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<SEC-DOCUMENT>0000928816-06-001254.txt : 20060928
<SEC-HEADER>0000928816-06-001254.hdr.sgml : 20060928
<ACCEPTANCE-DATETIME>20060928151227
ACCESSION NUMBER:		0000928816-06-001254
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060731
FILED AS OF DATE:		20060928
DATE AS OF CHANGE:		20060928
EFFECTIVENESS DATE:		20060928

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:		061113767

	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_munioppstrust.htm
<DESCRIPTION>PUTNAM MUNICIPAL OPPORTUNITIES TRUST
<TEXT>
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<P align="left">
<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>
</P>
<P align="left">
<B><FONT size=2 face="sans-serif">FORM N-Q</FONT></B></P>
<P align="left">
<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>
</P>
<P align="left">
<FONT size=2 face="sans-serif">Investment Company Act file number: (811- 07626 )</FONT><BR>
</P>
<P align="left">
<FONT size=2 face="sans-serif">Exact name of registrant as specified in charter: Putnam Municipal Opportunities Trust</FONT><BR>
</P>
<P align="left">
<FONT size=2 face="sans-serif">Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109</FONT><BR>
</P>
<P align="left">
<FONT size=2 face="sans-serif">Name and address of agent for service: Beth S. Mazor, Vice President</FONT><BR>
<FONT size=2 face="sans-serif">One Post Office Square</FONT><BR>
<FONT size=2 face="sans-serif">Boston, Massachusetts 02109</FONT><BR>
</P>
<P align="left">
<FONT size=2 face="sans-serif">Copy to: John W. Gerstmayr, Esq.</FONT><BR>
<FONT size=2 face="sans-serif">Ropes &amp; Gray LLP</FONT><BR>
<FONT size=2 face="sans-serif">One International Place</FONT><BR>
<FONT size=2 face="sans-serif">Boston, Massachusetts 02110</FONT><BR>
</P>
<P align="left">
<FONT size=2 face="sans-serif">Registrant&#146;s telephone number, including area code: (617) 292-1000</FONT><BR>
</P>
<P align="left">
<FONT size=2 face="sans-serif">Date of fiscal year end: April 30, 2007</FONT><BR>
</P>
<P align="left">
<FONT size=2 face="sans-serif">Date of reporting period: July 31, 2006</FONT><BR>
</P>
<P align="left">
<U><FONT size=2 face="sans-serif">Item 1. Schedule of Investments:</FONT></U><BR>
</P>

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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><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="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&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="60%"><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="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif>7/31/06 (Unaudited)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&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="60%"><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="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><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="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><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="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><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="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><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="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>FHLMC Coll. -- Federal Home Loan
      Mortgage Corporation</FONT>&nbsp;<FONT face=Arial size=2>Collateralized</FONT>&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><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="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><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="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><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="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>GNMA Coll. -- Government National
      Mortgage Association</FONT>&nbsp; <FONT face=Arial size=2>Collateralized</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><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="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><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="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><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="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><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="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><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="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><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="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><B><FONT face=sans-serif size=2>MUNICIPAL BONDS AND NOTES
      (152.1%)(a)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%">&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>Rating</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Principal</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>Value</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%">&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>(RAT)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>amount</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
      &nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><B><FONT face=sans-serif size=2>Alabama
      (0.2%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Sylacauga, Hlth. Care Auth. Rev. Bonds
      (Coosa Valley</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Med. Ctr.), Ser. A, 6s,
      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="15%"><FONT face=sans-serif size=2>$400,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><B><FONT face=sans-serif size=2>$411,752</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="60%"><B><FONT face=sans-serif size=2>Arizona
      (1.4%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>AZ Hlth. Fac. Auth. Hosp. Syst. Rev.
      Bonds (John C.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Lincoln Hlth. Network), 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="15%"><FONT face=sans-serif size=2>750,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>857,663</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Casa Grande, Indl. Dev. Auth. Rev.
      Bonds (Casa Grande</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Regl. Med. Ctr.), Ser. A, 7 5/8s,
      12/1/29</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="15%"><FONT face=sans-serif size=2>950,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>1,049,674</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Cochise Cnty., Indl. Dev. Auth. Rev.
      Bonds (Sierra</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Vista Cmnty. Hosp.), Ser. 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="15%"><FONT face=sans-serif size=2>465,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>477,202</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Pima Cnty., Indl Dev. Auth. Rev. Bonds
      (Horizon Cmnty.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Learning Ctr.), 5.05s,
      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="15%"><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>478,300</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%"><B><FONT face=sans-serif size=2>2,862,839</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="60%"><B><FONT face=sans-serif size=2>Arkansas
      (1.4%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Independence Cnty., Poll. Control Rev.
      Bonds (Entergy,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>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="15%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>1,005,600</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Jefferson Cnty., Poll. Control Rev.
      Bonds (Entergy AK,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Inc.), 4.6s, 10/1/17</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>A-</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>200,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>199,642</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Northwest Regl. Arpt. Auth. Rev. Bonds,
      7 5/8s, 2/1/27</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>(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="15%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>1,073,510</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><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="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><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>AAA/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>250,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>247,005</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><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="15%"><FONT face=sans-serif size=2>250,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>251,893</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%"><B><FONT face=sans-serif size=2>2,777,650</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="60%"><B><FONT face=sans-serif size=2>California
      (27.3%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>CA Edl. Fac. Auth. Rev. Bonds (U. of
      the Pacific), 5s,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>11/1/21</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>450,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>464,427</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><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="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><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>A+</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>521,675</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><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>A+</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>750,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>759,270</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>5s, 5/1/22</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>A+</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>4,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>4,151,800</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><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="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><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="15%"><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>2,248,840</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>AMBAC, 5 1/2s, 5/1/16
      (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="15%"><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>2,197,580</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><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="15%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>1,044,150</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>CA State Pub. Wks. Board Rev. Bonds
      (Dept. of Hlth.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Svcs. Richmond 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="15%"><FONT face=sans-serif size=2>1,810,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>1,883,269</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>CA Statewide Cmnty. Dev. Auth. COP (The
      Internext</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>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="15%"><FONT face=sans-serif size=2>1,750,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>1,753,787</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Cathedral City, Impt. Board Act of 1915
      Special Assmt.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Bonds (Cove Impt. 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="15%"><FONT face=sans-serif size=2>250,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>248,855</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><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="15%"><FONT face=sans-serif size=2>4,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>4,119,480</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Chula Vista, Indl. Dev. Rev. Bonds (San
      Diego Gas),</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>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="15%"><FONT face=sans-serif size=2>575,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>581,912</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><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>B-/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>576,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>494,772</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Golden State Tobacco Securitization
      Corp. Rev. Bonds,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Ser. 03 A-1, 5s, 6/1/21</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>625,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>627,675</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Metro. Wtr. Dist. FRN (Southern CA Wtr.
      Works),</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>2.637s, 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="15%"><FONT face=sans-serif size=2>3,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>3,000,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Metro. Wtr. Dist. IFB (Southern CA
      Waterworks),</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>8.542s, 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="15%"><FONT face=sans-serif size=2>3,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>3,771,300</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=sans-serif size=2>Roseville, Cmnty. Fac. Special Tax
      (Dist. No. 1</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>


