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<SEC-DOCUMENT>0000928816-07-001869.txt : 20071228
<SEC-HEADER>0000928816-07-001869.hdr.sgml : 20071228
<ACCEPTANCE-DATETIME>20071228150620
ACCESSION NUMBER:		0000928816-07-001869
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20071031
FILED AS OF DATE:		20071228
DATE AS OF CHANGE:		20071228
EFFECTIVENESS DATE:		20071228

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-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07626
		FILM NUMBER:		071331713

	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-CSRS
<SEQUENCE>1
<FILENAME>a_muniopptrst.htm
<DESCRIPTION>PUTNAM MUNICIPAL OPPORTUNITIES TRUST
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<P align=center><FONT face=sans-serif size=2>UNITED STATES</FONT><BR>
<FONT face=sans-serif size=2>SECURITIES AND EXCHANGE COMMISSION </FONT><BR>
<FONT face=sans-serif size=2>Washington, D.C. 20549 </FONT><BR>
<BR>
<B><FONT face=sans-serif size=2>FORM N-CSR </FONT></B><BR>
<BR>
<B><FONT face=sans-serif size=2>CERTIFIED SHAREHOLDER REPORT OF REGISTERED </FONT></B><BR>
<B><FONT face=sans-serif size=2>MANAGEMENT INVESTMENT COMPANIES</FONT></B><FONT face=sans-serif size=2> </FONT></P>
<P align=left><FONT face=sans-serif size=2>Investment Company Act file number: (811- 07626) </FONT><BR>
<BR>
<FONT face=sans-serif size=2>Exact name of registrant as specified in charter: Putnam Municipal Opportunities Trust </FONT><BR>
<BR>
<FONT face=sans-serif size=2>Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109 </FONT></P>
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     <TD noWrap align=left><FONT face=sans-serif size=2>Name and address of agent for service:</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Beth S. Mazor, Vice President</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>One Post Office Square</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Boston, Massachusetts 02109</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Copy to:</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>John W. Gerstmayr, Esq.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Ropes &amp; Gray LLP</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>One International Place</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Boston, Massachusetts 02110</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Registrant&#146;s telephone number, including area code:</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""><FONT face=sans-serif size=2>(617) 292-1000</FONT>&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=center></TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>Date of fiscal year end: April 30, 2008 </FONT><BR>
<BR>
<FONT face=sans-serif size=2>Date of reporting period: May 1, 2007&#151; October 31, 2007 </FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Item 1. Report to Stockholders:</FONT></U><FONT face=sans-serif size=2> </FONT></P>
<P align=left><FONT face=sans-serif size=2>The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940: </FONT></P>
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<P align="left">
<FONT size=7 face="PBDisplay-Book,Times New Roman,Times,serif">What makes Putnam different?</FONT></P>
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<BR>
<P align="left">
<FONT size=2 face="PGText-Light,Arial,Helvetica,sans-serif">In 1830, Massachusetts Supreme Judicial Court Justice Samuel Putnam established The Prudent Man Rule, a legal foundation for responsible money management.</FONT></P>
<P align="left">
<FONT size=2 face="PGText-Roman,Arial,Helvetica,sans-serif">THE PRUDENT MAN RULE</FONT></P>
<P align="left">
<FONT size=2 face="PGText-Light,Arial,Helvetica,sans-serif">All that can be required of a trustee to invest is that he shall conduct himself faithfully and exercise a sound discretion. He is to observe how men of prudence, discretion, and
intelligence manage their own affairs, not in regard to speculation, but in regard to the permanent disposition of their funds, considering the probable income, as well as the probable safety of the capital to be invested.</FONT></P>
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<P align="left">
<FONT face="PBDisplay-Book,Times New Roman,Times,serif">A time-honored tradition in money management</FONT></P>
<P align="left">
<FONT size=2 face="PBText-Book,Times New Roman,Times,serif">Since 1937, our values have been rooted in a profound sense of responsibility for the money entrusted to us.</FONT></P>
<P align="left">
<FONT face="PBDisplay-Book,Times New Roman,Times,serif">A prudent approach to investing</FONT></P>
<P align="left">
<FONT size=2 face="PBText-Book,Times New Roman,Times,serif">We use a research-driven team approach to seek consistent, dependable, superior investment results over time, although there is no guarantee a fund will meet its objectives.</FONT></P>
<P align="left">
<FONT face="PBDisplay-Book,Times New Roman,Times,serif">Funds for every investment goal</FONT></P>
<P align="left">
<FONT size=2 face="PBText-Book,Times New Roman,Times,serif">We offer a broad range of mutual funds and other financial products so investors and their financial representatives can build diversified portfolios.</FONT></P>
<P align="left">
<FONT face="PBDisplay-Book,Times New Roman,Times,serif">A commitment to doing what&#146;s right for investors</FONT></P>
<P align="left">
<FONT size=2 face="PBText-Book,Times New Roman,Times,serif">With a focus on investment performance and in-depth information about our funds, we put the interests of investors first and seek to set the standard for integrity and service.</FONT></P>
<P align="left">
<FONT face="PBDisplay-Book,Times New Roman,Times,serif">Industry-leading service</FONT></P>
<P align="left">
<FONT size=2 face="PBText-Book,Times New Roman,Times,serif">We help investors, along with their financial representatives, make informed investment decisions with confidence.</FONT></P>

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<P align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=7>Putnam Municipal</FONT><BR>
<FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=7>Opportunities</FONT><BR>
<FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=7>Trust</FONT><BR>
<FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=7>10</FONT><FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=7>| </FONT><FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=7>31</FONT><FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=7>| </FONT><FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=7>07 </FONT><BR>
<BR>
<I><FONT face="PBDisplay-BookItalic,Times New Roman,Times,serif" size=5>Semiannual Report</FONT></I></P>
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     <TD width="22%"></TD></TR>
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     <TD noWrap align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif">Message from the Trustees</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>2</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif">About the fund</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>4</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif">Performance snapshot</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>6</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif">Report from the fund managers</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>7</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif">Performance in depth</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>13</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif">Your fund&#146;s management</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>16</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif">Terms and definitions</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>18</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif">Trustee approval of management contract</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>19</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif">Other information for shareholders</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>24</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif">Financial statements</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>26</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif">Shareholder meeting results</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>51</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><I><FONT face=PGTextLH-LightItalic,Arial,Helvetica,sans-serif size=1>Cover photograph: &#169; Richard H. Johnson</FONT></I></P>
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<P align="left">
<I><FONT size=5 face="PBDisplay-BookItalic,Times New Roman,Times,serif">Message from the Trustees</FONT></I></P>
<P align="left">
<FONT size=7 face="PBDisplay-Book,Times New Roman,Times,serif">Dear Fellow Shareholder</FONT></P>
<P align="left">
<FONT face="PBText-Book,Times New Roman,Times,serif">In November, Putnam Investments celebrated its 70th anniversary. From modest beginnings in Boston, Massachusetts, Putnam has grown into a global asset manager that serves millions of investors
worldwide. Coincident with this anniversary, we are pleased to announce that Great-West Lifeco Inc. recently completed its purchase of Putnam Investments from Marsh &amp; McLennan Companies, Inc. Great-West Lifeco is a financial services holding
company with operations in Canada, the United States, and Europe, and is a member of the Power Financial Corporation group of companies. With this change, Putnam becomes part of a successful organization with a long-standing commitment to
high-quality investment management and financial services. The change in ownership is not expected to affect the Putnam funds, the way Putnam manages money, or the funds&#146; management teams.</FONT></P>
<P align="left">
<FONT face="PBText-Book,Times New Roman,Times,serif">We would like to take this opportunity to announce that Putnam President and Chief Executive Officer Ed Haldeman, one of your fund&#146;s Trustees since 2004, was named President of the Funds,
assuming this role from George Putnam, III. This change, together with the completion of the transaction with Great-West Lifeco, has enabled George Putnam to become an independent Trustee of the funds. Both George and Ed will continue serving on the
Board of Trustees in our collective role of overseeing the Putnam funds on your behalf.</FONT></P>
<P align="left">
<FONT face="PBText-Book,Times New Roman,Times,serif">We are also pleased to announce that a new independent Trustee, Robert J. Darretta, has joined your fund&#146;s Board of Trustees. Mr. Darretta brings extensive leadership experience in corporate
finance and accounting. He is a former Vice Chairman of the Board of Directors of Johnson &amp; Johnson, one of the leading U.S. health-care and consumer products companies, where he also served as Chief Financial Officer, Executive Vice President,
and Treasurer.</FONT></P>
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<FONT size=2 face="PGText-Roman,Arial,Helvetica,sans-serif">2</FONT></P>

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<FONT face="PBText-Book,Times New Roman,Times,serif">Finally, as you may already be aware, in February of this year Putnam Management and the Board of the Trustees proposed that two other Putnam closed-end funds, Putnam Municipal Bond Fund and
Putnam Investment Grade Municipal Trust, be merged into your fund. We believe this merger, if approved, will be in the best interests of shareholders of all funds. Please see page 11 of this report for more details concerning this proposal. As
always, we thank you for your support of the Putnam funds.</FONT></P>
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<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=5>Putnam Municipal Opportunities Trust: potential for</FONT></B><BR>
<B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=5>high current income exempt from federal income tax</FONT></B></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>One of the most significant challenges of fixed-income investing is taxes on income. Investing in municipal bonds through a fund such as Putnam Municipal Opportunities Trust can help address this challenge. While the stated yields on municipal bonds are usually lower than those of taxable bonds, the income most of these bonds pay has the advantage of being exempt from federal tax.</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>Municipal bonds are typically issued by states and local municipalities to raise funds for building and maintaining public facilities. The bonds are backed by either the issuing city or town, by revenues collected from usage fees, or by state tax revenues. Depending on the type of backing, the bonds will have varying degrees of credit risk, which is the risk that the issuer will not be able to repay the bond.</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>Many municipal bonds are not rated by independent rating agencies such as Standard </FONT><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>&amp; Poor&#146;s and Moody&#146;s. This is primarily because many issuers decide not to pursue a rating that might be below investment grade. As a result, investment managers must do additional research to determine whether these bonds are prudent investments.</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>Evaluating a bond&#146;s credit risk is one area in which Putnam has particular expertise. Putnam&#146;s municipal bond research team analyzes each issue in depth and assigns non-rated bonds an agency-equivalent Putnam rating. This analysis helps the team identify bonds with attractive risk/return profiles among the large number of bonds not rated by agencies.</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>Once the fund has invested in a bond, the fund&#146;s management team continues to monitor developments that affect the overall bond market, the specific sector, and the issuer of the bond. Typically, higher-risk, lower-rated bonds are reviewed more frequently because of their greater potential risk.</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>The goal of the team&#146;s research and active management is to stay a step ahead of the industry and pinpoint opportunities to adjust the fund&#146;s holdings for the benefit of the fund and its shareholders.</FONT></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=2>Lower-rated bonds may offer higher yields in return for more risk. Capital gains, if any, are taxable for federal and, in most cases, state purposes. For some investors, investment income may be subject to the federal alternative minimum tax. Income from federally exempt funds may be subject to state and local taxes. Please consult with your tax advisor for more information. Mutual funds that invest in bonds are subject to certain risks, including interest-rate risk, credit risk, and inflation risk. As interest rates rise, the prices of bonds fall. Long-term bonds are more exposed to interest-rate risk than short-term bonds. Unlike bonds, bond funds have ongoing fees and expenses. The fund uses leverage, which involves risk and may increase the volatility of the fund&#146;s net asset value. The fund&#146;s shares trade on a stock exchange at market prices, which may be higher or lower than the fund&#146;s net asset value.</FONT></I
></P>
<P align=left><FONT face=PGTextLH-Roman,Arial,Helvetica,sans-serif size=4>How do closed-end funds differ from open-end funds?</FONT></P>
<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=2>More assets at work </FONT></B><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>While open-end funds need to maintain a cash position to meet redemptions, closed-end funds are not subject to redemptions and can keep more of their assets invested in the market.</FONT></P>
<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=2>Traded like stocks </FONT></B><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>Closed-end fund shares are traded on stock exchanges, and their market prices fluctuate in response to supply and demand, among other factors.</FONT></P>
<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=2>Market price vs. net asset value </FONT></B><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>Like an open-end fund&#146;s net asset value (NAV) per share, the NAV of a closed-end fund share equals the current value of the fund&#146;s assets, minus its liabilities, divided by the number of shares outstanding. However, when buying or selling closed-end fund shares, the price you pay or receive is the market price. Market price reflects current market supply and demand and may be higher or lower than the NAV. </FONT></P>
<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=2>Strategies for higher income </FONT></B><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>Closed-end funds have greater flexibility to use strategies such as &#147;leverage&#148; &#151; for example, issuing preferred shares to raise capital, then seeking to invest it at higher rates to enhance return for common shareholders.</FONT></P>
<P align=left><FONT face=PGTextLH-Roman,Arial,Helvetica,sans-serif size=4>Municipal bonds may finance a range of projects in your </FONT><BR>
<FONT face=PGTextLH-Roman,Arial,Helvetica,sans-serif size=4>community and thus play a key role in its development.</FONT></P>
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<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=2>Identified project areas are not necessarily represented in your fund&#146;s portfolio as of the date of this report, and your fund may invest in securities representing projects not shown here. Your fund&#146;s holdings will vary over time. For more information on current fund holdings, see pages 9 and 27.</FONT></I></P>
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     <TD noWrap align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>4&nbsp;</FONT> </TD>
     <TD noWrap align=right background="">&nbsp;<FONT face=Arial size=2>5</FONT>&nbsp;</TD></TR></TABLE><BR>
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<P align=left><I><FONT face="PBDisplay-BookItalic,Times New Roman,Times,serif" size=5>Performance snapshot</FONT></I><BR>
<BR>
<FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=7>Putnam Municipal</FONT><BR>
<FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=7>Opportunities Trust</FONT></P>
