22</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">A</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">3,000,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">3,036,930</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">MN State Hsg. Fin. Agcy. Rev. Bonds (Res. Hsg. Fin.), Ser. B, 5s, 7/1/34</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">AA+</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">645,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">668,794</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">St. Paul, Hsg. &amp; Redev. Auth. Hosp. Rev. Bonds (Hlth. East), 6s, 11/15/25</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">Baa3</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">450,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">484,083</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="sans-serif">4,189,807</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<B><FONT size=2 face="sans-serif">Mississippi (0.7%)</FONT></B>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">MS Bus. Fin. Corp. Poll. Control Rev. Bonds (Syst. Energy Resources, Inc.)</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">5.9s, 5/1/22</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">BBB-</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,015,200</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">5 7/8s, 4/1/22</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">BBB-</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">580,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">587,900</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">MS Home Corp. Rev. Bonds (Single Fam. Mtge.), Ser. B-2, GNMA Coll.,</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">FNMA Coll., 6.45s, 12/1/33</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">710,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">747,673</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="sans-serif">2,350,773</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<B><FONT size=2 face="sans-serif">Missouri (3.4%)</FONT></B>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Cape Girardeau Cnty., Indl. Dev. Auth. Hlth. Care Fac. Rev. Bonds (St.</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Francis Med. Ctr.), Ser. A, 5 1/2s, 6/1/16</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">A+</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,750,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,887,533</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">MO State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds (Washington U.), Ser. A, 5s,</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">2/15/33</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,500,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">2,588,325</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">MO State Hlth. &amp; Edl. Fac. Auth. VRDN (Cox Hlth. Syst.), AMBAC, 3.12s,</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">6/1/22</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">VMIG1</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">5,360,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">5,360,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">MO State Hsg. Dev. Comm. Mtge. Rev. Bonds (Single Fam. Homeowner</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Loan)</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. C-1, GNMA Coll., FNMA Coll., 7.15s, 3/1/32</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">755,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">788,900</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. C, GNMA Coll., FNMA Coll., 5.6s, 9/1/35</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">600,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">640,218</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="sans-serif">11,264,976</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<B><FONT size=2 face="sans-serif">Montana (1.1%)</FONT></B>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Forsyth, Poll. Control Mandatory Put Bonds (Avista Corp.), AMBAC, 5s,</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">12/30/08</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,075,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,111,959</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Forsyth, Poll. Control VRDN (Pacific Corp.), 3.12s, 1/1/18</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">VMIG1</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,400,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">2,400,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="sans-serif">3,511,959</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<B><FONT size=2 face="sans-serif">Nevada (3.2%)</FONT></B>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Clark Cnty., G.O. Bonds (Pk. &amp; Regl. Justice Ctr.), FGIC, 5 5/8s, 11/1/19</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">(Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">3,505,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">3,778,110</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Clark Cnty., Arpt. Rev. Bonds, Ser. A-2, FGIC, 5 1/8s, 7/1/26</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">5,000,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">5,255,950</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Clark Cnty., Impt. Dist. Special Assmt. (Summerlin No. 151), 5s, 8/1/25</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">BB/P</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">700,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">698,271</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Henderson, Local Impt. Dist. Special Assmt.</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">(No. T-16), 5 1/8s, 3/1/25</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">200,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">199,870</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">(No. T-17), 5s, 9/1/25</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">175,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">173,698</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Henderson, Local Impt. Dist. Special Assmt. Bonds (No. T-16), 5.1s, 3/1/21</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">310,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">311,603</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="sans-serif">10,417,502</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<B><FONT size=2 face="sans-serif">New Hampshire (1.1%)</FONT></B>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">NH Higher Edl. &amp; Hlth. Fac. Auth. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">(Riverwoods at Exeter), Ser. A, 6 1/2s, 3/1/23</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">BB+/P</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,450,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,478,551</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=60% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. 05, 6 3/8s, 1/1/27</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">BBB-</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">765,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">787,185</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