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

<TABLE border=0 width=80% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">-Westpark), 5 1/4s, 9/1/25</FONT>&nbsp;
	</TD>
	<TD width=16% 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">875,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">881,248</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Sacramento, Special Tax (North Natomas Cmnty. Fac.),</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. 97-01, 5s, 9/1/29</FONT>&nbsp;
	</TD>
	<TD width=16% 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">1,190,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">1,180,290</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Sacramento, City Unified School Dist. G.O. Bonds</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">(Election 1999), Ser. D, FSA, 5s, 7/1/28</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">2,064,740</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">San Bernardino Cnty., COP (Med. Ctr. Fin.), Ser. A,</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">MBIA, 6 1/2s, 8/1/17</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">5,794,900</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">San Diego Cnty., COP, AMBAC</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">5 5/8s, 9/1/12</FONT>&nbsp;
	</TD>
	<TD width=16% 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">6,000,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">6,321,540</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">5 1/2s, 9/1/07</FONT>&nbsp;
	</TD>
	<TD width=16% 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">6,000,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">6,121,200</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">San Jose, Redev. Agcy. Tax Alloc. Bonds (Merged Area</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Redev. Project), MBIA, 5s, 8/1/32</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">2,555,350</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Sunnyvale, Cmnty. Fac. Dist. Special Tax Rev. Bonds,</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">7.65s, 8/1/21</FONT>&nbsp;
	</TD>
	<TD width=16% 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">745,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">816,848</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Vallejo, COP (Marine World Foundation), 7.2s, 2/1/26</FONT>&nbsp;
	</TD>
	<TD width=16% 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">1,300,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">1,341,496</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<B><FONT size=2 face="sans-serif">54,946,404</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=55% nowrap align=left>
<B><FONT size=2 face="sans-serif">Delaware (0.8%)</FONT></B>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">GMAC Muni. Mtge. Trust 144A sub. notes, Ser. A1-2,</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">4.9s, 10/31/39</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<B><FONT size=2 face="sans-serif">1,518,150</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=55% nowrap align=left>
<B><FONT size=2 face="sans-serif">District of Columbia (9.2%)</FONT></B>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% 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=16% 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">12,450,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">12,927,333</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">DC Wtr. &amp; Swr. Auth. Pub. Util. Rev. Bonds, FGIC, 5s,</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">10/1/28</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">5,700,849</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<B><FONT size=2 face="sans-serif">18,628,182</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=55% nowrap align=left>
<B><FONT size=2 face="sans-serif">Florida (4.3%)</FONT></B>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">FL Hsg. Fin. Corp. Rev. Bonds (Homeowner Mtge.), Ser.</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">5, 5s, 7/1/34</FONT>&nbsp;
	</TD>
	<TD width=16% 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">860,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">884,828</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Halifax, Hosp. Med. Ctr. Rev. Bonds, Ser. A, 5 1/4s,</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">6/1/20</FONT>&nbsp;
	</TD>
	<TD width=16% 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">2,000,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">2,072,900</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Highlands Cnty., Hlth. Fac. Auth. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">(Adventist Hlth.), Ser. A, 5s, 11/15/21</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">256,330</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Lee Cnty., Indl. Dev. Auth. Rev. Bonds (Alliance</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Cmnty.), Ser. C, 5 1/2s, 11/15/29</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,410</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Miami Beach, Hlth. Fac. Auth. Hosp. Rev. Bonds (Mount</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Sinai Med. Ctr.), Ser. A, 6.8s, 11/15/31</FONT>&nbsp;
	</TD>
	<TD width=16% 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">500,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">551,525</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Reunion West, Cmnty. Dev. Dist. Special Assmt. Bonds,</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">6 1/4s, 5/1/36</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">836,552</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">St. Lucie Cnty., School Board COP (Master Lease), Ser.</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">A, FSA, 5s, 7/1/26</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">2,036,330</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Tern Bay, Cmnty. Dev. Dist. Rev. Bonds, Ser. B, 5s,</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">5/1/15</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">400,192</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds,</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">5.4s, 5/1/37</FONT>&nbsp;
	</TD>
	<TD width=16% 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">150,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">150,194</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Wentworth Estates Cmnty., Dev. Dist. Special Assmt.</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds, Ser. B, 5 1/8s, 11/1/12</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">401,472</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<B><FONT size=2 face="sans-serif">8,590,733</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=55% nowrap align=left>
<B><FONT size=2 face="sans-serif">Georgia (6.1%)</FONT></B>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% 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=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">3,131,280</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% 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=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">4,155,760</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Burke Cnty., Poll. Control Dev. Auth. Mandatory Put</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds (GA Power Co.), 4.45s, 12/1/08</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">1,519,785</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Effingham Cnty., Indl. Dev. Auth. Rev. Bonds (Pacific</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Corp.), 6 1/2s, 6/1/31</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">951,435</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Rockdale Cnty., Dev. Auth. Solid Waste Disp. Rev.</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds (Visay Paper, Inc.), 7.4s, 1/1/16</FONT>&nbsp;
	</TD>
	<TD width=16% 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">1,075,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">1,078,924</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Savannah, Econ. Dev. Auth. Poll. Control Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">(Intl. Paper Co.), Ser. A, 5.1s, 8/1/14</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">1,533,585</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<B><FONT size=2 face="sans-serif">12,370,769</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=55% nowrap align=left>
<B><FONT size=2 face="sans-serif">Hawaii (0.6%)</FONT></B>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">HI State Hsg. &amp; Cmnty. Dev. Corp. Rev. Bonds (Single</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Fam. Mtge.), Ser. B, 3.7s, 1/1/22</FONT>&nbsp;
	</TD>
	<TD width=16% 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">895,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">883,678</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">HI State Hsg. Fin. &amp; Dev. Corp. Rev. Bonds, Ser. A,</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">FNMA Coll., 5 3/4s, 7/1/30</FONT>&nbsp;
	</TD>
	<TD width=16% 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">410,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">411,681</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<B><FONT size=2 face="sans-serif">1,295,359</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=55% nowrap align=left>
<B><FONT size=2 face="sans-serif">Idaho (0.3%)</FONT></B>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">ID Hsg. &amp; Fin. Assn. Rev. Bonds (Single Fam. Mtge.),</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. C-2, FHA Insd., 5.15s, 7/1/29</FONT>&nbsp;
	</TD>
	<TD width=16% 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">625,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<B><FONT size=2 face="sans-serif">633,106</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=55% nowrap align=left>
<B><FONT size=2 face="sans-serif">Illinois (5.0%)</FONT></B>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">IL Hsg. Dev. Auth. Multi-Fam. Hsg. Rev. Bonds, Ser.</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">91-A, 8 1/4s, 7/1/16</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">5,833,425</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">IL State Toll Hwy. Auth. Rev. Bonds, Ser. A-1, FSA,</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
</TABLE><BR>