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<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=2>Data is historical. Past performance does not guarantee future results. More recent returns may be less or more than those shown. Investment return and net asset value will fluctuate, and you may have a gain or a loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. Fund returns in the bar chart are at NAV. See pages 13&#150;15 for additional performance information, including fund returns at</FONT></I><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=2>market price. Index and Lipper results should be compared to fund performance at NAV. Lipper calculates performance differently than the closed-end funds it ranks, due to varying methods for determining a fund's monthly reinvestment NAV.</FONT></I></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=2>* Returns for the six-month period are not annualized, but cumulative.</FONT></I></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>6</FONT></P>
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<P align=left><I><FONT face="PBDisplay-BookItalic,Times New Roman,Times,serif" size=5>Report from the fund managers</FONT></I><BR>
<BR>
<FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=7>The period in review</FONT></P>
<P align=left><FONT face="PBText-Book,Times New Roman,Times,serif">As the fiscal period began in May 2007, the fund&#146;s portfolio maintained a relatively short duration &#151; a defensive tactic that limits the fund&#146;s sensitivity to changes in interest rates &#151; as investors became increasingly anxious about the economy in general and the financial markets in particular. We shifted to a more neutral stance &#151; or longer duration &#151; in the fall. Our defensive strategy had a positive effect on the fund&#146;s portfolio performance during the market sell-off in the spring, and our subsequent shift to a somewhat longer duration allowed the fund to participate in the price rally as the fiscal period ended. In general, our duration strategy helped the fund outperform the average for its Lipper peer group for the six months ended October 31, 2007. The fund trailed its benchmark for the period, however, which we attribute to the fund&#146;s allocation to tobacco settlement bonds, a sector that expe
rienced weak performance during the period. Relative to its benchmark, the fund was overweight in bonds rated Baa and below by Moody&#146;s, which detracted moderately from results as credit spreads widened during the period. However, the fund benefited from its emphasis on municipal bonds related to single-family housing and power companies.</FONT></P>
<P align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=5>Market overview</FONT></P>
<P align=left><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>A crisis in the subprime mortgage lending market and a resulting credit crunch weighed on the performance of many fixed-income sectors &#151; including municipal bonds &#151; during the six-month period ended October 31, 2007. While the fund did not own any securities that were directly affected by problems in the subprime mortgage </FONT><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>market, the subprime crisis caused bond investors to reevaluate risk across all types of fixed-income portfolios. Yield spreads &#151; which represent the yield premium for investing in bonds that are riskier than U.S. Treasuries, which carry virtually no credit risk &#151;rose dramatically as investors demanded more return on riskier</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>7</FONT></P>
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<P align=left><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>bonds. Consequently, the &#147;risk rally&#148; that persisted in the tax-exempt bond market during the past two years, in which low-quality bonds traded at historically tight yield premiums to U.S. Treasuries, came to an abrupt end. Market liquidity effectively dried up as issuers discovered they would need to offer substantially higher yields on new bond issues to attract sufficient investor interest.</FONT></P>
<P align=left><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>During July and August, when the impact of the subprime crisis was most acutely felt in the municipal bond market, the yield curve &#151; a graphical representation of differences in yield for bonds of comparable quality and different maturities &#151; steepened as demand for longer-maturity bonds </FONT><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>weakened. Long-term bond prices declined, and yields rose, as investors reassessed the slim yield advantage offered in exchange for the increased inflation risk associated with holding longer-dated securities. </FONT></P>
<P align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=5>Strategy overview</FONT></P>
<P align=left><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>We maintained a short (defensive) portfolio duration relative to the average duration for the fund&#146;s Lipper peer group because we expected interest rates to rise. This strategy helped effect relatively positive results when the prices of longer-term tax-exempt bonds declined and their yields rose. Duration is a measure of a fund&#146;s sensitivity to changes in interest rates. Having a shorter-duration portfolio may help</FONT></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>Market sector and fund performance</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>This comparison shows your fund&#146;s performance in the context of different market sectors for the six months ended 10/31/07. See page 6 and pages 13&#150;15 for additional fund performance information. Index descriptions can be found on page 18.</FONT></P>
<IMG src="muniopppsx9x1.jpg" border=0>
<BR>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>8</FONT></P>
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<P align="left">
<FONT size=2 face="PBText-Book,Times New Roman,Times,serif">protect principal when interest rates rise, but it can reduce the potential for appreciation when rates fall. By the end of the period, we had extended the fund&#146;s duration to a more
neutral positioning relative to the fund&#146;s benchmark and Lipper peer group.</FONT></P>
<P align="left">
<FONT size=2 face="PBText-Book,Times New Roman,Times,serif">The fund&#146;s greater relative exposure to investment-grade and lower-rated bonds detracted moderately from results relative to its peer group, as higher-rated bonds performed slightly
better. Given the liquidity constraints present in the marketplace, higher-rated bonds under-performed lower-quality bonds because price discovery in these securities occurred more quickly, as investors who needed to raise cash were unable to sell
lower-rated securities.</FONT></P>
<P align="left">
<FONT size=2 face="PBText-Book,Times New Roman,Times,serif">Relative to the fund&#146;s peer group average, we maintained an overweight position in single-family housing bonds. This strategy proved helpful to results, as reduced mortgage-prepayment
volatility and solid investor demand continued to support bonds in this sector. </FONT></P>
<P align="left">
<FONT size=5 face="PBDisplay-Book,Times New Roman,Times,serif">Your fund&#146;s holdings</FONT></P>
<P align="left">
<FONT size=2 face="PBText-Book,Times New Roman,Times,serif">Your fund&#146;s emphasis on </FONT><B><FONT size=2 face="PBText-Roman,Times New Roman,Times,serif">tobacco settlement </FONT></B><FONT size=2 face="PBText-Book,Times New Roman,Times,serif">bonds, whose payments are secured by income promised to various states through legal settlements with tobacco companies, has been a positive contributor to performance in the past. But during the six months ended October 31, 2007,
these bonds experienced poor performance. The combination of heavy upcoming supply</FONT></P>
<P align="left">
<B><FONT face="PGTextLH-Bold,Arial,Helvetica,sans-serif">Comparison of the fund&#146;s maturity and duration</FONT></B></P>
<P align="left">
<FONT size=2 face="PGText-Light,Arial,Helvetica,sans-serif">This chart compares changes in the fund&#146;s average effective maturity (a weighted average of the holdings&#146; maturities) and its average effective duration (a measure of its
sensitivity to interest-rate changes).</FONT></P>
<IMG src="muniopppsx10x1.jpg" border=0>
<BR>
<P align="left">
<I><FONT size=1 face="PGTextLH-Italic,Arial,Helvetica,sans-serif">Average effective duration and average effective maturity take into account put and call features, where applicable, and reflect prepayments for mortgage-backed securities. Duration
is usually shorter than maturity because it reflects interest payments on a bond prior to its maturity. Duration may be higher for funds that use leverage, which magnifies the effects of interest-rate changes. </FONT></I></P>
<P align="left">
<FONT size=2 face="PGText-Roman,Arial,Helvetica,sans-serif">9</FONT></P>

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<P align=left><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>and investor aversion to riskier bonds weighed on the sector. However, because tobacco settlement bonds were trading at what we believed to be attractive levels, we viewed this as an opportunity to add to the fund&#146;s position during the period. For example, we recently purchased some BBB-rated </FONT><B><FONT face="PBText-Roman,Times New Roman,Times,serif" size=2>Ohio Tobacco Settlement Financing Authority </FONT></B><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>bonds. These were part of a $5 billion new issue, which came to market at the beginning of October when the sector as a whole was soft.</FONT></P>
<P align=left><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>Offsetting the weakness in the fund&#146;s tobacco settlement bonds was our emphasis on </FONT><B><FONT face="PBText-Roman,Times New Roman,Times,serif" size=2>single family housing </FONT></B><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>bonds, which proved helpful as reduced mortgage-prepayment volatility and solid investor demand continued to </FONT><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>support bonds in this sector. The fund also benefited from its holdings in municipal bonds issued to benefit </FONT><B><FONT face="PBText-Roman,Times New Roman,Times,serif" size=2>power companies</FONT></B><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>. For example, the fund holds BBB-rated municipal bonds issued in Texas for </FONT><B><FONT face="PBText-Roman,Times New Roman,Times,serif" size=2>Valero Energy</FONT></B><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>, which refines low-cost
, cleaner-burning fuel products, including diesel. Both the single-family and power company sectors performed well during the period as investor demand mounted.</FONT></P>
<P align=left><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>Diversification has always been an important feature of your fund&#146;s investment policy, and as the fiscal period drew to a close, we were beginning to build a position in an area that is new to this fund &#151; </FONT><B><FONT face="PBText-Roman,Times New Roman,Times,serif" size=2>prepaid gas </FONT></B><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>bonds. Each one of these complex transactions is unique. Typically, a municipal utility contracts with a</FONT></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>Credit quality overview</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Credit qualities shown as a percentage of portfolio value as of 10/31/07. A bond rated Baa or higher (MIG3/VMIG3 or higher, for short-term debt) is considered investment grade. The chart reflects Moody&#146;s ratings; percentages may include bonds not rated by Moody&#146;s but considered by Putnam Management to be of comparable quality. Ratings will vary over time.</FONT></P>
<IMG src="muniopppsx11x1.jpg" border=0>
<BR>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>10</FONT></P>
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<P align=left><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>natural gas supplier to provide a stated amount of gas at a predetermined price over periods of up to 30 years. The utility issues tax-exempt bonds in an amount sufficient to pay the gas supplier, and bond holders are repaid from the revenues generated when the utility sells the gas to its customers. An example is </FONT><B><FONT face="PBText-Roman,Times New Roman,Times,serif" size=2>Main Street Natural Gas </FONT></B><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>in Georgia, which we added to the fund&#146;s portfolio in October. The rating on these issues primarily reflects the credit strength of Merrill Lynch (A1 by Moody&#146;s), which guaranteed that the supplier will provide the gas as agreed. Since the ratings of even the most prestigious financial companies have been impacted by the turmoil in the mortgage markets, the price of these bonds declined to a level we felt provided us with an attractive opportunity to br
oaden the fund&#146;s diversification in a market area we believe is promising. </FONT></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=2>Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the fund&#146;s investment strategy and may vary in the future.</FONT></I></P>
<P align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=5>Of special interest</FONT></P>
<P align=left><B><FONT face="PBText-Roman,Times New Roman,Times,serif" size=2>Tender offer results</FONT></B></P>
<P align=left><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>In June 2007, Putnam Investments announced the launch of separate tender offers for shares of eight Putnam closed-end funds, including shares of Putnam Municipal Opportunities Trust. As a result, in July the fund repurchased approximately 10% of its outstanding common shares, the maximum number of shares covered by the offer. For additional information about share repurchases under the offer and in </FONT><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>connection with a share repurchase program, see page 49 of this report.</FONT></P>
<P align=left><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>In approving the tender offer for the funds, the Trustees considered that tender offers would give shareholders an opportunity to sell at least some of their shares at a price close to NAV, and that the tender offer price of 98% of NAV would help offset the costs that shareholders who retain their shares would otherwise bear in connection with the tender offer.</FONT></P>
<P align=left><B><FONT face="PBText-Roman,Times New Roman,Times,serif" size=2>Merger with another Putnam closed-end fund proposed</FONT></B></P>
<P align=left><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>In February 2007, Putnam Investments and the Board of Trustees of the Putnam Funds announced a comprehensive initiative intended to concentrate the lineup of closed-end funds managed by Putnam Investments. The initiative includes a proposal to merge two other Putnam closed-end funds, Putnam Investment Grade Municipal Trust and Putnam Municipal Bond Fund, into your fund. This merger must be approved by the common and preferred shareholders of all three funds. The Trustees believe the merger is in the best interests of shareholders of each fund because it would significantly increase the size of the combined fund. A larger asset size could potentially reduce fund expenses and increase the liquidity in the trading market for fund shares. Proxy statements, which include additional pertinent information to enable you to make an informed decision about the merger, were mailed in recent months. If approved by shareholders, the merger is expec
ted to take place in early 2008.</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>11</FONT></P>
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<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>The outlook for your fund</FONT></B></P>
<P align=left><FONT face=PGTextLH-Roman,Arial,Helvetica,sans-serif size=2><B>The following commentary reflects anticipated developments that could affect your fund over the next six months, as well as your management team&#146;s plans for responding to them.</B></FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>We are encouraged by the fact that the liquidity crisis that has affected the fixed-income markets is being addressed by the Federal Reserve (the Fed) and other regulatory and legislative bodies. In September, the Fed reduced the federal funds rate &#151; the benchmark rate for overnight loans between banks &#151; by 0.50%, and lowered the rate by an additional 0.25% in October. These actions helped both the taxable and tax-exempt markets to stabilize by restoring a level of confidence that the central bank is prepared to step in when extreme events disrupt the bond market&#146;s normal balance of supply and demand.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>While we expect to see continued volatility in the coming months, the silver lining in any market downturn is that many securities may become available at attractive prices. We believe that is now the case among bonds that are at the lower end of the investment-grade credit spectrum. The selling pressure that caused investment-grade bonds &#151; those rated Baa and above &#151; to lag lower-rated bonds during the period has created what we consider to be compelling values among these securities. As a result, we currently plan to add to the fund&#146;s holdings in this area over the next several months.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Relative to the peer group, we also currently plan to maintain the fund&#146;s underweight exposure to non-investment-grade bonds. It appears that market participants are reaching the conclusion that lower-quality securities are unlikely to rally significantly from current levels over the near term. Against that backdrop, we believe the risks of emphasizing lower-rated bonds outweigh the return potential in the current market environment.</FONT></P>
<P align=left><I><FONT face=PGTextLH-LightItalic,Arial,Helvetica,sans-serif size=2>The views expressed in this report are exclusively those of Putnam Management. They are not meant as investment advice.</FONT></I></P>