<HR noshade align="center" width="100%" size=2>



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<A name="page_4"></A>

<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. 05, 6 3/8s, 1/1/27 (Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">BBB-</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">270,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">282,574</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">NH Higher Edl. &amp; Hlth. Facs. Auth. Rev. Bonds (NH College), 6 3/8s, 1/1/27</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">(Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">215,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">225,013</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">NH State Bus. Fin. Auth. Poll. Control Rev. Bonds, 3 1/2s, 7/1/27</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Baa2</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">950,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">925,452</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="sans-serif">3,698,775</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<B><FONT size=2 face="sans-serif">New Jersey (5.2%)</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Casino Reinvestment Dev. Auth. Rev. Bonds, Ser. A, MBIA, 5 1/4s, 6/1/18</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">3,490,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">3,770,212</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Newark, Hsg. Auth. Rev. Bonds (Port Auth. Newark Marine Terminal), MBIA,</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">5 1/4s, 1/1/20</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,083,310</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">NJ Econ. Dev. Auth. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">(Cigarette Tax), 5 3/4s, 6/15/29</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Baa2</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,500,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,593,960</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">(Motor Vehicle), Ser. A, MBIA, 5s, 7/1/27</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,000,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">2,100,740</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">NJ State Edl. Fac. Auth. Rev. Bonds (Rowan U.), Ser. C, MBIA, 5s, 7/1/23</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,840,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,954,043</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Passaic Cnty., Impt. Auth. Lease Rev. Bonds (Preakness Hlth. Care Ctr.),</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">AMBAC</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">5s, 5/1/25</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,505,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">2,619,929</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">5s, 5/1/24</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,385,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">2,501,817</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Tobacco Settlement Fin. Corp. Rev. Bonds, 6 3/4s, 6/1/39</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,150,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,284,056</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="sans-serif">16,908,067</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<B><FONT size=2 face="sans-serif">New Mexico (0.6%)</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Farmington, Poll. Control VRDN (AZ Pub. Svc. Co.), Ser. A, 3.1s, 5/1/24</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">VMIG1</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">NM Mtge. Fin. Auth. Rev. Bonds (Single Fam. Mtge.), Ser. C, GNMA Coll.,</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">FNMA Coll., FHLMC Coll., 5.82s, 9/1/33</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,053,590</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="sans-serif">2,053,590</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<B><FONT size=2 face="sans-serif">New York (7.2%)</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Buffalo, G.O. Bonds, Ser. D, FGIC, 5 1/2s, 12/15/13</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,090,790</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Long Island, Pwr. Auth. NY Elec. Syst. Rev. Bonds, Ser. A, 5 3/4s, 12/1/24</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">A3</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">750,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">796,193</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Niagara Cnty., Indl. Dev. Agcy. Rev. Bonds, Ser. C, 5 5/8s, 11/15/24</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Baa3</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">500,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">525,670</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">NY City, G.O. Bonds, Ser. C, 5 1/4s, 8/1/11</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">A1</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">3,000,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">3,223,110</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">NY City, City Transitional Fin. Auth. Rev. Bonds, AMBAC, 5 1/4s, 8/1/15</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,082,760</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">NY City, Hsg. Dev. Corp. Rev. Bonds, Ser. A, FGIC, 5s, 7/1/25</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">500,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">523,680</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">NY City, Indl. Dev. Agcy. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">(Liberty-7 World Trade Ctr.), Ser. A, 6 1/4s, 3/1/15</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">B-/P</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">400,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">418,724</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">(Brooklyn Navy Yard Cogen. Partners), 6.2s, 10/1/22</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">BBB-</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">750,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">794,918</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">NY City, Indl. Dev. Agcy. Special Arpt. Fac. Rev. Bonds (Airis JFK I LLC), Ser.</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">A, 5 1/2s, 7/1/28</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Baa3</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,100,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">2,099,895</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds (British Airways PLC), 5</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">1/4s, 12/1/32</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Ba2</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">700,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">614,348</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">NY Cntys., Tobacco Trust III Rev. Bonds (Tobacco Settlement), 6s, 6/1/43</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,500,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,573,155</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">NY State Dorm. Auth. Rev. Bonds, Ser. A, 5 1/2s, 3/15/13</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,000,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">2,204,940</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">NY State Energy Research &amp; Dev. Auth. Gas Fac. Rev. Bonds (Brooklyn</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Union Gas), 6.952s, 7/1/26</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">A+</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,000,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">2,066,640</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">NY State Hwy. Auth. Rev. Bonds (Hwy. &amp; Bridge Trust Fund), Ser. B, FGIC,</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">5s, 4/1/17</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,500,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,624,140</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Onondaga Cnty., Indl. Dev. Agcy. Rev. Bonds (Solvay Paperboard, LLC), 7s,</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">11/1/30 (acquired 6/30/04, cost &#36;830,184) (RES)</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">BB/P</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">800,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">840,944</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Port. Auth. NY &amp; NJ Special Oblig. Rev. Bonds (JFK Intl. Air Term. - 6), MBIA,</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">5.9s, 12/1/17</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,500,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,586,865</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Triborough Bridge &amp; Tunnel Auth. Rev. Bonds, Ser. A</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">5s, 1/1/32 (Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aa2</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,125,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">2,286,755</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">5s, 1/1/32</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aa2</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">375,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">387,968</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="sans-serif">23,741,495</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<B><FONT size=2 face="sans-serif">North Carolina (0.5%)</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">NC State Muni. Pwr. Agcy. Rev. Bonds (No. 1, Catawba Elec.), Ser. B, 6 1/2s,</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">1/1/20</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">A3</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,500,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="sans-serif">1,657,065</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<B><FONT size=2 face="sans-serif">Ohio (4.2%)</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Cleveland, G.O. Bonds, Ser. A, AMBAC, 5s, 10/1/15</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,185,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">2,382,327</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Cleveland, Muni. School Dist. G.O. Bonds, FSA, 5s, 12/1/27</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">5,700,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">5,960,262</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Coshocton Cnty., Env. Rev. Bonds (Smurfit-Stone Container Corp.), 5 1/8s,</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">8/1/13</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">CCC+</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">500,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">459,160</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Field, Local School Dist. G.O. Bonds (School Fac. Construction &amp; Impt.),</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">AMBAC, 5s, 12/1/25</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,355,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,430,365</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Montgomery Cnty., Hosp. Rev. Bonds (Kettering Med. Ctr.), 6 3/4s, 4/1/22</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">A2</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,134,260</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Rickenbacker, Port Auth. Rev. Bonds (OASBO Expanded Asset Pooled), Ser.