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



<!--$$/page=-->
<A name="page_3"></A>

<TABLE border=0 width=80% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">5s, 1/1/23</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">2,351,903</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Metropolitan Pier &amp; Exposition Auth. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">(McCormack Place Expansion Project), MBIA, 5s, 12/15/28</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">1,807,011</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<B><FONT size=2 face="sans-serif">9,992,339</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=56% nowrap align=left>
<B><FONT size=2 face="sans-serif">Indiana (7.4%)</FONT></B>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Carmel Clay, Indl. Parks Bldg. Corp. Rev. Bonds, MBIA,</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">5s, 1/15/26</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">2,068,180</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Fairfield, School Bldg. Corp. Ind. Rev. Bonds, FGIC,</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">5s, 7/15/24</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">3,099,750</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">GCS School Bldg. Corp. Rev. Bonds (First Mtg.), FSA,</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">5s, 7/15/26</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">1,027,010</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">IN Hlth. Fac. Fin. Auth. Rev. Bonds (Cmnty. Hosp.),</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. A, AMBAC, 5s, 5/1/24</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">2,777,575</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">IN State Dev. Fin. Auth. Env. Impt. Rev. Bonds (USX</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Corp.), 5.6s, 12/1/32</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">2,160,711</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Indianapolis, Arpt. Auth. Rev. Bonds (Federal Express</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Corp.), 5.1s, 1/15/17</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">2,571,350</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Rockport, Poll. Control Mandatory Put Bonds (Indiana</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Michigan Pwr. Co.), Ser. C, 2 5/8s, 10/1/06</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">1,295,853</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<B><FONT size=2 face="sans-serif">15,000,429</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=56% nowrap align=left>
<B><FONT size=2 face="sans-serif">Iowa (1.2%)</FONT></B>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">IA Fin. Auth. Hlth. Care Fac. Rev. Bonds (Care</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Initiatives), 9 1/4s, 7/1/25 (Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=16% 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">955,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">1,189,577</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">IA State Higher Ed. Loan Auth. 5s, 10/1/22</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">601,642</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">IA State Higher Ed. Loan Auth. Rev. Bonds (Wartburg),</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. A, 5s, 10/1/21</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">604,958</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<B><FONT size=2 face="sans-serif">2,396,177</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=56% nowrap align=left>
<B><FONT size=2 face="sans-serif">Kansas (0.3%)</FONT></B>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Lawrence, Hosp. Rev. Bonds (Lawrence Memorial Hosp.),</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">5 1/4s, 7/1/21</FONT>&nbsp;
	</TD>
	<TD width=16% 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">250,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">261,792</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Salina, Hosp. Rev. Bonds (Salina Regl. Hlth.), 5s,</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">10/1/16</FONT>&nbsp;
	</TD>
	<TD width=16% 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">300,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">314,265</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<B><FONT size=2 face="sans-serif">576,057</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=56% nowrap align=left>
<B><FONT size=2 face="sans-serif">Louisiana (0.7%)</FONT></B>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">LA Local Govt. Env. Fac. Cmnty. Dev. Auth. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">(St. James Place), Ser. A, 7s, 11/1/20</FONT>&nbsp;
	</TD>
	<TD width=16% 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">950,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">952,746</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">LA Pub. Fac. Auth. Rev. Bonds (Pennington Med.</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Foundation), 5s, 7/1/16</FONT>&nbsp;
	</TD>
	<TD width=16% 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">350,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">362,135</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<B><FONT size=2 face="sans-serif">1,314,881</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=56% nowrap align=left>
<B><FONT size=2 face="sans-serif">Maine (0.3%)</FONT></B>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Rumford, Solid Waste Disp. Rev. Bonds (Boise Cascade</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Corp.), 6 7/8s, 10/1/26</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<B><FONT size=2 face="sans-serif">651,228</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=56% nowrap align=left>
<B><FONT size=2 face="sans-serif">Massachusetts (2.7%)</FONT></B>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">MA State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">(UMass Memorial), Ser. C, 6 1/2s, 7/1/21</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">2,037,638</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% 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=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">1,375,790</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% 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=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">1,939,770</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<B><FONT size=2 face="sans-serif">5,353,198</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=56% nowrap align=left>
<B><FONT size=2 face="sans-serif">Michigan (5.1%)</FONT></B>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% 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=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">4,601,970</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">MI Higher Ed. Fac. Auth. Rev. Bonds (Kalamazoo</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">College), 5 1/2s, 12/1/18</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">531,760</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">MI State Hosp. Fin. Auth. Rev. Bonds (Oakwood Hosp.),</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. A, 5 3/4s, 4/1/32</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">1,047,160</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">MI State Hsg. Dev. Auth. Rev. Bonds, Ser. A, 3.9s,</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">6/1/30</FONT>&nbsp;
	</TD>
	<TD width=16% 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">1,200,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">1,191,828</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">MI State Strategic Fund, Ltd. Rev. Bonds (Worthington</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Armstrong Venture), U.S. Govt. Coll., 5 3/4s, 10/1/22</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">(Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">1,836,566</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Midland Cnty., Econ. Dev. Corp. Rev. Bonds, 6 3/4s,</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">7/23/09</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">1,020,090</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<B><FONT size=2 face="sans-serif">10,229,374</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=56% nowrap align=left>
<B><FONT size=2 face="sans-serif">Minnesota (2.1%)</FONT></B>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Cohasset, Poll. Control Rev. Bonds (Allete, Inc.),</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">4.95s, 7/1/22</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">3,007,650</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">MN State Hsg. Fin. Agcy. Rev. Bonds (Res. Hsg.), Ser.</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">B, 5s, 7/1/34</FONT>&nbsp;
	</TD>
	<TD width=16% 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">625,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">642,075</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=80% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">St. Paul, Hsg. &amp; Redev. Auth. Hosp. Rev. Bonds (Hlth.</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">East), 6s, 11/15/25</FONT>&nbsp;
	</TD>
	<TD width=15% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">485,447</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<B><FONT size=2 face="sans-serif">4,135,172</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=56% nowrap align=left>