<P align=left><I><FONT face=PGTextLH-LightItalic,Arial,Helvetica,sans-serif size=2>Lower-rated bonds may offer higher yields in return for more risk. Capital gains, if any, are taxable for federal and, in most cases, state purposes. For some investors, investment income may be subject to the federal alternative minimum tax. Income from federally exempt funds may be subject to state and local taxes. Please consult with your tax advisor for more information. Mutual funds that invest in bonds are subject to certain risks, including interest-rate risk, credit risk, and inflation risk. As interest rates rise, the prices of bonds fall. Long-term bonds are more exposed to interest-rate risk than short-term bonds. Unlike bonds, bond funds have ongoing fees and expenses. The fund uses leverage, which involves risk and may increase the volatility of the fund&#146;s net asset value. The fund&#146;s shares trade on a stock exchange at market prices, which may be lower than the fund&#146;s net asset value.</FONT></I></P>

<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>12</FONT></P>
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<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>Your fund&#146;s performance</FONT></B></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>This section shows your fund&#146;s performance for periods ended October 31, 2007, the end of the first half of its current fiscal year. In accordance with regulatory requirements for mutual funds, we also include performance as of the most recent calendar quarter-end. Performance should always be considered in light of a fund&#146;s investment strategy. Data represents past performance. Past performance does not guarantee future results. More recent returns may be less or more than those shown. Investment return, net asset value, and market price will fluctuate, and you may have a gain or a loss when you sell your shares.</FONT></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>Fund performance</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Total return for periods ended 10/31/07</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="20%"></TD>
     <TD align=center width="20%"></TD>
     <TD align=center width="20%"></TD>
     <TD align=center width="18%"></TD>
     <TD align=center width="19%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTextLH-Light,Arial,Helvetica,sans-serif size=1>Lipper General</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTextLH-Light,Arial,Helvetica,sans-serif size=1>Lehman</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTextLH-Light,Arial,Helvetica,sans-serif size=1>Municipal Debt</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTextLH-Light,Arial,Helvetica,sans-serif size=1>Municipal</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTextLH-Light,Arial,Helvetica,sans-serif size=1>Funds (leveraged</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTextLH-Light,Arial,Helvetica,sans-serif size=1>Market</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTextLH-Light,Arial,Helvetica,sans-serif size=1>Bond</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTextLH-Light,Arial,Helvetica,sans-serif size=1>closed-end)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTextLH-Light,Arial,Helvetica,sans-serif size=1>NAV</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTextLH-Light,Arial,Helvetica,sans-serif size=1>price</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTextLH-Light,Arial,Helvetica,sans-serif size=1>Index</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTextLH-Light,Arial,Helvetica,sans-serif size=1>category average*</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Annual average</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Life of fund</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>(since 5/28/93)</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>6.24%</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>4.90%</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>5.69%</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>6.11%</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>10 years</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>75.92</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>51.77</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>67.51</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>75.16</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Annual average</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>5.81</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>4.26</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>5.29</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>5.76</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>5 years</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>37.67</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>28.27</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>24.37</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>35.99</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Annual average</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>6.60</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>5.11</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>4.46</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>6.31</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>3 years</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>15.81</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>6.83</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>11.58</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>15.15</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Annual average</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>5.01</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>2.23</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>3.72</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>4.79</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>1 year</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>1.44</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>1.53</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>2.91</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>0.70</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>6 months</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>&#150;0.24</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>&#150;4.24</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>1.30</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>&#150;0.97</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>Performance assumes reinvestment of distributions and does not account for taxes.</FONT></I></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>Index and Lipper results should be compared to fund performance at net asset value. Lipper calculates performance differently than the closed-end funds it ranks, due to varying methods for determining a fund&#146;s monthly reinvestment NAV.</FONT></I></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>* Over the 6-month, 1-year, 3-year, 5-year, 10-year, and life-of-fund periods ended 10/31/07, there were 54, 54, 54, 52, 38, and 33 funds respectively, in this Lipper category.</FONT></I></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>13</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>Fund price and distribution information</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>For the six-month period ended 10/31/07</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="39%"></TD>
     <TD align=center width="26%"></TD>
     <TD align=center width="18%"></TD>
     <TD align=center width="14%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Distributions &#151; common shares*</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Number</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>6</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Income</FONT><SUP><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>1</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$0.2874</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Capital gains</FONT><SUP><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>2</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Total</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$0.2874</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>&nbsp;&nbsp;&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Series A</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Series B</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Series C</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Distributions &#151; preferred shares*</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>(800 shares)</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>(1,620 shares)</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>(1,620 shares)</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=4>
<HR noShade SIZE=1>
&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Income</FONT><SUP><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>1</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$965.62</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$475.17</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$477.68</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Capital gains</FONT><SUP><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>2</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Total</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$965.62</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$475.17</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$477.68</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>&nbsp;&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Share value:</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>NAV</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Market price</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>4/30/07</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$13.19</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$12.20</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>10/31/07</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>12.84</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>11.40</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Current yield (end of period)</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Current dividend rate</FONT><SUP><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>3</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>4.48%</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>5.04%</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Taxable equivalent</FONT><SUP><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>4</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>6.89</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>7.75</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>* Dividend sources are estimated and may vary based on final tax calculations after the fund&#146;s fiscal year-end.</FONT></I></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>1 </FONT></I><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>For some investors, investment income may be subject to the federal alternative minimum tax. Income from federally exempt funds may be subject to state and local taxes.</FONT></I></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>2 </FONT></I><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>Capital gains, if any, are taxable for federal and, in most cases, state purposes. </FONT></I></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>3 </FONT></I><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>Most recent distribution, excluding capital gains, annualized and divided by NAV or market price at end of period.</FONT></I></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>4 </FONT></I><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>Assumes maximum 35% federal tax rate for 2007. Results for investors subject to lower tax rates would not be as advantageous.</FONT></I></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>14</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_16"></A>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>Fund performance as of most recent calendar quarter</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Total return for periods ended 9/30/07</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="45%"></TD>
     <TD align=center width="34%"></TD>
     <TD align=center width="19%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTextLH-Light,Arial,Helvetica,sans-serif size=1>NAV</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTextLH-Light,Arial,Helvetica,sans-serif size=1>Market price</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Annual average</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Life of fund (since 5/28/93)</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>6.24%</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>5.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>10 years</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>76.07</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>52.62</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Annual average</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>5.82</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>4.32</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>5 years</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>32.63</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>20.68</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Annual average</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>5.81</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>3.83</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>3 years</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>16.70</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>7.46</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Annual average</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>5.28</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>2.43</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>1 year</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>1.80</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>4.00</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>6 months</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>&#150;0.58</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>&#150;3.72</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>15</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_17"></A>
<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>Your fund&#146;s management</FONT></B></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>Your fund is managed by the members of the Putnam Tax Exempt Fixed-Income Team. Thalia Meehan is the Portfolio Leader, and Paul Drury, Brad Libby, and Susan McCormack are Portfolio Members, of your fund. The Portfolio Leader and Portfolio Members coordinate the team&#146;s management of the fund.</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>For a complete listing of the members of the Putnam Tax Exempt Fixed-Income Team, including those who are not Portfolio Leaders or Portfolio Members of your fund, visit Putnam&#146;s Individual Investor Web site at www.putnam.com.</FONT></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>Investment team fund ownership</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>The table below shows how much the fund&#146;s current Portfolio Leader and Portfolio Members have invested in the fund and in all Putnam mutual funds (in dollar ranges). Information shown is as of October 31, 2007, and October 31, 2006.</FONT></P>
<IMG src="muniopppsx17x1.jpg" border=0>
<BR>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>Trustee and Putnam employee fund ownership</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>As of October 31, 2007, 12 of the 13 Trustees of the Putnam funds owned fund shares. The table below shows the approximate value of investments in the fund and all Putnam funds as of that date by the Trustees and Putnam employees. These amounts include investments by the Trustees&#146; and employees&#146; immediate family members and investments through retirement and deferred compensation plans.</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="31%"></TD>
     <TD width="41%"></TD>
     <TD width="27%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>Total assets in</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>Assets in the fund</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>all Putnam funds</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Trustees</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$33,000</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$ 92,000,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Putnam employees</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$ 3,000</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$777,000,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>16</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


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<A name="page_18"></A>

<P align="left">
<B><FONT face="PGTextLH-Bold,Arial,Helvetica,sans-serif">Other Putnam funds managed by the Portfolio Leader and Portfolio Members</FONT></B></P>
<P align="left">
<FONT size=2 face="PGText-Light,Arial,Helvetica,sans-serif">Thalia Meehan is the Portfolio Leader, and Paul Drury, Brad Libby, and Susan McCormack are Portfolio Members, of Putnam&#146;s open-end tax-exempt funds for the following states: Arizona,
California, Massachusetts, Michigan, Minnesota, New Jersey, New York, Ohio, and Pennsylvania. The same group also manages Putnam AMT-Free Insured Municipal Fund and Putnam Tax Exempt Income Fund.</FONT></P>
<P align="left">
<FONT size=2 face="PGText-Light,Arial,Helvetica,sans-serif">Paul Drury is the Portfolio Leader, and Brad Libby, Susan McCormack, and Thalia Meehan are Portfolio Members, of Putnam High Yield Municipal Trust, Putnam Managed Municipal Income Trust,
and Putnam Tax-Free High Yield Fund.</FONT></P>
<P align="left">
<FONT size=2 face="PGText-Light,Arial,Helvetica,sans-serif">Thalia Meehan, Paul Drury, Brad Libby, and Susan McCormack may also manage other accounts and variable trust funds advised by Putnam Management or an affiliate.</FONT></P>
<P align="left">
<B><FONT face="PGTextLH-Bold,Arial,Helvetica,sans-serif">Changes in your fund&#146;s Portfolio Leader and Portfolio Members</FONT></B></P>
<P align="left">
<FONT size=2 face="PGText-Light,Arial,Helvetica,sans-serif">Your fund&#146;s Portfolio Leader and Portfolio Members did not change during the year ended October 31, 2007.</FONT></P>
<P align="left">