</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">A, 5 3/8s, 1/1/32</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">A2</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,165,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">2,365,371</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="sans-serif">13,731,745</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<B><FONT size=2 face="sans-serif">Oklahoma (0.3%)</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">OK Dev. Fin. Auth. Rev. Bonds (Hillcrest Hlth. Care Syst.), Ser. A, U.S. Govt.</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Coll., 5 5/8s, 8/15/29 (Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">950,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="sans-serif">1,023,625</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<B><FONT size=2 face="sans-serif">Pennsylvania (5.0%)</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Allegheny Cnty., Hosp. Dev. Auth. Rev. Bonds (Pittsburgh Mercy Hlth. Syst. ),</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">AMBAC, 5 5/8s, 8/15/26</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">5,000,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">5,137,600</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Beaver Cnty., Indl. Dev. Auth. Poll. Control Mandatory Put Bonds (Cleveland</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Elec.), 3 3/4s, 10/1/08</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Baa2</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,350,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,351,647</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

<HR noshade align="center" width="100%" size=2>



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<A name="page_5"></A>

<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Bucks Cnty., Indl. Dev. Auth. Retirement Cmnty. Rev. Bonds (Ann's Choice,</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Inc.), Ser. A, 5.3s, 1/1/14</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">BB/P</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">460,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">459,683</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Carbon Cnty., Indl. Dev. Auth. Rev. Bonds (Panther Creek Partners), 6.65s,</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">5/1/10</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">BBB-</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">800,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">844,696</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Hempfield, Area School Dist. G.O. Bonds (Westmoreland Cnty.), Ser. A,</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">FGIC, 5 1/4s, 3/15/21</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">4,000,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">4,361,240</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Lancaster Cnty., Hosp. Auth. Rev. Bonds (Gen. Hosp.), 5 1/2s, 3/15/26</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">A</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,500,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,577,970</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Lehigh Cnty., Gen. Purpose Auth. Rev. Bonds (Lehigh Valley Hosp. Hlth.</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Network), Ser. A, 5 1/4s, 7/1/32</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">A1</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,031,420</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Sayre, Hlth. Care Fac. Auth. Rev. Bonds (Guthrie Hlth.), Ser. A, 5 7/8s,</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">12/1/31</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">A-</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,450,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,546,164</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="sans-serif">16,310,420</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<B><FONT size=2 face="sans-serif">Rhode Island (0.1%)</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, 6 1/4s, 6/1/42</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">200,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="sans-serif">208,992</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<B><FONT size=2 face="sans-serif">South Carolina (3.8%)</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Lexington Cnty. Hlth. Svcs. Dist. Inc. Hosp. Rev. Bonds, 5 1/2s, 5/1/37</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">A2</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">750,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">791,610</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">SC Jobs Econ. Dev. Auth. Hosp. Fac. (Palmetto Hlth.), Ser. C, 6s, 8/1/20</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Baa1</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">140,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">152,677</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">SC Jobs Econ. Dev. Auth. Hosp. Fac. Rev. Bonds (Palmetto Hlth.), Ser. C,</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">6s, 8/1/20 (Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Baa1</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,110,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,262,536</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">SC State Pub. Svcs. Auth. Rev. Bonds, Ser. A, AMBAC, 5s, 1/1/29</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">5,000,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">5,191,650</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">SC Tobacco Settlement Rev. Mgt. Rev. Bonds, Ser. B, 6 3/8s, 5/15/30</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,135,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">2,380,397</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">SC Trans. Infrastructure Bk. Rev. Bonds, Ser. A, AMBAC, 5s, 10/1/27</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,460,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">2,586,911</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="sans-serif">12,365,781</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<B><FONT size=2 face="sans-serif">South Dakota (0.3%)</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">SD Edl. Enhancement Funding Corp. Rev. Bonds, Ser. B, 6 1/2s, 6/1/32</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">450,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">484,916</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">SD