<B><FONT size=2 face="sans-serif">Mississippi (1.1%)</FONT></B>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">MS Bus. Fin. Corp. Poll. Control Rev. Bonds (Syst.</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Energy Resources, Inc.)</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">5.9s, 5/1/22</FONT>&nbsp;
	</TD>
	<TD width=15% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">1,004,800</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">5 7/8s, 4/1/22</FONT>&nbsp;
	</TD>
	<TD width=15% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">581,839</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">MS Home Corp. Rev. Bonds (Single Fam. Mtge.), Ser.</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">B-2, GNMA Coll., FNMA Coll., 6.45s, 12/1/33</FONT>&nbsp;
	</TD>
	<TD width=15% 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">615,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">640,209</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<B><FONT size=2 face="sans-serif">2,226,848</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=56% nowrap align=left>
<B><FONT size=2 face="sans-serif">Missouri (2.9%)</FONT></B>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Cape Girardeau Cnty., Indl. Dev. Auth. Hlth. Care Fac.</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Rev. Bonds (St. Francis Med. Ctr.), Ser. A, 5 1/2s,</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">6/1/16</FONT>&nbsp;
	</TD>
	<TD width=15% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">1,858,115</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">MO State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">(Washington U.), Ser. A, 5s, 2/15/33</FONT>&nbsp;
	</TD>
	<TD width=15% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">2,567,200</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">MO State Hsg. Dev. Comm. Mtge. Rev. Bonds (Single Fam.</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Homeowner Loan)</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% 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=15% 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">700,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">718,886</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% 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=15% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">632,760</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<B><FONT size=2 face="sans-serif">5,776,961</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=56% nowrap align=left>
<B><FONT size=2 face="sans-serif">Montana (0.5%)</FONT></B>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Forsyth, Poll. Control Mandatory Put Bonds (Avista</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Corp.), AMBAC, 5s, 12/30/08</FONT>&nbsp;
	</TD>
	<TD width=15% 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=12% nowrap align=left>
<B><FONT size=2 face="sans-serif">1,096,930</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=56% nowrap align=left>
<B><FONT size=2 face="sans-serif">Nevada (5.1%)</FONT></B>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Clark Cnty., G.O. Bonds (Pk. &amp; Regl. Justice Ctr.),</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">FGIC, 5 5/8s, 11/1/19 (Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=15% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">3,701,595</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Clark Cnty., Arpt. Rev. Bonds, Ser. A-2, FGIC, 5 1/8s,</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">7/1/26</FONT>&nbsp;
	</TD>
	<TD width=15% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">5,205,850</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Clark Cnty., Impt. Dist. Special Assmt. Bonds</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">(Summerlin No. 151), 5s, 8/1/25</FONT>&nbsp;
	</TD>
	<TD width=15% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">684,880</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Henderson, Local Impt. Dist. Special Assmt.</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">(No. T-16), 5 1/8s, 3/1/25</FONT>&nbsp;
	</TD>
	<TD width=15% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">199,162</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">(No. T-17), 5s, 9/1/25</FONT>&nbsp;
	</TD>
	<TD width=15% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">172,874</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Henderson, Local Impt. Dist. Special Assmt. Bonds (No.</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">T-16), 5.1s, 3/1/21</FONT>&nbsp;
	</TD>
	<TD width=15% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">309,671</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<B><FONT size=2 face="sans-serif">10,274,032</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=56% nowrap align=left>
<B><FONT size=2 face="sans-serif">New Hampshire (1.8%)</FONT></B>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">NH Higher Edl. &amp; Hlth. Fac. Auth. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% 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=15% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">1,477,362</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. 05, 6 3/8s, 1/1/27</FONT>&nbsp;
	</TD>
	<TD width=15% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">782,664</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. 05, 6 3/8s, 1/1/27 (Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=15% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">278,165</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">NH Higher Edl. &amp; Hlth. Facs. Auth. Rev. Bonds (NH</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">College), 6 3/8s, 1/1/27 (Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=15% 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">215,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">221,502</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">NH State Bus. Fin. Auth. Poll. Control Rev. Bonds,</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">3 1/2s, 7/1/27</FONT>&nbsp;
	</TD>
	<TD width=15% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">926,507</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<B><FONT size=2 face="sans-serif">3,686,200</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=56% nowrap align=left>
<B><FONT size=2 face="sans-serif">New Jersey (7.9%)</FONT></B>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Casino Reinvestment Dev. Auth. Rev. Bonds, Ser. A,</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">MBIA, 5 1/4s, 6/1/18</FONT>&nbsp;
	</TD>
	<TD width=15% 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">1,150,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">1,234,721</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Newark, Hsg. Auth. Rev. Bonds (Port Auth. Newark</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Marine Terminal), MBIA, 5 1/4s, 1/1/20</FONT>&nbsp;
	</TD>
	<TD width=15% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">1,066,900</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">NJ Econ. Dev. Auth. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">(Cigarette Tax), 5 3/4s, 6/15/29</FONT>&nbsp;
	</TD>
	<TD width=15% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">1,587,315</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">(Motor Vehicle), Ser. A, MBIA, 5s, 7/1/27</FONT>&nbsp;
	</TD>
	<TD width=15% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">2,073,960</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">NJ State Rev. Bonds (Trans. Syst.), Ser. C, AMBAC,</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">zero %, 12/15/24</FONT>&nbsp;
	</TD>
	<TD width=15% 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">4,200,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">1,766,982</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">NJ State Edl. Fac. Auth. Rev. Bonds (Rowan U.), Ser.</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">C, MBIA, 5s, 7/1/23</FONT>&nbsp;
	</TD>
	<TD width=15% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">1,920,518</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Passaic Cnty., Impt. Auth. Lease Rev. Bonds (Preakness</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Hlth. Care Ctr.), AMBAC</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">5s, 5/1/25</FONT>&nbsp;
	</TD>
	<TD width=15% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">2,596,382</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">5s, 5/1/24</FONT>&nbsp;
	</TD>
	<TD width=15% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">2,473,746</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Tobacco Settlement Fin. Corp. Rev. Bonds, 6 3/4s,</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">6/1/39</FONT>&nbsp;
	</TD>
	<TD width=15% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">1,282,687</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<B><FONT size=2 face="sans-serif">16,003,211</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=56% nowrap align=left>
<B><FONT size=2 face="sans-serif">New Mexico (0.4%)</FONT></B>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">NM Mtge. Fin. Auth. Rev. Bonds (Single Fam. Mtge.),</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. C, GNMA Coll., FNMA Coll., FHLMC Coll., 5.82s,</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
</TABLE><BR>