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<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>Terms and definitions</FONT></B></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>Important terms</FONT></B></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Total return</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>shows how the value of the fund&#146;s shares changed over time, assuming you held the shares through the entire period and reinvested all distributions in the fund.</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Net asset value (NAV)</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>is the value of all your fund&#146;s assets, minus any liabilities and the net assets allocated to any outstanding preferred shares, divided by the number of outstanding common shares.</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Market price</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>is the current trading price of one share of the fund. Market prices are set by transactions between buyers and sellers on exchanges such as the New York Stock Exchange.</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Current yield</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>is the annual rate of return earned from dividends or interest of an investment.</FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Current yield is expressed as a percentage of the price of a security, fund share, or principal investment.</FONT></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>Comparative indexes</FONT></B></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Lehman Aggregate Bond Index</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>is an unmanaged index of U.S. investment-grade fixed-income securities.</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Lehman Municipal Bond Index</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>is an unmanaged index of long-term fixed-rate investment-grade tax-exempt bonds.</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Merrill Lynch 91-Day Treasury Bill Index</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>is an unmanaged index that seeks to measure the performance of U.S. Treasury bills available in the marketplace.</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>S&amp;P 500 Index</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>is an unmanaged index of common stock performance.</FONT></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>Indexes assume reinvestment of all distributions and do not account for fees. Securities and performance of a fund and an index will differ. You cannot invest directly in an index.</FONT></I></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Lipper</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>is a third-party industry-ranking entity that ranks mutual funds. Its rankings do not reflect sales charges. Lipper rankings are based on total return at net asset value relative to other funds that have similar current investment styles or objectives as determined by Lipper. Lipper may change a fund&#146;s category assignment at its discretion. Lipper category averages reflect performance trends for funds within a category.</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>18</FONT></P>
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<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>Trustee approval of </FONT></B><BR>
<B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>management contract</FONT></B></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>General conclusions</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>The Board of Trustees of the Putnam funds oversees the management of each fund and, as required by law, determines annually whether to approve the continuance of your fund&#146;s management contract with Putnam Investment Management (&#147;Putnam Management&#148;). In this regard, the Board of Trustees, with the assistance of its Contract Committee consisting solely of Trustees who are not &#147;interested persons&#148; (as such term is defined in the Investment Company Act of 1940, as amended) of the Putnam funds (the &#147;Independent Trustees&#148;), requests and evaluates all information it deems reasonably necessary under the circumstances. Over the course of several months ending in June 2007, the Contract Committee met several times to consider the information provided by Putnam Management and other information developed with the assistance of the Board&#146;s independent counsel and independent staff. The Contract Committee revie
wed and discussed key aspects of this information with all of the Independent Trustees. The Contract Committee recommended, and the Independent Trustees approved, the continuance of your fund&#146;s management contract, effective July 1, 2007.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>In addition, in anticipation of the sale of Putnam Investments to Great-West Lifeco, at a series of meetings ending in March 2007, the Trustees reviewed and approved new management and distribution arrangements to take effect upon the change of control. Shareholders of all funds approved the management contracts in May 2007, and the change of control transaction was completed on August 3, 2007. Upon the change of control, the management contracts that were approved by the Trustees in June 2007 automatically terminated and were replaced by new contracts that had been approved by shareholders. In connection with their review for the June 2007 continuance of the Putnam funds&#146; management contracts, the Trustees did not identify any facts or circumstances that would alter the substance of the conclusions and recommendations they made in their review of the contracts to take effect upon the change of control.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>The Independent Trustees&#146; approval was based on the following conclusions:</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>&#149; </FONT><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>That the fee schedule in effect for your fund represented reasonable compensation in light of the nature and quality of the services being provided to the fund, the fees paid by competitive funds and the costs incurred by Putnam Management in providing such services, and </FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>&#149; </FONT><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>That this fee schedule represented an appropriate sharing between fund shareholders and Putnam Management of such economies of scale as may exist in the management of the fund at current asset levels.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>These conclusions were based on a comprehensive consideration of all information provided to the Trustees and were not the result of any single factor. Some of the factors that figured particularly in the Trustees&#146; deliberations and how the Trustees considered these factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors. It is also important to recognize that the fee arrangements for your fund and the other Putnam funds are the result of many years of review and discussion between the Independent Trustees and Putnam Management, that</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>19</FONT></P>
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<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>certain aspects of such arrangements may receive greater scrutiny in some years than others, and that the Trustees&#146; conclusions may be based, in part, on their consideration of these same arrangements in prior years.</FONT></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>Management fee schedules and categories; total expenses</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>The Trustees reviewed the management fee schedules in effect for all Putnam funds, including fee levels and breakpoints, and the assignment of funds to particular fee categories. In reviewing fees and expenses, the Trustees generally focused their attention on material changes in circumstances &#151; for example, changes in a fund&#146;s size or investment style, changes in Putnam Management&#146;s operating costs or responsibilities, or changes in competitive practices in the mutual fund industry &#151; that suggest that consideration of fee changes might be warranted. The Trustees concluded that the circumstances did not warrant changes to the management fee structure of your fund, which had been carefully developed over the years, re-examined on many occasions and adjusted where appropriate. The Trustees focused on two areas of particular interest, as discussed further below:</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2><B>&#149; <FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>Competitiveness</FONT></B></FONT><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>.</FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>The Trustees reviewed comparative fee and expense information for competitive funds, which indicated that, in a custom peer group of competitive funds selected by Lipper Inc., your fund ranked in the 67th percentile in management fees and in the 53rd percentile in total expenses as of December 31, 2006 (the first percentile being the least expensive funds and the 100th percentile being the most expensive funds). The Trustees expressed their intention to monitor this information closely to ensure that fees and expenses of your fund continue to meet evolving competitive standards.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2><B>&#149; <FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>Economies of scale</FONT></B></FONT><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>.</FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>The Trustees considered that most Putnam funds currently have the benefit of breakpoints in their management fees that provide shareholders with significant economies of scale, which means that the effective management fee rate of a fund (as a percentage of fund assets) declines as a fund grows in size and crosses specified asset thresholds. Conversely, as a fund shrinks in size &#151; as has been the case for many Putnam funds in recent years &#151; these breakpoints result in increasing fee levels. In recent years, the Trustees have examined the operation of the existing breakpoint structure during periods of both growth and decline in asset levels. The Trustees concluded that the fee schedules in effect for th
e funds represented an appropriate sharing of economies of scale at current asset levels. In reaching this conclusion, the Trustees considered the Contract Committee&#146;s stated intent to continue to work with Putnam Management to plan for an eventual resumption in the growth of assets, and to consider the potential economies that might be produced under various growth assumptions.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>In connection with their review of the management fees and total expenses of the Putnam funds, the Trustees also reviewed the costs of the services to be provided and profits to be realized by Putnam Management and its affiliates from the relationship with the funds. This information included trends in revenues, expenses and profitability of Putnam Management and its affiliates relating to the investment management and distribution services provided to the</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>20</FONT></P>
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<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>funds. In this regard, the Trustees also reviewed an analysis of Putnam Management&#146;s revenues, expenses and profitability with respect to the funds&#146; management contracts, allocated on a fund-by-fund basis.</FONT></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>Investment performance</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>The quality of the investment process provided by Putnam Management represented a major factor in the Trustees&#146; evaluation of the quality of services provided by Putnam Management under your fund&#146;s management contract. The Trustees were assisted in their review of the Putnam funds&#146; investment process and performance by the work of the Investment Process Committee of the Trustees and the Investment Oversight Committees of the Trustees, which had met on a regular monthly basis with the funds&#146; portfolio teams throughout the year. The Trustees concluded that Putnam Management generally provides a high-quality investment process &#151; as measured by the experience and skills of the individuals assigned to the management of fund portfolios, the resources made available to such personnel, and in general the ability of Putnam Management to attract and retain high-quality personnel &#151; but also recognized that this does no
t guarantee favorable investment results for every fund in every time period. The Trustees considered the investment performance of each fund over multiple time periods and considered information comparing each fund&#146;s performance with various benchmarks and with the performance of competitive funds.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>The Trustees noted the satisfactory investment performance of many Putnam funds. They also noted the disappointing investment performance of certain funds in recent years and discussed with senior management of Putnam Management the factors contributing to such underperformance and actions being taken to improve performance. The Trustees recognized that, in recent years, Putnam Management has made significant changes in its investment personnel and processes and in the fund product line to address areas of underperformance. In particular, they noted the important contributions of Putnam Management&#146;s leadership in attracting, retaining and supporting high-quality investment professionals and in systematically implementing an investment process that seeks to merge the best features of fundamental and quantitative analysis. The Trustees indicated their intention to continue to monitor performance trends to assess the effectiveness of t
hese changes and to evaluate whether additional changes to address areas of underperformance are warranted.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>In the case of your fund, the Trustees considered that your fund&#146;s common share cumulative total return performance at net asset value was in the following percentiles of its Lipper Inc. peer group (Lipper General Municipal Debt Funds (leveraged closed-end)) (compared using tax-adjusted performance to recognize the different federal income tax treatment for capital gains distributions and exempt-interest distributions) for the one-, three- and five-year periods ended March 31, 2007 (the first percentile being the best-performing funds and the 100th percentile being the worst-performing funds):</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>21</FONT></P>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="31%"></TD>
     <TD width="39%"></TD>
     <TD width="29%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>One-year period</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>Three-year period</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>Five-year period</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>63rd</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>49th</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>62nd</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>(Because of the passage of time, these performance results may differ from the performance results for more recent periods shown elsewhere in this report. Over the one-, three- and five-year periods ended March 31, 2007, there were 56, 56 and 50 funds, respectively, in your fund&#146;s Lipper peer group.* Past performance is no guarantee of future returns.) </FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>As a general matter, the Trustees concluded that cooperative efforts between the Trustees and Putnam Management represent the most effective way to address investment performance problems. The Trustees noted that investors in the Putnam funds have, in effect, placed their trust in the Putnam organization, under the oversight of the funds&#146; Trustees, to make appropriate decisions regarding the management of the funds. Based on the responsiveness of Putnam Management in the recent past to Trustee concerns about investment performance, the Trustees concluded that it is preferable to seek change within Putnam Management to address performance shortcomings. In the Trustees&#146; view, the alternative of terminating a management contract and engaging a new investment adviser for an underperforming fund would entail significant disruptions and would not provide any greater assurance of improved investment performance.</FONT></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>Brokerage and soft-dollar allocations; other benefits</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>The Trustees considered various potential benefits that Putnam Management may receive in connection with the services it provides under the management contract with your fund. These include benefits related to brokerage and soft-dollar allocations, whereby a portion of the commissions paid by a fund for brokerage may be used to acquire research services that may be useful to Putnam Management in managing the assets of the fund and of other clients. The Trustees indicated their continued intent to monitor the potential benefits associated with the allocation of fund brokerage to ensure that the principle of seeking &#147;best price and execution&#148; remains paramount in the portfolio trading process.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>The Trustees&#146; annual review of your fund&#146;s management contract also included the review of your fund&#146;s custodian agreement and investor servicing agreement with Putnam Fiduciary Trust Company (&#147;PFTC&#148;), which provide benefits to affiliates of Putnam Management. In the case of the custodian agreement, the Trustees considered that, effective January 1, 2007, the Putnam funds had engaged State Street Bank and Trust Company as custodian and began to transition the responsibility for providing custody services away from PFTC.</FONT></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>* The percentile rankings for your fund&#146;s common share annualized total return performance in the Lipper General Municipal Debt Funds (leveraged closed-end) category for the one-, five- and ten-year periods ended September 30, 2007 were 55%, 43% and 59%, respectively. Over the one-, five- and ten-year periods ended September 30, 2007, the fund ranked 30th out of 54, 22nd out of 51 and 23rd out of 38, respectively. Unlike the information above, these rankings reflect performance before taxes. Note that this more recent information was not available when the Trustees approved the continuance of your fund&#146;s management contract. </FONT></I></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>22</FONT></P>