Hsg. Dev. Auth. Rev. Bonds (Home Ownership Mtge.), Ser. J, 4 1/2s,</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">5/1/17</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">500,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">503,895</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="sans-serif">988,811</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<B><FONT size=2 face="sans-serif">Tennessee (1.0%)</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Johnson City, Hlth. &amp; Edl. Fac. Board Hosp. Rev. Bonds (First Mtge. -</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Mountain States Hlth.), Ser. A, 7 1/2s, 7/1/33</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">BBB+</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,750,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="sans-serif">3,217,968</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<B><FONT size=2 face="sans-serif">Texas (6.2%)</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Bexar Cnty., Hlth. Fac. Dev. Corp. Rev. Bonds (St. Luke's Hlth. Syst.), FSA,</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">6.1s, 11/15/23</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">4,000,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">4,197,840</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Edgewood, Indpt. School Dist. Bexar Cnty. G.O. Bonds, Ser. A, PSFG, 5s,</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">2/15/26</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,020,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">2,110,981</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">El Paso, Indpt. School Dist. G.O. Bonds, Ser. A, PSFG, 5 1/4s, 8/15/21</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,345,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">2,539,260</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Gateway, Pub. Fac. Corp. Rev. Bonds (Stonegate Villas Apt.), FNMA Coll.,</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">4.55s, 7/1/34</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">750,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">772,170</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Harris Cnty., Hlth. Fac. Dev. Corp. Hosp. Rev. Bonds (Memorial Hermann</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Hlth. Care Syst.), Ser. A, 5 1/4s, 12/1/18</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">A2</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">610,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">651,694</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">McKinney, Indpt. School Dist. G.O. Bonds, PSFG, 5 1/4s, 2/15/20</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">3,185,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">3,461,649</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">San Antonio Wtr. Rev. Bonds, Ser. A, FSA, 5s, 5/15/32</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,000,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">2,052,960</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Snyder, Indpt. School Dist. G.O. Bonds (School Bldg.), AMBAC, 5 1/4s,</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">2/15/25</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,280,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,376,166</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Tomball, Hosp. Auth. Rev. Bonds (Tomball Regl. Hosp.), 6s, 7/1/29</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Baa3</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,000,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">2,109,040</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">TX State Dept. of Hsg. &amp; Cmnty. Affairs Rev. Bonds (Single Fam.), Ser. B,</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">FSA, 4 1/4s, 9/1/26</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,006,720</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="sans-serif">20,278,480</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<B><FONT size=2 face="sans-serif">Utah (0.6%)</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Salt Lake City, Hosp. Rev. Bonds, AMBAC, 6 3/4s, 5/15/20 (Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,000,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="sans-serif">2,004,160</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<B><FONT size=2 face="sans-serif">Virginia (1.3%)</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Fredericksburg, Indl. Dev. Auth. Rev. Bonds (Medicorp Hlth. Syst.), Ser. B, 5</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">1/8s, 6/15/33</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">A3</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">500,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">508,245</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Front Royal &amp; Warren Cnty., Indl. Dev. Auth. Lease Rev. Bonds (School Cap.</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Impt.), Ser. B, FSA, 5s, 4/1/29</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,500,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">2,598,300</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Henrico Cnty. Econ. Dev. Auth. Rev. Bonds (United Methodist), Ser. A, 6.7s,</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">6/1/27</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">BB+/P</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,052,830</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="sans-serif">4,159,375</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<B><FONT size=2 face="sans-serif">Washington (3.7%)</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Chelan Cnty. Dev. Corp. Rev. Bonds (Alcoa), 5.85s, 12/1/31</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">A2</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">4,000,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">4,071,560</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">King Cnty., G.O. Bonds, Ser. C, 6 1/4s, 1/1/32</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,250,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">2,350,823</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Tobacco Settlement Auth. of WA Rev. Bonds, 6 1/2s, 