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



<!--$$/page=-->
<A name="page_5"></A>

<TABLE border=0 width=80% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">9/1/33</FONT>&nbsp;
	</TD>
	<TD width=16% 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">860,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<B><FONT size=2 face="sans-serif">899,259</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=55% nowrap align=left>
<B><FONT size=2 face="sans-serif">New York (12.0%)</FONT></B>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% 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=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">1,070,750</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Long Island, Pwr. Auth. NY Elec. Syst. Rev. Bonds,</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. A, U.S. Govt. Coll., 5 3/4s, 12/1/24 (Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">784,448</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Niagara Cnty., Indl. Dev. Agcy. Rev. Bonds, Ser. C,</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">5 5/8s, 11/15/24</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">526,985</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">NY City, G.O. Bonds</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. C, 5 1/4s, 8/1/11</FONT>&nbsp;
	</TD>
	<TD width=16% 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">3,000,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">3,171,030</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. J/J-1, 5s, 6/1/21</FONT>&nbsp;
	</TD>
	<TD width=16% 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">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">1,040,910</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">NY City, City Transitional Fin. Auth. Rev. Bonds,</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">AMBAC, 5 1/4s, 8/1/15</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">1,069,340</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">NY City, Hsg. Dev. Corp. Rev. Bonds, Ser. A, FGIC, 5s,</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">7/1/25</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">520,775</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">NY City, Indl. Dev. Agcy. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% 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=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">425,920</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">(Brooklyn Navy Yard Cogen. Partners), 6.2s, 10/1/22</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">794,003</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">NY City, Indl. Dev. Agcy. Special Arpt. Fac. Rev.</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds (Airis JFK I LLC), Ser. A, 5 1/2s, 7/1/28</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">2,150,253</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">(British Airways PLC), 5 1/4s, 12/1/32</FONT>&nbsp;
	</TD>
	<TD width=16% 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">200,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">189,614</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">NY Cntys., Tobacco Trust III Rev. Bonds (Tobacco</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Settlement), 6s, 6/1/43</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">1,572,495</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">NY State Dorm. Auth. Rev. Bonds, Ser. A, 5 1/2s,</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">3/15/13</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">2,182,520</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">NY State Energy Research &amp; Dev. Auth. Gas Fac. Rev.</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds (Brooklyn Union Gas), 6.952s, 7/1/26</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">2,062,860</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">NY State Hwy. Auth. Rev. Bonds (Hwy. &amp; Bridge Trust</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Fund), Ser. B, FGIC, 5s, 4/1/17</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">1,599,795</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Onondaga Cnty., Indl. Dev. Agcy. Rev. Bonds (Solvay</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Paperboard, LLC), 7s, 11/1/30 (acquired 06/30/04, cost</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">&#36;830,184) (RES)</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">835,632</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Port. Auth. NY &amp; NJ Special Oblig. Rev. Bonds (JFK</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Intl. Air Term. - 6), MBIA, 5.9s, 12/1/17</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">1,565,655</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Triborough Bridge &amp; Tunnel Auth. Rev. Bonds, Ser. A</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">5s, 1/1/32 (Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=16% 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">2,125,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">2,250,736</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">5s, 1/1/32</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">382,459</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<B><FONT size=2 face="sans-serif">24,196,180</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=55% nowrap align=left>
<B><FONT size=2 face="sans-serif">North Carolina (0.8%)</FONT></B>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">NC State Muni. Pwr. Agcy. Rev. Bonds (No. 1, Catawba</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Elec.), Ser. B, 6 1/2s, 1/1/20</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<B><FONT size=2 face="sans-serif">1,629,510</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=55% nowrap align=left>
<B><FONT size=2 face="sans-serif">Ohio (6.7%)</FONT></B>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% 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=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">2,342,429</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Cleveland, Muni. School Dist. G.O. Bonds, FSA, 5s,</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">12/1/27</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">5,916,429</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Coshocton Cnty., Env. Rev. Bonds (Smurfit-Stone</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Container Corp.), 5 1/8s, 8/1/13</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">486,690</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Field, Local School Dist. G.O. Bonds (School Fac.</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Construction &amp; Impt.), AMBAC, 5s, 12/1/25</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">1,411,842</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Montgomery Cnty., Hosp. Rev. Bonds (Kettering Med.</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Ctr.), 6 3/4s, 4/1/22 (Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">1,107,860</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Rickenbacker, Port Auth. Rev. Bonds (OASBO Expanded</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Asset Pooled), Ser. A, 5 3/8s, 1/1/32</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">2,313,432</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<B><FONT size=2 face="sans-serif">13,578,682</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=55% nowrap align=left>
<B><FONT size=2 face="sans-serif">Oklahoma (0.5%)</FONT></B>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">OK Dev. Fin. Auth. Rev. Bonds (Hillcrest Hlth. Care</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Syst.), Ser. A, U.S. Govt. Coll., 5 5/8s, 8/15/29</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">(Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<B><FONT size=2 face="sans-serif">1,006,573</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=55% nowrap align=left>
<B><FONT size=2 face="sans-serif">Pennsylvania (8.3%)</FONT></B>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Allegheny Cnty., Hosp. Dev. Auth. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">(Pittsburgh Mercy Hlth. Syst. ), AMBAC, 5 5/8s,</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">8/15/26 (Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">5,146,750</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Beaver Cnty., Indl. Dev. Auth. Poll. Control Mandatory</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Put Bonds (Cleveland Elec.), 3 3/4s, 10/1/08</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">1,342,197</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Bucks Cnty., Indl. Dev. Auth. Retirement Cmnty. Rev.</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds (Ann's Choice, Inc.), Ser. A, 5.3s, 1/1/14</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">462,217</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Carbon Cnty., Indl. Dev. Auth. Rev. Bonds (Panther</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Creek Partners), 6.65s, 5/1/10</FONT>&nbsp;
	</TD>
	<TD width=16% 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">690,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">722,285</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Hempfield, Area School Dist. G.O. Bonds (Westmoreland</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Cnty.), Ser. A, FGIC, 5 1/4s, 3/15/21</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">4,266,320</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Lancaster Cnty., Hosp. Auth. Rev. Bonds (Gen. Hosp.),</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">5 1/2s, 3/15/26</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">1,574,565</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Lehigh Cnty., Gen. Purpose Auth. Rev. Bonds (Lehigh</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Valley Hosp. Hlth. Network), Ser. A, 5 1/4s, 7/1/32</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">1,027,160</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">PA State Econ. Dev. Fin. Auth. Resource Recvy. Rev.</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds (Northampton Generating), Ser. A, 6.6s, 1/1/19</FONT>&nbsp;
	</TD>
	<TD width=16% 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">700,000</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="sans-serif">698,243</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Sayre, Hlth. Care Fac. Auth. Rev. Bonds (Guthrie</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=55% nowrap align=left>
<FONT size=2 face="sans-serif">Hlth.), Ser. A, 5 7/8s, 12/1/31</FONT>&nbsp;
	</TD>
	<TD width=16% 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=12% nowrap align=left>
<FONT size=2 face="sans-serif">1,554,850</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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