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<P align="left">
<B><FONT face="PGTextLH-Bold,Arial,Helvetica,sans-serif">Comparison of retail and institutional fee schedules</FONT></B></P>
<P align="left">
<FONT size=2 face="PGText-Light,Arial,Helvetica,sans-serif">The information examined by the Trustees as part of their annual contract review has included for many years information regarding fees charged by Putnam Management and its affiliates to
institutional clients such as defined benefit pension plans, college endowments, etc. This information included comparison of such fees with fees charged to the funds, as well as a detailed assessment of the differences in the services provided to
these two types of clients. The Trustees observed, in this regard, that the differences in fee rates between institutional clients and the funds are by no means uniform when examined by individual asset sectors, suggesting that differences in the
pricing of investment management services to these types of clients reflect to a substantial degree historical competitive forces operating in separate market places. The Trustees considered the fact that fee rates across all asset sectors are
higher on average for funds than for institutional clients, as well as the differences between the services that Putnam Management provides to the Putnam funds and those that it provides to institutional clients of the firm, but did not rely on such
comparisons to any significant extent in concluding that the management fees paid by your fund are reasonable.</FONT></P>
<P align="left">
<FONT size=2 face="PGText-Roman,Arial,Helvetica,sans-serif">23</FONT></P>

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<P align="left">
<B><FONT size=4 face="PGText-Bold,Arial,Helvetica,sans-serif">Other information</FONT></B><BR>
<B><FONT size=4 face="PGText-Bold,Arial,Helvetica,sans-serif">for shareholders</FONT></B></P>
<P align="left">
<B><FONT face="PGTextLH-Bold,Arial,Helvetica,sans-serif">Important notice regarding share repurchase program</FONT></B></P>
<P align="left">
<FONT size=2 face="PGText-Light,Arial,Helvetica,sans-serif">In September 2007, the Trustees of your fund approved the renewal of a share repurchase program that had been in effect since 2005. This renewal will allow your fund to repurchase, in the
12 months beginning October 8, 2007, up to 10% of the fund&#146;s common shares outstanding as of October 5, 2007.</FONT></P>
<P align="left">
<B><FONT face="PGTextLH-Bold,Arial,Helvetica,sans-serif">Important notice regarding delivery of shareholder documents</FONT></B></P>
<P align="left">
<FONT size=2 face="PGText-Light,Arial,Helvetica,sans-serif">In accordance with SEC regulations, Putnam sends a single copy of annual and semiannual shareholder reports, prospectuses, and proxy statements to Putnam shareholders who share the same
address, unless a shareholder requests otherwise. If you prefer to receive your own copy of these documents, please call Putnam at 1-800-225-1581, and Putnam will begin sending individual copies within 30 days.</FONT></P>
<P align="left">
<B><FONT face="PGTextLH-Bold,Arial,Helvetica,sans-serif">Proxy voting</FONT></B></P>
<P align="left">
<FONT size=2 face="PGText-Light,Arial,Helvetica,sans-serif">Putnam is committed to managing our mutual funds in the best interests of our shareholders. The Putnam funds&#146; proxy voting guidelines and procedures, as well as information regarding
how your fund voted proxies relating to portfolio securities during the 12-month period ended June 30, 2007, are available on the Putnam Individual Investor Web site, www.putnam.com/individual, and on the SEC&#146;s Web site, www.sec.gov. If you
have questions about finding forms on the SEC&#146;s Web site, you may call the SEC at 1-800-SEC-0330. You may also obtain the Putnam funds&#146; proxy voting guidelines and procedures at no charge by calling Putnam&#146;s Shareholder Services at
1-800-225-1581.</FONT></P>
<P align="left">
<B><FONT face="PGTextLH-Bold,Arial,Helvetica,sans-serif">Fund portfolio holdings</FONT></B></P>
<P align="left">
<FONT size=2 face="PGText-Light,Arial,Helvetica,sans-serif">The fund will file a complete schedule of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Shareholders may obtain the fund&#146;s Forms
N-Q on the SEC&#146;s Web site at www.sec.gov. In addition, the fund&#146;s Forms N-Q may be reviewed and copied at the SEC&#146;s Public Reference Room in Washington, D.C. You may call the SEC at 1-800-SEC-0330 for information about the SEC&#146;s
Web site or the operation of the Public Reference Room.</FONT></P>
<P align="left">
<B><FONT face="PGTextLH-Bold,Arial,Helvetica,sans-serif">Amendment to your fund&#146;s bylaws</FONT></B></P>
<P align="left">
<FONT size=2 face="PGText-Light,Arial,Helvetica,sans-serif">The fund is required to comply with asset coverage tests and other investment restrictions set forth in your fund&#146;s Bylaws. These requirements are imposed by the rating agencies that
rate the fund&#146;s preferred shares. In December, 2007, the fund&#146;s Bylaws were amended to expand the categories of investments that may be counted toward meeting the asset coverage tests and to liberalize the calculations applied to those
investments. The amendment effectively increases the fund&#146;s ability to invest in various derivative and lower-rated instruments. Specifically, (a) zero coupon bonds and</FONT></P>
<P align="left">
<FONT size=2 face="PGText-Roman,Arial,Helvetica,sans-serif">24</FONT></P>

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<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>swaps (including total return swaps, interest rate swaps, currency swaps and credit default swaps) may now be included when performing asset coverage tests; (b) the minimum original issue size of a qualified municipal obligation has been reduced; (c) pre-refunded bonds will now be discounted like AAA/Aaa-rated bonds even if they are not re-rated; and (d) the discount factors assigned to investments will be reduced, making it easier for the fund to satisfy the asset coverage tests.</FONT><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>This additional investment flexibility may increase the fund&#146;s exposure to credit risk and to risks associated with derivatives, some of which are described below.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2><B>&#149; <FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>Credit risk</FONT></B></FONT><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>:</FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Investors normally expect to be compensated in proportion to the risk they are assuming. Thus, debt of issuers with poor credit prospects usually offers higher yields than debt of issuers with more secure credit. Higher-rated investments generally have lower credit risk. </FONT><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Investments rated below BBB by Standard &amp; Poor&#146;s Rating Group Inc. (&#147;S&amp;P&#148;) or its equivalent are below investment grade. A below investment grade rating reflects a greater possibility that the issuers may be unable to make timely payments of interest and principal and thus default. If this happens, or is perceived as likely to happen, the values of those investments 
will be more volatile and are likely to fall. A default or expected default could also make it difficult for Putnam Management to sell investments at prices approximating the values Putnam Management had previously placed on them. Tax-exempt debt, particularly lower-rated tax-exempt debt, usually has a more limited market than taxable debt, which may at times make it difficult for to buy or sell certain tax-exempt investments or to establish their fair value. Credit risk is generally greater for investments that are issued at less than face value and that are required to make interest payments only at maturity rather than at intervals during the life of the investment.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2><B>&#149; <FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>Derivatives</FONT></B></FONT><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>:</FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Derivatives are financial instruments whose value depends upon, or is derived from, the value of something else, such as one or more underlying investments, pools of investments or indexes. The fund may use derivatives both for hedging and non-hedging purposes or as a substitute for direct investments in the securities of one or more issuers.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Derivatives involve special risks and may result in losses. The successful use of derivatives depends on Putnam Management&#146;s ability to manage these sophisticated instruments. Some derivatives are &#147;leveraged,&#148; which means that they provide a fund with investment exposure greater than the value of the fund&#146;s investment in the derivatives and may magnify or otherwise increase investment losses to the fund. The risk of loss from a &#147;short&#148; derivatives position-a derivative the value of which moves in the opposite direction from the price of the underlying investments, pools of investments or indexes-is theoretically unlimited. The prices of derivatives may move in unexpected ways due to the use of leverage or other factors, especially in unusual market conditions, and may result in increased volatility. The use of derivatives may also increase the amount of taxes payable by shareholders. Other risks arise from t
he potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the fund&#146;s derivatives positions at any time. In fact, many over-the-counter instruments (instruments not traded on an exchange) will not be liquid. Over-the-counter instruments also involve the risk that the other party to the transaction will not meet its obligations.</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>25</FONT></P>
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<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>Financial statements</FONT></B></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>A guide to financial statements</FONT></B></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>These sections of the report, as well as the accompanying Notes, constitute the fund&#146;s financial statements.</B></FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>The fund&#146;s portfolio</B> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>lists all the fund&#146;s investments and their values as of the last day of the reporting period. Holdings are organized by asset type and industry sector, country, or state to show areas of concentration and diversification.</FONT></FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Statement of assets and liabilities</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>shows how the fund&#146;s net assets and share price are determined. All investment and noninvestment assets are added together. Any unpaid expenses and other liabilities are subtracted from this total. The result is divided by the number of shares to determine the net asset value per share. (For funds with preferred shares, the amount subtracted from total assets includes the liquidation preference of preferred shares.)</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Statement of operations</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>shows the fund&#146;s net investment gain or loss. This is done by first adding up all the fund&#146;s earnings &#151; from dividends and interest income &#151; and subtracting its operating expenses to determine net investment income (or loss). Then, any net gain or loss the fund realized on the sales of its holdings &#151; as well as any unrealized gains or losses over the period &#151; is added to or subtracted from the net investment result to determine the fund&#146;s net gain or loss for the fiscal period.</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Statement of changes in net assets</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>shows how the fund&#146;s net assets were affected by the fund&#146;s net investment gain or loss, by distributions to shareholders, and by changes in the number of the fund&#146;s shares. It lists distributions and their sources (net investment income or realized capital gains) over the current reporting period and the most recent fiscal year-end. The distributions listed here may not match the sources listed in the Statement of operations because the distributions are determined on a tax basis and may be paid in a different period from the one in which they were earned. Dividend sources are estimated at the time of declaration. Actual results may vary. Any non-taxable return of capital cannot be determined until final tax calculations are completed after the end of the fund&#146;s fiscal year.</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Financial highlights</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>provide an overview of the fund&#146;s investment results, per-share distributions, expense ratios, net investment income ratios, and portfolio turnover in one summary table, reflecting the five most recent reporting periods. In a semiannual report, the highlight table also includes the current reporting period.</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>26</FONT></P>
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<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>The fund&#146;s portfolio </FONT></B><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>10/31/07 (Unaudited)</FONT></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>Key to abbreviations</FONT></B><BR>
<BR>
<FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=1>AMBAC </FONT><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=1>AMBAC Indemnity Corporation</FONT><BR>
<BR>
<FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=1>BAN </FONT><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=1>Bond Anticipation Notes</FONT><BR>
<BR>
<FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=1>COP </FONT><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=1>Certificate of Participation</FONT><BR>
<BR>
<FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=1>FGIC </FONT><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=1>Financial Guaranty Insurance Company</FONT><BR>
<BR>
<FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=1>FHA Insd. </FONT><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=1>Federal Housing Administration Insured</FONT><BR>
<BR>
<FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=1>FHLMC Coll. </FONT><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=1>Federal Home Loan Mortgage</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=1>Corporation Collateralized</FONT><BR>
<BR>
<FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=1>FNMA Coll. </FONT><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=1>Federal National Mortgage </FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=1>Association Collateralized</FONT><BR>
<BR>
<FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=1>FSA </FONT><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=1>Financial Security Assurance</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=1>GNMA Coll. </FONT><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=1>Government National Mortgage</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=1>Association Collateralized</FONT><BR>
<BR>
<FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=1>G.O. Bonds </FONT><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=1>General Obligation Bonds</FONT><BR>
<BR>
<FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=1>MBIA </FONT><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=1>MBIA Insurance Company</FONT><BR>
<BR>
<FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=1>PSFG </FONT><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=1>Permanent School Fund Guaranteed</FONT><BR>
<BR>
<FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=1>Radian Insd. </FONT><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=1>Radian Group Insured</FONT><BR>
<BR>
<FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=1>U.S. Govt. Coll. </FONT><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=1>U.S. Government Collateralized</FONT><BR>
<BR>
<FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=1>VRDN </FONT><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=1>Variable Rate Demand Notes</FONT><BR>
<BR>
<FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=1>XLCA </FONT><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=1>XL Capital Assurance</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
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     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>MUNICIPAL BONDS AND NOTES (168.7%)*</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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     <TD noWrap align=right>&nbsp; </TD>
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<TR>
     <TD colSpan=6></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Rating**</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Alabama (0.2%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Sylacauga, Hlth. Care Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Coosa Valley Med. Ctr.), Ser. A, 6s, 8/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>408,388</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Arizona (4.7%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AZ Hlth. Fac. Auth. Rev. Bonds (Banner Hlth.),</FONT>&nbsp; </TD>