6/1/26</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,230,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">1,343,504</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">WA State G.O. Bonds (Motor Vehicle Fuel), Ser. B, MBIA, 5s, 7/1/24</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">4,000,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">4,227,560</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="sans-serif">11,993,447</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<B><FONT size=2 face="sans-serif">West Virginia (0.4%)</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Princeton, Hosp. Rev. Bonds (Cmnty. Hosp. Assn., Inc.), 6.1s, 5/1/29</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">B2</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,300,000</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="sans-serif">1,207,141</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<B><FONT size=2 face="sans-serif">Wisconsin (2.6%)</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">Badger Tobacco Settlement Asset Securitization Corp. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
</TABLE><BR>

<HR noshade align="center" width="100%" size=2>



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<A name="page_6"></A>

<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">7s, 6/1/28</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">2,600,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">2,867,020</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">6 3/8s, 6/1/32</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">2,500,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">2,673,125</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">WI Hsg. &amp; Econ. Dev. Auth. Rev. Bonds (Home Ownership), Ser. D, 4 7/8s,</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">3/1/36</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">Aa2</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">500,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">516,385</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">WI State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds (Wheaton Franciscan), 5 3/4s,</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<FONT size=2 face="sans-serif">8/15/30</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">A2</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">2,400,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">2,544,974</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<B><FONT size=2 face="sans-serif">8,601,504</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<B><FONT size=2 face="sans-serif">TOTAL INVESTMENTS</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=61% nowrap align=left>
<B><FONT size=2 face="sans-serif">Total investments (cost &#36;310,691,497)(b)</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<B><FONT size=2 face="sans-serif">&#36;324,151,380</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"
   ><B><FONT face=sans-serif size=1
     >FUTURES CONTRACTS
      OUTSTANDING at 1/31/06 (Unaudited)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >Number of</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >Expiration</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >Unrealized</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >contracts</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >Value&nbsp;</FONT> </TD>
    <TD noWrap align=left width="12%" background=""
   ><FONT
    size=1>date</FONT>&nbsp;</TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >appreciation</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"
   ><FONT face=sans-serif size=1
     >U.S. Treasury Note 10 yr
      (Short)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >28</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >$3,036,250</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >Mar-06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >$17,635</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"
   ><FONT face=sans-serif size=1
     >U.S. Treasury Bond 10 yr
      (Short)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >25</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >2,821,094</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >Mar-06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >$6,466</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"
   ><B><FONT face=sans-serif size=1
     >Total</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >$24,101</FONT>&nbsp;
</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>


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<A name="page_8"></A>

<P align="left">
<FONT size=1 face="sans-serif">NOTES</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">(a) Percentages indicated are based on net assets of &#36;327,808,180.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">(RAT) The Moody's or Standard &amp; Poor's ratings indicated are believed to be the most recent ratings available at January 31, 2006 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 January 31, 2006. Securities rated
by Putnam are indicated by "/P".</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">(b) The aggregate identified cost on a tax basis is &#36;310,672,897, resulting in gross unrealized appreciation and depreciation of &#36;15,011,656 and &#36;1,533,173, respectively, or net unrealized appreciation of
&#36;13,478,483.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">(RES) Restricted, excluding 144A securities, as to public resale. The total market value of restricted securities held at January 31, 2006 was &#36;840,944 or 0.3% of net assets.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">(SEG) A portion of this security was pledged and segregated with the custodian to cover margin requirements for futures contracts at January 31, 2006.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">144A after the name of a security represents those exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified
institutional buyers.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">The rates shown on VRDN, Floating Rate Notes (FRN) and Mandatory Put Bonds are the current interest rates at January 31, 2006.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">The dates shown on Mandatory Put Bonds are the next mandatory put dates.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">Inverse Floating Rate Bonds (IFB) are securities that pay interest rates that vary inversely to changes in the market interest rates. As interest rates rise, inverse floaters produce less current income. The interest