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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="57%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%"><B><FONT face=sans-serif size=2>16,794,587</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="57%"><B><FONT face=sans-serif size=2>Puerto Rico (0.1%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>Cmnwlth. of PR, Govt. Dev. Bank
      Rev. Bonds, Ser. AA,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>5s, 12/1/16</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>200,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><B><FONT face=sans-serif size=2>207,506</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="57%"><B><FONT face=sans-serif size=2>Rhode Island (0.1%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>Tobacco Settlement Fin. Corp.
      Rev. Bonds, Ser. A,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>6 1/4s, 6/1/42</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>200,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><B><FONT face=sans-serif size=2>209,810</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="57%"><B><FONT face=sans-serif size=2>South Carolina (6.4%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>Greenwood Cnty., Hosp. Rev.
      Bonds (Memorial Hosp.),</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>5 1/2s, 10/1/26</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>521,130</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>Lexington Cnty. Hlth. Svcs.
      Dist. Inc. Hosp. Rev.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>Bonds, 5 1/2s,
      5/1/37</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>750,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>787,523</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>SC Jobs Econ. Dev. Auth. Hosp.
      Fac. (Palmetto Hlth.),</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>Ser. C, 6s, 8/1/20</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>140,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>150,398</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>SC Jobs Econ. Dev. Auth. Hosp.
      Fac. Rev. Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>(Palmetto Hlth.), Ser. C, 6s,
      8/1/20 (Prerefunded)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>1,110,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>1,245,720</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>SC State Pub. Svcs. Auth. Rev.
      Bonds, Ser. A, AMBAC,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>5s, 1/1/29</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>5,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>5,149,500</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>SC Tobacco Settlement Rev. Mgt.
      Rev. Bonds, Ser. B,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>6 3/8s, 5/15/30</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>2,135,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>2,402,430</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>SC Trans. Infrastructure Bk.
      Rev. Bonds, Ser. A,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>AMBAC, 5s, 10/1/27</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>2,460,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>2,560,147</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%"><B><FONT face=sans-serif size=2>12,816,848</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="57%"><B><FONT face=sans-serif size=2>South Dakota (0.5%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>SD Edl. Enhancement Funding
      Corp. Rev. Bonds, Ser. B,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>6 1/2s, 6/1/32</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>450,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>488,520</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>SD Hsg. Dev. Auth. Rev. Bonds
      (Home Ownership Mtge.),</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>Ser. J, 4 1/2s,
      5/1/17</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>507,150</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%"><B><FONT face=sans-serif size=2>995,670</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="57%"><B><FONT face=sans-serif size=2>Tennessee (1.6%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>Johnson City, Hlth. &amp; Edl.
      Fac. Board Hosp. Rev. Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>(First Mtge. -Mountain States
      Hlth.), Ser. A, 7 1/2s,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>7/1/33</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>BBB+</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>2,750,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><B><FONT face=sans-serif size=2>3,185,710</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="57%"><B><FONT face=sans-serif size=2>Texas (10.7%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>Bexar Cnty., Hlth. Fac. Dev.
      Corp. Rev. Bonds (St.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>Luke's Hlth. Syst.), FSA, 6.1s,
      11/15/23 (Prerefunded)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>4,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>4,110,720</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>Edgewood, Indpt. School Dist.
      Bexar Cnty. G.O. Bonds,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>Ser. A, PSFG, 5s,
      2/15/26</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>2,020,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>2,078,701</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>El Paso, Indpt. School Dist.
      G.O. Bonds, Ser. A, PSFG,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>5 1/4s, 8/15/21</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>2,345,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>2,493,298</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>Gateway, Pub. Fac. Corp. Rev.
      Bonds (Stonegate Villas</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>Apt.), FNMA Coll., 4.55s,
      7/1/34</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>750,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>765,465</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>Harris Cnty., Hlth. Fac. Dev.
      Corp. Hosp. Rev. Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>(Memorial Hermann Hlth. Care
      Syst.), Ser. A, 5 1/4s,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>12/1/18</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>A+</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>610,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>640,579</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>McKinney, Indpt. School Dist.
      G.O. Bonds, PSFG,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>5 1/4s, 2/15/20</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>3,185,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>3,406,198</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>Sabine River Auth. Rev. Bonds
      (TXU Electric), Ser. C,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>5.2s, 5/1/28</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>1,537,500</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>San Antonio Wtr. Rev. Bonds,
      Ser. A, FSA, 5s, 5/15/32</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>2,038,040</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>Snyder, Indpt. School Dist. G.O.
      Bonds (School Bldg.),</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>AMBAC, 5 1/4s,
      2/15/25</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>1,280,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>1,358,554</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>Tomball, Hosp. Auth. Rev. Bonds
      (Tomball Regl. Hosp.),</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>6s, 7/1/29</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Baa3</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>2,080,700</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>TX State Dept. of Hsg. &amp;
      Cmnty. Affairs Rev. Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>(Single Fam.), Ser. B, FSA, 4
      1/4s, 9/1/26</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>990,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>992,089</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%"><B><FONT face=sans-serif size=2>21,501,844</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="57%"><B><FONT face=sans-serif size=2>Utah (1.0%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>Salt Lake City, Hosp. Rev.
      Bonds, AMBAC, 6 3/4s,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>5/15/20
      (Prerefunded)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><B><FONT face=sans-serif size=2>2,003,140</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="57%"><B><FONT face=sans-serif size=2>Virginia (2.1%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>Fredericksburg, Indl. Dev. Auth.
      Rev. Bonds (Medicorp</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>Hlth. Syst.), Ser. B, 5 1/8s,
      6/15/33</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>A3</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>506,665</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>Front Royal &amp; Warren Cnty.,
      Indl. Dev. Auth. Lease</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>Rev. Bonds (School Cap. Impt.),
      Ser. B, FSA, 5s, 4/1/29</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>2,500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>2,580,100</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>Henrico Cnty. Econ. Dev. Auth.
      Rev. Bonds (United</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>Methodist), Ser. A, 6.7s,
      6/1/27</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>BB+/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>1,051,170</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="12%"><B><FONT face=sans-serif size=2>4,137,935</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>Washington (5.9%)</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>