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     <TD noWrap align=right>&nbsp; </TD>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ser. A, 5s, 1/1/15 #</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AA&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>3,890,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4,092,669</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AZ Hlth. Fac. Auth. Hosp. Syst. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(John C. Lincoln Hlth. Network), 6 3/8s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>12/1/37 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>849,698</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Casa Grande, Indl. Dev. Auth. Rev. Bonds</FONT>&nbsp; </TD>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Casa Grande Regl. Med. Ctr.), Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>7 5/8s, 12/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BB&#150;/P</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>950,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,008,891</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Cochise Cnty., Indl. Dev. Auth. Rev. Bonds</FONT>&nbsp; </TD>
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     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Sierra Vista Cmnty. Hosp.), Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6 3/4s, 12/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>455,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>462,198</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Glendale, Indl. Dev. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Midwestern U.), 5s, 5/15/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>800,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>820,808</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Marana, Impt. Dist. Special Assmt. Bonds</FONT>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Tangerine Farms Road), 4.6s, 1/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>570,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>540,708</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Pima Cnty., Indl. Dev. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Horizon Cmnty. Learning Ctr.), 5.05s, 6/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>487,475</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
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     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>8,262,447</FONT>&nbsp; </TD></TR>
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     <TD colSpan=6>
<HR noShade SIZE=1>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Arkansas (1.1%)</FONT>&nbsp; </TD>
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     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Independence Cnty., Poll. Control Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Entergy AR, Inc.), 5s, 1/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,003,880</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Jefferson Cnty., Poll. Control Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Entergy AR, Inc.), 4.6s, 10/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>201,510</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>27</FONT></P>
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<A name="page_29"></A>
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     <TD noWrap align=left colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>MUNICIPAL BONDS AND NOTES (168.7%)* </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Rating**</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Arkansas </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Springdale, Sales &amp; Use Tax Rev. Bonds, FSA,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4.05s, 7/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>502,780</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Washington Cnty., Hosp. Rev. Bonds (Regl.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Med. Ctr.), Ser. B, 5s, 2/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>246,290</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>1,954,460</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>California (24.7%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Anaheim, City School Dist. G.O. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Election of 2002), MBIA, zero %, 8/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,195,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>503,131</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Anaheim, Pub. Fin. Auth. Lease Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Pub. Impt.), Ser. C, FSA, zero %, 9/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,221,080</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Burbank, Unified School Dist. G.O. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Election of 1997), Ser. C, FGIC, zero %, 8/1/23</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>490,310</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>CA Edl. Fac. Auth. Rev. Bonds (U. of the Pacific),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5s, 11/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>450,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>464,958</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>CA State G.O. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5 1/8s, 4/1/23</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>521,155</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5s, 11/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,018,100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>CA State Econ. Recvy. G.O. Bonds, Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5s, 7/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AA+</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,045,410</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>CA State Pub. Wks. Board Rev. Bonds (Dept.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>of Hlth. Svcs. Richmond Laboratory), Ser. B,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>XLCA, 5s, 11/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,810,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,887,432</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>CA Statewide Cmnty., Dev. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Huntington Memorial Hosp.), 5s, 7/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>256,378</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>CA Statewide Cmntys., Dev. Auth. COP</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(The Internext Group), 5 3/8s, 4/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,753,413</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Cathedral City, Impt. Board Act of 1915</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Special Assmt. Bonds (Cove Impt. Dist.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ser. 04-02, 5.05s, 9/2/35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>234,045</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Chula Vista COP, MBIA, 5s, 8/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4,137,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Chula Vista, Indl. Dev. Rev. Bonds (San Diego</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Gas), Ser. B, 5s, 12/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>635,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>647,059</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Garvey, School Dist. G.O. Bonds (Election of</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2004), FSA, zero %, 8/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>647,514</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Gilroy, Rev. Bonds (Bonfante Gardens Park),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>8s, 11/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>B&#150;/P</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>576,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>536,412</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Golden State Tobacco Securitization Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ser. A-1, 5s, 6/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,125,163</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ser. A-1, 4 1/2s, 6/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>625,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>581,819</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ser. 03 A-1, 5s, 6/1/21 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>85,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>85,830</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Metro. Wtr. Dist. Rev. Bonds (Southern CA</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Wtr. Wks.), 5 3/4s, 8/10/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6,814,440</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Redwood City, Elementary School Dist. G.O.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Bonds, FGIC, zero %, 8/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,990,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,081,207</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Rocklin, Unified School Dist. G.O. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>FGIC, zero %, 8/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>807,180</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>28</FONT></P>
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<A name="page_30"></A>
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     <TD noWrap align=left colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>MUNICIPAL BONDS AND NOTES (168.7%)* </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Rating**</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
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<HR noShade SIZE=1>
&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>California </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Sacramento, Special Tax (North Natomas</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Cmnty. Fac.), Ser. 97-01, 5s, 9/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,185,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,128,950</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Sacramento, City Unified School Dist. G.O.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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     <TD noWrap align=left>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Bonds (Election 1999), Ser. D, FSA, 5s, 7/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,072,560</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>San Bernardino Cnty., COP (Med. Ctr. Fin.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ser. A, MBIA, 6 1/2s, 8/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5,799,650</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>San Diego Cnty., COP, AMBAC, 5 5/8s, 9/1/12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6,247,740</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Silicon Valley, Tobacco Securitization Auth. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Bonds (Santa Clara), Ser. A, zero %, 6/1/36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BBB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>112,223</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Sunnyvale, Cmnty. Fac. Dist. Special Tax Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Bonds, 7.65s, 8/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BB&#150;/P</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>715,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>755,948</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>42,976,507</FONT>&nbsp; </TD></TR>
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<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Colorado (0.6%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>CO Hlth. Fac. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Christian Living Cmntys.), Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5 3/4s, 1/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BB&#150;/P</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>101,055</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Evangelical Lutheran), 5 1/4s, 6/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>535,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>553,254</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Evangelical Lutheran), 5s, 6/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>340,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>337,770</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>992,079</FONT>&nbsp; </TD></TR>
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<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Delaware (1.0%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>GMAC Muni. Mtge. Trust 144A sub. notes,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ser. A1-2, 4.9s, 10/31/39</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,510,575</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>New Castle Cnty., Rev. Bonds (Newark</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Charter School, Inc.), 5s, 9/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>188,810</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>1,699,385</FONT>&nbsp; </TD></TR>
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<HR noShade SIZE=1>
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<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>District of Columbia (3.3%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>DC Wtr. &amp; Swr. Auth. Pub. Util. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Bonds, FGIC, 5s, 10/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5,550,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>5,715,501</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Florida (5.0%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>FL Hsg. Fin. Corp. Rev. Bonds (Homeowner</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Mtge.), Ser. 5, 5s, 7/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aa1</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>695,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>701,137</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Halifax, Hosp. Med. Ctr. Rev. Bonds, Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5 1/4s, 6/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,069,680</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Lee Cnty., Indl. Dev. Auth. Hlth. Care Fac. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Bonds (Alliance Cmnty.), Ser. C, 5 1/2s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>11/15/29 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,048,130</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Miami Beach, Hlth. Fac. Auth. Hosp. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Bonds (Mount Sinai Med. Ctr.), Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6.8s, 11/15/31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ba1</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>532,980</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Reunion West, Cmnty. Dev. Dist. Special</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Assmt. Bonds, 6 1/4s, 5/1/36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BB&#150;/P</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>790,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>795,814</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>South Bay, Cmnty. Dev. Dist. Rev. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ser. B-1, 5 1/8s, 11/1/09</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BB&#150;/P</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>630,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>612,933</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Split Pine, Cmnty. Dev. Dist. Special</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Assmt. Bonds, Ser. A, 5 1/4s, 5/1/39</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BB&#150;/P</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>424,290</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>29</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<A name="page_31"></A>