rates shown are the current interest rates at January 31, 2006.</FONT></P>
<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=91% nowrap align=left>
<FONT size=1 face="sans-serif">The fund had the following industry group concentrations greater than 10% at January 31, 2006 (as a percentage of net assets):</FONT>&nbsp;
	</TD>
	<TD width=8% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=91% nowrap align=left>
<FONT size=1 face="sans-serif">Health care</FONT>&nbsp;
	</TD>
	<TD width=8% nowrap align=left>
<FONT size=1 face="sans-serif">18.9%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=91% nowrap align=left>
<FONT size=1 face="sans-serif">Utilities</FONT>&nbsp;
	</TD>
	<TD width=8% nowrap align=left>
<FONT size=1 face="sans-serif">10.0</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=91% nowrap align=left>
<FONT size=1 face="sans-serif">The fund had the following insurance concentrations greater than 10% at January 31, 2006 (as a percentage of net assets):</FONT>&nbsp;
	</TD>
	<TD width=8% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=91% nowrap align=left>
<FONT size=1 face="sans-serif">AMBAC</FONT>&nbsp;
	</TD>
	<TD width=8% nowrap align=left>
<FONT size=1 face="sans-serif">15.4%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=91% nowrap align=left>
<FONT size=1 face="sans-serif">FGIC</FONT>&nbsp;
	</TD>
	<TD width=8% nowrap align=left>
<FONT size=1 face="sans-serif">10.0</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<B><FONT size=1 face="sans-serif">Security valuation </FONT></B><FONT size=1 face="sans-serif">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. 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. Other investments are valued at fair value
following procedures approved by the Trustees. Such valuations and procedures are reviewed periodically by the Trustees.</FONT></P>
<P align="left">
<B><FONT size=1 face="sans-serif">Futures and options contracts </FONT></B><FONT size=1 face="sans-serif">The fund may use futures and options contracts to hedge against changes in the values of securities the fund owns or expects to purchase, or
for other investment purposes. The fund may also write options on swaps or securities it owns or in which it may invest to increase its current returns.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">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. Realized gains and losses on purchased options are included in realized
gains and losses on investment securities. If a written call option is exercised, the premium originally received is recorded as an addition to sales proceeds. If a written put option is exercised, the premium originally received is recorded as a
reduction to cost of investments.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the
value of the futures contract. Such receipts or payments are known as &#147;variation margin.&#148; 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. Options traded over-the-counter are valued using prices supplied by dealers. Futures and written option contracts outstanding at period end, if any, are listed after the fund&#146;s portfolio.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">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</FONT></P>

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<!--$$/page=--><A name=page_1></A>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><U><FONT face=sans-serif size=2
     >Item 2. Controls and
Procedures:</FONT></U><BR></TD></TR></TABLE></P>
<P align=left><FONT face=sans-serif size=2
>(a) The registrant's principal executive officer and principal
financial officer have concluded, based on their evaluation of the effectiveness
of the design and operation of the registrant's disclosure controls and
procedures as of a date within 90 days of the filing date of this report, that
the design and operation of such procedures are generally effective to provide
reasonable assurance that information required to be disclosed by the registrant
in this report is recorded, processed, summarized and reported within the time
periods specified in the Commission's rules and forms.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>(b) Changes in internal control over financial reporting:
<BR><BR>Not applicable</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><U><FONT face=sans-serif size=2
     >Item 3. Exhibits:</FONT></U><BR></TD></TR></TABLE></P>
<P align=left><FONT face=sans-serif size=2
>Separate certifications for the principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the Investment Company Act of 1940, as amended, are filed herewith.</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><U><FONT face=sans-serif size=2
     >SIGNATURES</FONT></U><BR></TD></TR></TABLE></P>
<P align=left><FONT face=sans-serif size=2
>Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly
authorized.</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=2
     >Putnam Municipal Opportunities Trust</FONT><BR><FONT
      face=sans-serif size=2><BR>By
      (Signature and Title):</FONT><BR><U><FONT face=sans-serif size=2
     ><BR>/s/ Michael T.
      Healy</FONT></U><BR><FONT face=sans-serif size=2
     >Michael T. Healy</FONT><BR><FONT face=sans-serif size=2
     >Principal Accounting
      Officer</FONT><BR><FONT face=sans-serif size=2
     ><BR>Date: March 29, 2006</FONT><BR></TD></TR></TABLE></P>
<P align=left><FONT face=sans-serif size=2
>Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=2
     >By (Signature and Title):</FONT><BR><U><FONT face=sans-serif
      size=2><BR>/s/ Charles E.
      Porter</FONT></U><BR><FONT face=sans-serif size=2
     >Charles E. Porter</FONT><BR><FONT face=sans-serif size=2
     >Principal Executive
      Officer</FONT><BR><FONT face=sans-serif size=2
     ><BR>Date: March 29, 2006</FONT><BR><FONT face=sans-serif
      size=2><BR>By (Signature and
      Title):</FONT><BR><U><FONT face=sans-serif size=2
     ><BR>/s/ Steven D. Krichmar</FONT></U><BR><FONT
      face=sans-serif size=2>Steven D.
      Krichmar</FONT><BR><FONT face=sans-serif size=2
     >Principal Financial Officer</FONT><BR><FONT face=sans-serif
      size=2><BR>Date: March 29,
      2006</FONT><BR></TD></TR></TABLE></P>
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<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>b_exnncert2.htm