<!--$$/page=-->
<A name="page_7"></A>

<TABLE border=0 width=80% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=54% nowrap align=left>
<FONT size=2 face="sans-serif">Chelan Cnty. Dev. Corp. Rev. Bonds (Alcoa), 5.85s,</FONT>&nbsp;
	</TD>
	<TD width=17% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=54% nowrap align=left>
<FONT size=2 face="sans-serif">12/1/31</FONT>&nbsp;
	</TD>
	<TD width=17% 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=13% nowrap align=left>
<FONT size=2 face="sans-serif">4,071,160</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=54% 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=17% 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=13% nowrap align=left>
<FONT size=2 face="sans-serif">2,316,713</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=54% nowrap align=left>
<FONT size=2 face="sans-serif">Tobacco Settlement Auth. of WA Rev. Bonds, 6 1/2s,</FONT>&nbsp;
	</TD>
	<TD width=17% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=54% nowrap align=left>
<FONT size=2 face="sans-serif">6/1/26</FONT>&nbsp;
	</TD>
	<TD width=17% 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">1,215,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">1,326,561</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=54% nowrap align=left>
<FONT size=2 face="sans-serif">WA State G.O. Bonds (Motor Vehicle Fuel), Ser. B,</FONT>&nbsp;
	</TD>
	<TD width=17% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=54% nowrap align=left>
<FONT size=2 face="sans-serif">MBIA, 5s, 7/1/24</FONT>&nbsp;
	</TD>
	<TD width=17% 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=13% nowrap align=left>
<FONT size=2 face="sans-serif">4,147,920</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=54% nowrap align=left>
&nbsp;
	</TD>
	<TD width=17% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<B><FONT size=2 face="sans-serif">11,862,354</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=54% nowrap align=left>
<B><FONT size=2 face="sans-serif">West Virginia (0.6%)</FONT></B>&nbsp;
	</TD>
	<TD width=17% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=54% nowrap align=left>
<FONT size=2 face="sans-serif">Princeton, Hosp. Rev. Bonds (Cmnty. Hosp. Assn.,</FONT>&nbsp;
	</TD>
	<TD width=17% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=54% nowrap align=left>
<FONT size=2 face="sans-serif">Inc.), 6.1s, 5/1/29</FONT>&nbsp;
	</TD>
	<TD width=17% 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=13% nowrap align=left>
<B><FONT size=2 face="sans-serif">1,306,747</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=54% nowrap align=left>
<B><FONT size=2 face="sans-serif">Wisconsin (4.3%)</FONT></B>&nbsp;
	</TD>
	<TD width=17% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=54% nowrap align=left>
<FONT size=2 face="sans-serif">Badger Tobacco Settlement Asset Securitization Corp.</FONT>&nbsp;
	</TD>
	<TD width=17% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=54% nowrap align=left>
<FONT size=2 face="sans-serif">Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=17% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=54% nowrap align=left>
<FONT size=2 face="sans-serif">7s, 6/1/28</FONT>&nbsp;
	</TD>
	<TD width=17% 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">2,600,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">2,876,432</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=54% nowrap align=left>
<FONT size=2 face="sans-serif">6 3/8s, 6/1/32</FONT>&nbsp;
	</TD>
	<TD width=17% 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">2,500,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">2,687,400</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=54% nowrap align=left>
<FONT size=2 face="sans-serif">WI Hsg. &amp; Econ. Dev. Auth. Rev. Bonds (Home</FONT>&nbsp;
	</TD>
	<TD width=17% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=54% nowrap align=left>
<FONT size=2 face="sans-serif">Ownership), Ser. D, 4 7/8s, 3/1/36</FONT>&nbsp;
	</TD>
	<TD width=17% 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">500,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">511,490</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=54% nowrap align=left>
<FONT size=2 face="sans-serif">WI State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds (Wheaton</FONT>&nbsp;
	</TD>
	<TD width=17% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=54% nowrap align=left>
<FONT size=2 face="sans-serif">Franciscan), 5 3/4s, 8/15/30</FONT>&nbsp;
	</TD>
	<TD width=17% 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">2,400,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">2,540,040</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=54% nowrap align=left>
&nbsp;
	</TD>
	<TD width=17% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<B><FONT size=2 face="sans-serif">8,615,362</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=54% nowrap align=left>
<B><FONT size=2 face="sans-serif">TOTAL INVESTMENTS</FONT></B>&nbsp;
	</TD>
	<TD width=17% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=54% nowrap align=left>
<B><FONT size=2 face="sans-serif">Total investments (cost &#36;306,497,810)(b)</FONT></B>&nbsp;
	</TD>
	<TD width=17% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<B><FONT size=2 face="sans-serif">&#36;317,695,698</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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