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     <TD noWrap align=left colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>MUNICIPAL BONDS AND NOTES (168.7%)* </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Rating**</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Florida </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>St. Lucie Cnty., School Board COP (Master</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Lease), Ser. A, FSA, 5s, 7/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,965,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,025,404</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Tolomato, Cmnty. Dev. Dist. Special Assmt.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Bonds, 5.4s, 5/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BB&#150;/P</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>150,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>130,752</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Wentworth Estates, Cmnty. Dev. Dist. Special</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Assmt. Bonds, Ser. B, 5 1/8s, 11/1/12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BB&#150;/P</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>340,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>318,012</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>8,659,132</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Georgia (7.7%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Atlanta, Arpt. Rev. Bonds, Ser. B, FGIC,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5 5/8s, 1/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>3,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>3,093,780</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Atlanta, Wtr. &amp; Waste Wtr. Rev. Bonds, FSA,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5s, 11/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4,187,120</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Atlanta, Wtr. &amp; Waste Wtr. VRDN, Ser. C,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>FSA, 3 5/8s, 11/1/41</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>VMIG1</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,100,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Effingham Cnty., Indl. Dev. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Pacific Corp.), 6 1/2s, 6/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>B2</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>900,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>919,872</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Main St. Natural Gas, Inc. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(GA Gas), Ser. B</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5s, 3/15/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>995,120</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5s, 3/15/11</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,024,150</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Savannah, Econ. Dev. Auth. Poll. Control Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Bonds (Intl. Paper Co.), Ser. A, 5.1s, 8/1/14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,029,790</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>13,349,832</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Hawaii (0.2%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>HI State Hsg. Fin. &amp; Dev. Corp. Rev. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ser. A, FNMA Coll., 5 3/4s, 7/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>280,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>286,938</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Idaho (0.3%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>ID Hsg. &amp; Fin. Assn. Rev. Bonds (Single Fam.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Mtge.), Ser. C-2, FHA Insd., 5.15s, 7/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>505,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>505,934</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Illinois (2.6%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Lake Cnty., Cmnty. Construction G.O. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(School Dist. No. 073 Hawthorn), FGIC,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>zero %, 12/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,650,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>923,423</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Metropolitan Pier &amp; Exposition Auth. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Bonds (McCormack Place Expansion Project),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>MBIA, 5s, 12/15/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,770,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,815,135</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Montgomery, Special Assmt. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Lakewood Creek), Radian Insd., 4.7s, 3/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>570,492</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Southern IL U. Rev. Bonds (Hsg. &amp; Auxiliary),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ser. A, MBIA, zero %, 4/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,230,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,232,900</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>4,541,950</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>30</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<A name="page_32"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="44%"></TD>
     <TD width="13%"></TD>
     <TD align=right width="6%"></TD>
     <TD width="17%"></TD>
     <TD align=right width="6%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>MUNICIPAL BONDS AND NOTES (168.7%)* </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Rating**</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Indiana (8.4%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Anderson, Econ. Dev. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Anderson U.), 5s, 10/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BBB&#150;/F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>120,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>118,111</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Carmel Clay, Indl. Parks Bldg. Corp. Rev. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>MBIA, 5s, 1/15/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,076,940</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Fairfield, School Bldg. Corp. Ind. Rev. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>FGIC, 5s, 7/15/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>3,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>3,111,300</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>GCS School Bldg. Corp. Rev. Bonds (First Mtg.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>FSA, 5s, 7/15/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,032,240</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>IN Bk. Special Program Gas Rev. Bonds, Ser. A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5 1/4s, 10/15/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aa2</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>180,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>186,305</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5 1/4s, 10/15/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aa2</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>550,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>577,561</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>IN Hlth. Fac. Fin. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Cmnty. Hosp.), Ser. A, AMBAC, 5s, 5/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,695,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,795,470</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>IN State Dev. Fin. Auth. Env. Impt. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(USX Corp.), 5.6s, 12/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,135,994</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Indianapolis, Arpt. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Federal Express Corp.), 5.1s, 1/15/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,558,775</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>14,592,696</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Iowa (1.3%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>IA Fin. Auth. Hlth. Care Fac. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Care Initiatives), 9 1/4s, 7/1/25 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>840,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,008,470</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>IA State Higher Ed. Loan Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5s, 10/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BBB&#150;/F</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>605,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>594,987</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Wartburg), Ser. A, 5s, 10/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BBB&#150;/F</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>605,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>597,220</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>2,200,677</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Kansas (0.5%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Lawrence, Hosp. Rev. Bonds (Lawrence</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Memorial Hosp.), 5 1/4s, 7/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>523,320</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Salina, Hosp. Rev. Bonds (Salina Regl. Hlth.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5s, 10/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>316,185</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>839,505</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Louisiana (4.0%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>LA Local Govt. Env. Fac. Cmnty. Dev. Auth.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Rev. Bonds (St. James Place), Ser. A, 7s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>11/1/20 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AAA/P</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>950,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,032,033</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>LA Pub. Fac. Auth. Rev. Bonds (Pennington</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Med. Foundation), 5s, 7/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>350,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>362,751</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>LA State Office Fac. Corp. Lease Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Capitol Complex), Ser. A, MBIA</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5 1/2s, 3/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,069,180</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5 1/2s, 3/1/12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>3,440,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>3,558,990</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>7,022,954</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>31</FONT></P>
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<A name="page_33"></A>
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     <TD noWrap align=left colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>MUNICIPAL BONDS AND NOTES (168.7%)* </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Rating**</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Maine (0.3%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Rumford, Solid Waste Disp. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Boise Cascade Corp.), 6 7/8s, 10/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ba3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>626,370</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Maryland (0.2%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Baltimore Cnty., Rev. Bonds (Oak Crest</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Village, Inc. Fac.), Ser. A, 5s, 1/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>425,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>426,211</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Massachusetts (3.4%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>MA State Dev. Fin. Agcy. Rev. Bonds (Linden</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ponds, Inc.), Ser. A, 5 1/2s, 11/15/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>510,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>509,475</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>MA State Dev. Fin. Agcy. Higher Ed. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Bonds (Emerson College), Ser. A, 5s, 1/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>140,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>145,944</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>MA State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(UMass Memorial), Ser. C, 6 1/2s, 7/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,875,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,974,150</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Berkshire Hlth. Syst.), Ser. E,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6 1/4s, 10/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,354,977</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Hlth. Care Syst. Covenant Hlth.), Ser. E,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6s, 7/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,800,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,902,114</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>5,886,660</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Michigan (6.2%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Detroit, G.O. Bonds, Ser. A, FGIC, 5s, 7/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4,505,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4,605,777</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>MI Higher Ed. Fac. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Kalamazoo College), 5 1/2s, 12/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>530,570</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>MI State Hosp. Fin. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Oakwood Hosp.), Ser. A, 5 3/4s, 4/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,038,930</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Hosp. Sparrow), 5s, 11/15/23</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,370,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,395,962</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>MI State Hsg. Dev. Auth. Rev. Bonds, Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>3.9s, 6/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AA+</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,198,344</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>MI State Strategic Fund, Ltd. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Worthington Armstrong Venture), U.S. Govt.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Coll., 5 3/4s, 10/1/22 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AAA/P</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,650,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,862,537</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>MI Tobacco Settlement Fin. Auth. Rev. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ser. A, 6s, 6/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>175,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>175,495</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>10,807,615</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Minnesota (1.1%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>MN State Higher Ed. Fac. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(U. of St. Thomas), Ser. 6-I, 5s, 4/1/23</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>520,870</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>MN State Hsg. Fin. Agcy. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Res. Hsg.), Ser. B, 5s, 7/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AA+</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>555,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>567,349</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>North Oaks, Sr. Hsg. Rev. Bonds (Presbyterian</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Homes), 6 1/8s, 10/1/39</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>315,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>321,183</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>St. Paul, Hsg. &amp; Redev. Auth. Hosp. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Healtheast), 6s, 11/15/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>450,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>472,770</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>1,882,172</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>32</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<A name="page_34"></A>
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<TR>
     <TD width="44%"></TD>
     <TD width="13%"></TD>
     <TD align=right width="6%"></TD>
     <TD width="17%"></TD>
     <TD align=right width="6%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>MUNICIPAL BONDS AND NOTES (168.7%)* </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Rating**</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Mississippi (1.2%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>MS Bus. Fin. Corp. Poll. Control Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Syst. Energy Resources, Inc.)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5.9s, 5/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,003,180</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5 7/8s, 4/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>580,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>581,421</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>MS Home Corp. Rev. Bonds (Single Fam.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Mtge.), Ser. B-2, GNMA Coll., FNMA Coll.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6.45s, 12/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>465,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>475,342</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>2,059,943</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Missouri (4.0%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Cape Girardeau Cnty., Indl. Dev. Auth. Hlth.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Care Fac. Rev. Bonds (St. Francis Med. Ctr.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ser. A, 5 1/2s, 6/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,854,790</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>MO State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Washington U.), Ser. A, 5s, 2/15/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,570,975</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>MO State Hlth. &amp; Edl. Fac. Auth. VRDN (Cox</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Hlth. Syst.), AMBAC, 3.64s, 6/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>VMIG1</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,370,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,370,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>MO State Hsg. Dev. Comm. Mtge. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Single Fam. Homeowner Loan), Ser. C-1,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>GNMA Coll., FNMA Coll., 7.15s, 3/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>540,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>571,590</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Single Fam. Home Ownership Loan),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ser. C, GNMA Coll., FNMA Coll.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5.6s, 9/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>515,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>540,163</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>6,907,518</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Nevada (5.8%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Clark Cnty., G.O. Bonds (Pk. &amp; Regl. Justice</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ctr.), FGIC, 5 5/8s, 11/1/19 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>3,505,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>3,655,119</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Clark Cnty., Arpt. Rev. Bonds, Ser. A-2,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>FGIC, 5 1/8s, 7/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5,189,350</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Clark Cnty., Impt. Dist. Special Assmt. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Summerlin No. 151), 5s, 8/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>663,649</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Henderson, Local Impt. Dist. Special</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Assmt. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(No. T-16), 5 1/8s, 3/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>195,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>181,728</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(No. T-16), 5.1s, 3/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>305,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>288,872</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(No. T-17), 5s, 9/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BB&#150;/P</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>175,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>159,560</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>10,138,278</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>New Hampshire (0.4%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>NH Hlth. &amp; Ed. Fac. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Southern NH Med. Ctr.), Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5 1/4s, 10/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>675,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>688,554</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>33</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<A name="page_35"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="44%"></TD>