<DESCRIPTION>EX-99.CERT
<TEXT>
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<P align="left">
<U><FONT size=2 face="sans-serif">Certifications</FONT></U></P>
<P align="left">
<FONT size=2 face="sans-serif">I, Charles E. Porter, the Principal Executive Officer of the funds listed on Attachment A, certify that:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">1. I have reviewed each report on Form N-Q of the funds listed on Attachment A:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by each report;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal
quarter for which the report is filed; </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating
to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">c) evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">d) disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has
materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">5. The registrant&#146;s other certifying officer and I have disclosed to each registrant&#146;s auditors and the audit committee of each registrant&#146;s board of directors (or
persons performing the equivalent functions):</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each
registrant&#146;s ability to record, process, summarize, and report financial information; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant&#146;s internal control over financial
reporting.</FONT></P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="sans-serif">/s/ Charles E. Porter</FONT><BR>
<FONT size=2 face="sans-serif">_____________________________</FONT><BR>
<FONT size=2 face="sans-serif">Date: March 29, 2006</FONT><BR>
<FONT size=2 face="sans-serif">Charles E. Porter</FONT><BR>
<FONT size=2 face="sans-serif">Principal Executive Officer</FONT><BR>
</TD></TR></TABLE>
</P>

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<P align="left">
<U><FONT size=2 face="sans-serif">Certifications</FONT></U></P>
<P align="left">
<FONT size=2 face="sans-serif">I, Steven D. Krichmar, the Principal Financial Officer of the funds listed on Attachment A, certify that:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">1. I have reviewed each report on Form N-Q of the funds listed on Attachment A:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by each report;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal
quarter for which the report is filed; </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating
to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">c) evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">d) disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has
materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">5. The registrant&#146;s other certifying officer and I have disclosed to each registrant&#146;s auditors and the audit committee of each registrant&#146;s board of directors (or
persons performing the equivalent functions):</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each
registrant&#146;s ability to record, process, summarize, and report financial information; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant&#146;s internal control over financial
reporting.</FONT></P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="sans-serif">/s/ Steven D. Krichmar </FONT><BR>
<FONT size=2 face="sans-serif">_______________________________</FONT><BR>
<FONT size=2 face="sans-serif">Date: March 29, 2006</FONT><BR>
<FONT size=2 face="sans-serif">Steven D. Krichmar </FONT><BR>
<FONT size=2 face="sans-serif">Principal Financial Officer</FONT><BR>
</TD></TR></TABLE>
</P>

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<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="sans-serif">Attachment A</FONT><BR>
<FONT size=2 face="sans-serif">NQ</FONT><BR>
<FONT size=2 face="sans-serif">Period (s) ended January 31, 2006 </FONT><BR>
</TD></TR></TABLE>
</P>
<TABLE border=0 width=100% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">2OV</FONT>&nbsp;
	</TD>
	<TD width=88% nowrap align=left>
<FONT size=2 face="sans-serif">Putnam Mid Cap Value Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">052</FONT>&nbsp;
	</TD>
	<TD width=88% nowrap align=left>
<FONT size=2 face="sans-serif">Putnam Managed Municipal Income Trust</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">183</FONT>&nbsp;
	</TD>
	<TD width=88% nowrap align=left>
<FONT size=2 face="sans-serif">Putnam Municipal Bond Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">582</FONT>&nbsp;
	</TD>
	<TD width=88% nowrap align=left>
<FONT size=2 face="sans-serif">Putnam Municipal Opportunities Trust</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">002</FONT>&nbsp;
	</TD>
	<TD width=88% nowrap align=left>
<FONT size=2 face="sans-serif">The Putnam Fund for Growth &amp; Income</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">004</FONT>&nbsp;
	</TD>
	<TD width=88% nowrap align=left>
<FONT size=2 face="sans-serif">Putnam Income Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">2II</FONT>&nbsp;
	</TD>
	<TD width=88% nowrap align=left>
<FONT size=2 face="sans-serif">Putnam Capital Opportunities Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">840</FONT>&nbsp;
	</TD>
	<TD width=88% nowrap align=left>
<FONT size=2 face="sans-serif">Putnam Utilities Growth &amp; Income Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">184</FONT>&nbsp;
	</TD>
	<TD width=88% nowrap align=left>
<FONT size=2 face="sans-serif">Putnam CA Investment Grade Municipal Trust</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">185</FONT>&nbsp;
	</TD>
	<TD width=88% nowrap align=left>
<FONT size=2 face="sans-serif">Putnam NY Investment Grade Municipal Trust</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">2MI</FONT>&nbsp;
	</TD>
	<TD width=88% nowrap align=left>
<FONT size=2 face="sans-serif">Putnam Tax Smart Equity Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">005</FONT>&nbsp;
	</TD>
	<TD width=88% nowrap align=left>
<FONT size=2 face="sans-serif">Putnam Global Equity Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">008</FONT>&nbsp;
	</TD>
	<TD width=88% nowrap align=left>
<FONT size=2 face="sans-serif">Putnam Convertible Income-Growth Trust</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">041</FONT>&nbsp;
	</TD>
	<TD width=88% nowrap align=left>
<FONT size=2 face="sans-serif">Putnam Global Income Trust</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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