<!--$$/page=--><A name=page_8></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="51%"><B><FONT face=sans-serif size=1>FUTURES CONTRACTS OUTSTANDING at 7/31/06
      (Unaudited)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>Unrealized</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%">&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>Number of</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>Expiration</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>appreciation/</FONT>&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%">&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>contracts</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>Value</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>date</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>(depreciation)</FONT>&nbsp;
  </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=6><HR noShade SIZE=1>
       &nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>U.S. Treasury Note 10 yr
      (Short)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>37</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>$3,923,156</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>Sep-06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"><B><FONT face=sans-serif size=1>$</FONT></B>&nbsp;
    </TD>
    <TD noWrap align=left width="11%"><B><FONT face=sans-serif size=1>(19,762)</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_9></A>
<P align=left><FONT face=sans-serif size=2>NOTES</FONT></P>
<P align=left><FONT face=sans-serif size=2>(a) Percentages indicated are based
on net assets of $201,510,474.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(RAT) The Moody's or Standard &amp;
Poor's ratings indicated are believed to be the most recent ratings available at
July 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
July 31, 2006. Securities rated by Putnam are indicated by "/P". </FONT><FONT face=sans-serif size=2>Securities rated by Fitch are indicated by "/F".
</FONT></P>
<P align=left><FONT face=sans-serif size=2>(b) The aggregate identified cost on
a tax basis is $306,479,231, resulting in gross unrealized appreciation and
depreciation of $12,750,657 and $1,534,190, respectively, or net unrealized
appreciation of $11,216,467.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(RES) Restricted, excluding 144A
securities, as to public resale. The total market value of restricted securities
held at July 31, 2006 was $835,632 or 0.4% of net assets.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(SEG) A portion of this security was
pledged and segregated with the custodian to cover margin requirements for
futures contracts at July 31, 2006.</FONT></P>
<P align=left><FONT face=sans-serif size=2>144A after the name of an issuer
represents securities 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 face=sans-serif size=2>The rates shown on Mandatory Put
Bonds and Floating Rate Notes (FRN) are the current interest rates at July 31,
2006.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The dates shown on Mandatory Put
Bonds are the next mandatory put dates.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The dates shown on debt obligations
other than Mandatory Put Bonds are the original maturity dates.</FONT></P>
<P align=left><FONT face=sans-serif size=2>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 July 31,
2006.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The fund had the following industry
group concentrations greater than 10% at July 31, 2006 (as a percentage of net
assets):</FONT></P>
<TABLE style="WIDTH: 579px; HEIGHT: 100px" cellSpacing=1 cellPadding=0 width=579 border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="53%"><FONT face=sans-serif size=2>Health care</FONT>&nbsp; </TD>
    <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>32.6%</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%"><FONT face=sans-serif size=2>Utilities</FONT>&nbsp; </TD>
    <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>20.9</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%"><FONT face=sans-serif size=2>Education</FONT>&nbsp; </TD>
    <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>19.1</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%"><FONT face=sans-serif size=2>Transportation</FONT>&nbsp; </TD>
    <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>15</FONT>&nbsp;
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>The fund had the following insurance
concentrations greater than 10% at July 31, 2006 (as a percentage of net
assets):</FONT></P>
<TABLE style="WIDTH: 586px; HEIGHT: 107px" cellSpacing=1 cellPadding=0 width=586 border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>AMBAC</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=left width="49%"><FONT face=sans-serif size=2>23.0%</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>FGIC</FONT>&nbsp; </TD>
    <TD noWrap align=left width="49%"><FONT face=sans-serif size=2>16.3</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>MBIA</FONT>&nbsp; </TD>
    <TD noWrap align=left width="49%"><FONT face=sans-serif size=2>14.1</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>FSA</FONT>&nbsp; </TD>
    <TD noWrap align=left width="49%"><FONT face=sans-serif size=2>13.5</FONT>&nbsp;
</TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>Security valuation
</FONT></B><FONT face=sans-serif size=2>Tax-exempt bonds and notes are generally
valued 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. The fair value of securities is generally
determined as the amount that the fund could reasonably expect to realize from
an orderly disposition of such securities over a reasonable period of time. By
its nature, a fair value price is a good faith estimate of the value of a
security at a given point in time and does not reflect an actual market
price.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Futures and options contracts
</FONT></B><FONT face=sans-serif size=2>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 face=sans-serif size=2>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 the cost of investments.</FONT></P>
<P align=left><FONT face=sans-serif size=2>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>
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<P align="left">
<FONT size=2 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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<P align=left><U><FONT face=sans-serif size=2>Item 2. Controls and
Procedures:</FONT></U><BR></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: Not applicable</FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Item 3.
Exhibits:</FONT></U><BR></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><U><FONT face=sans-serif size=2>SIGNATURES</FONT></U><BR></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><U><FONT face=sans-serif size=2>Putnam Municipal Opportunities
Trust</FONT></U><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>Date: September 28,
2006</FONT><BR></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><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>Date: September 28,
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>Date: September 28,
2006</FONT><BR></P>
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<P align=left><U><FONT face=sans-serif size=2>Certifications<BR></FONT></U><FONT
face=sans-serif size=2>I, Charles E. Porter, the Principal Executive Officer of
the funds listed on Attachment A, certify that:</FONT></P>
<P align=left><FONT face=sans-serif size=2>1. I have reviewed each report on
Form N-Q of the funds listed on Attachment A:</FONT></P>
<P align=left><FONT face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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><FONT face=sans-serif size=2>/s/ Charles E. Porter</FONT><BR><FONT
face=sans-serif size=2>_____________________________</FONT><BR><FONT
face=sans-serif size=2>Date: September 26, 2006</FONT><BR><FONT face=sans-serif
size=2>Charles E. Porter</FONT><BR><FONT face=sans-serif size=2>Principal
Executive Officer</FONT><BR></P>
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<P align=left><U><FONT face=sans-serif size=2>Certifications<BR></FONT></U><FONT
face=sans-serif size=2>I, Steven D. Krichmar, the Principal Financial Officer of
the funds listed on Attachment A, certify that:</FONT></P>
<P align=left><FONT face=sans-serif size=2>1. I have reviewed each report on
Form N-Q of the funds listed on Attachment A:</FONT></P>
<P align=left><FONT face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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><FONT face=sans-serif size=2>/s/ Steven D.
Krichmar</FONT><BR><FONT face=sans-serif
size=2>_______________________________</FONT><BR><FONT face=sans-serif
size=2>Date: September 26, 2006</FONT><BR><FONT face=sans-serif size=2>Steven D.
Krichmar</FONT><BR><FONT face=sans-serif size=2>Principal Financial
Officer</FONT><BR></P>
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<P align="left">
<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 July 31, 2006</FONT><BR>
</P>
<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=10% nowrap align=left>
<FONT face="sans-serif">2OV</FONT>&nbsp;
	</TD>
	<TD width=89% nowrap align=left>
<FONT face="sans-serif">Putnam Mid-Cap Value Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap align=left>
<FONT face="sans-serif">002</FONT>&nbsp;
	</TD>
	<TD width=89% nowrap align=left>
<FONT face="sans-serif">The Putnam Fund for Growth and Income</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap align=left>
<FONT face="sans-serif">2II</FONT>&nbsp;
	</TD>
	<TD width=89% nowrap align=left>
<FONT face="sans-serif">Putnam Capital Opportunities Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap align=left>
<FONT face="sans-serif">840</FONT>&nbsp;
	</TD>
	<TD width=89% nowrap align=left>
<FONT face="sans-serif">Putnam Utilities Growth and Income Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap align=left>
<FONT face="sans-serif">005</FONT>&nbsp;
	</TD>
	<TD width=89% nowrap align=left>
<FONT face="sans-serif">Putnam Global Equity Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap align=left>
<FONT face="sans-serif">008</FONT>&nbsp;
	</TD>
	<TD width=89% nowrap align=left>
<FONT face="sans-serif">Putnam Convertible Income-Growth Trust</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap align=left>
<FONT face="sans-serif">052</FONT>&nbsp;
	</TD>
	<TD width=89% nowrap align=left>
<FONT face="sans-serif">Putnam Managed Municipal Income Trust</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap align=left>
<FONT face="sans-serif">183</FONT>&nbsp;
	</TD>
	<TD width=89% nowrap align=left>
<FONT face="sans-serif">Putnam Municipal Bond Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap align=left>
<FONT face="sans-serif">582</FONT>&nbsp;
	</TD>
	<TD width=89% nowrap align=left>
<FONT face="sans-serif">Putnam Municipal Opportunities Trust</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap align=left>
<FONT face="sans-serif">004</FONT>&nbsp;
	</TD>
	<TD width=89% nowrap align=left>
<FONT face="sans-serif">Putnam Income Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap align=left>
<FONT face="sans-serif">184</FONT>&nbsp;
	</TD>
	<TD width=89% nowrap align=left>
<FONT face="sans-serif">Putnam California Investment Grade Municipal Trust</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap align=left>
<FONT face="sans-serif">185</FONT>&nbsp;
	</TD>
	<TD width=89% nowrap align=left>
<FONT face="sans-serif">Putnam New York Investment Grade Municipal Trust</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap align=left>
<FONT face="sans-serif">2MI</FONT>&nbsp;
	</TD>
	<TD width=89% nowrap align=left>
<FONT face="sans-serif">Putnam Tax Smart Equity Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap align=left>
<FONT face="sans-serif">041</FONT>&nbsp;
	</TD>
	<TD width=89% nowrap align=left>
<FONT face="sans-serif">Putnam Global Income Trust</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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