     <TD width="13%"></TD>
     <TD align=right width="6%"></TD>
     <TD width="17%"></TD>
     <TD align=right width="6%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>MUNICIPAL BONDS AND NOTES (168.7%)* </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Rating**</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>&nbsp;
<HR noShade SIZE=1>
&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>New Jersey (5.4%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Newark, Hsg. Auth. Rev. Bonds (Port Auth.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Newark Marine Terminal), MBIA, 5 1/4s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1/1/20 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,086,870</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>NJ Econ. Dev. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Cigarette Tax), 5 3/4s, 6/15/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,572,030</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Motor Vehicle), Ser. A, MBIA, 5s, 7/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,090,780</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>NJ Hlth. Care Fac. Fin. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Hunterdon Med. Ctr.), Ser. B</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5s, 7/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>575,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>593,308</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5s, 7/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>520,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>540,327</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>NJ State Rev. Bonds (Trans. Syst.), Ser. C,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AMBAC, zero %, 12/15/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4,200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,935,234</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Tobacco Settlement Fin. Corp. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ser. 1A, 5s, 6/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>350,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>317,615</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6 3/4s, 6/1/39 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,150,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,326,997</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>9,463,161</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>New Mexico (0.7%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>NM Mtge. Fin. Auth. Rev. Bonds (Single</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Fam. Mtge.)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ser. C, GNMA Coll., FNMA Coll., FHLMC</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Coll., 5.82s, 9/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>650,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>674,921</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ser. F2, Class I, GNMA Coll., FNMA Coll.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>FHLMC Coll., 5.6s, 7/1/38</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>533,905</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>1,208,826</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>New York (9.5%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Buffalo, G.O. Bonds, Ser. D, FGIC,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5 1/2s, 12/15/13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,071,960</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Niagara Cnty., Indl. Dev. Agcy. Rev. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Mandatory Put Bonds, Ser. C, 5 5/8s, 11/15/14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>511,725</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>NY City, G.O. Bonds, Ser. J/J-1, 5s, 6/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,051,910</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>NY City, City Transitional Fin. Auth. Rev. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AMBAC, 5 1/4s, 8/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,068,540</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>NY City, Hsg. Dev. Corp. Rev. Bonds, Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>FGIC, 5s, 7/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>523,925</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>NY City, Indl. Dev. Agcy. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Liberty-7 World Trade Ctr.), Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6 1/4s, 3/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>B&#150;/P</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>418,196</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Brooklyn Navy Yard Cogen. Partners),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6.2s, 10/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>770,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>819,526</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>NY City, Indl. Dev. Agcy. Special Arpt. Fac.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Rev. Bonds (Airis JFK I, LLC), Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5 1/2s, 7/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,097,270</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>NY City, Indl. Dev. Agcy. Special Fac.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(JFK Intl. Arpt.), Ser. A, 8s, 8/1/12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>B</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>661,230</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(British Airways PLC), 5 1/4s, 12/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ba1</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>183,818</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>34</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<A name="page_36"></A>
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<TR>
     <TD width="44%"></TD>
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     <TD align=right width="6%"></TD>
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<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>MUNICIPAL BONDS AND NOTES (168.7%)* </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Rating**</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>New York </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>NY Cntys., Tobacco Trust III Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Tobacco Settlement), 6s, 6/1/43</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,542,015</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>NY State Energy Research &amp; Dev. Auth. Gas</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Fac. Rev. Bonds (Brooklyn Union Gas),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6.952s, 7/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,029,760</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Onondaga Cnty., Indl. Dev. Agcy. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Solvay Paperboard, LLC), 7s, 11/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(acquired 6/30/04, cost $827,862) &#135;</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>800,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>823,664</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Port. Auth. NY &amp; NJ Special Oblig. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(JFK Intl. Air Term. &#151; 6), MBIA, 5.9s, 12/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,532,370</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Triborough Bridge &amp; Tunnel Auth. Rev. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ser. A, 5s, 1/1/32 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,125,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,249,716</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>16,585,625</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>North Carolina (1.3%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>NC Med. Care Cmnty. Hlth. Care Fac. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Bonds (Pines at Davidson), Ser. A, 5s, 1/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A&#150;/F</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>635,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>659,714</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>NC State Muni. Pwr. Agcy. Rev. Bonds (No. 1,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Catawba Elec.), Ser. B, 6 1/2s, 1/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,584,315</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>2,244,029</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Ohio (9.3%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Buckeye, Tobacco Settlement Fin. Auth. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Bonds, Ser. A-2, 5 3/4s, 6/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>3,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>3,379,810</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Cleveland, Muni. School Dist. G.O. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>FSA, 5s, 12/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5,700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5,939,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Coshocton Cnty., Env. 144A Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Smurfit-Stone Container Corp.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5 1/8s, 8/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>CCC+</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>495,190</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Field, Local School Dist. G.O. Bonds (School</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Fac. Construction &amp; Impt.), AMBAC,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5s, 12/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,048,760</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Montgomery Cnty., Rev. Bonds (Catholic Hlth.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Initiatives), Ser. A, 5s, 5/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aa2</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,025,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,038,365</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Montgomery Cnty., Hosp. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Kettering Med. Ctr.), 6 3/4s, 4/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,085,210</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Rickenbacker, Port Auth. Rev. Bonds (OASBO</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Expanded Asset Pooled), Ser. A, 5 3/8s, 1/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,165,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,303,170</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>16,289,905</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Oklahoma (4.1%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>OK Dev. Fin. Auth. Rev. Bonds (Hillcrest Hlth.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Care Syst.), Ser. A, U.S. Govt. Coll., 5 5/8s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>8/15/29 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>950,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>995,059</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>OK Hsg. Fin. Agcy. Single Fam. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Homeownership Loan), Ser. C-2, GNMA</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Coll., FNMA Coll., 5.7s, 9/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5,915,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6,237,604</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>7,232,663</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>35</FONT></P>
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<A name="page_37"></A>
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<TR>
     <TD width="44%"></TD>
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     <TD align=right width="6%"></TD>
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<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>MUNICIPAL BONDS AND NOTES (168.7%)* </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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<TR>
     <TD colSpan=6></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Rating**</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Pennsylvania (9.5%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Allegheny Cnty., Hosp. Dev. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Pittsburgh Mercy Hlth. Syst.), AMBAC, 5 5/8s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>8/15/26 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5,079,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Bucks Cnty., Indl. Dev. Auth. Retirement</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Cmnty. Rev. Bonds (Ann&#146;s Choice, Inc.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ser. A, 5.3s, 1/1/14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>710,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>716,624</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Carbon Cnty., Indl. Dev. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Panther Creek Partners), 6.65s, 5/1/10</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>575,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>585,919</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Hempfield, Area School Dist. G.O. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Westmoreland Cnty.), Ser. A, FGIC, 5 1/4s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>3/15/21 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4,382,640</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Lancaster Cnty., Hosp. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Gen. Hosp.), 5 1/2s, 3/15/26 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AA&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,643,505</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Lehigh Cnty., Gen. Purpose Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Lehigh Valley Hosp. Hlth. Network), Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5 1/4s, 7/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,012,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>PA State Econ. Dev. Fin. Auth. Resource</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Recvy. Rev. Bonds (Northampton Generating),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ser. A, 6.6s, 1/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>B+</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>700,763</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>PA State Higher Edl. Fac. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Philadelphia U.)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5s, 6/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>690,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>679,878</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5s, 6/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>260,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>262,155</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Sayre, Hlth. Care Fac. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Guthrie Hlth.), Ser. A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5 7/8s, 12/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>330,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>345,437</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5 7/8s, 12/1/31 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,120,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,224,922</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>16,634,043</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Puerto Rico (1.3%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Cmnwlth. of PR, G.O. Bonds, Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5 1/4s, 7/1/14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,136,280</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Cmnwlth. of PR, Govt. Dev. Bank Rev. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ser. AA, 5s, 12/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>211,342</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>2,347,622</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Rhode Island (0.1%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Tobacco Settlement Fin. Corp. Rev. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ser. A, 6 1/4s, 6/1/42</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>201,962</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>South Carolina (7.6%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Greenwood Cnty., Hosp. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Memorial Hosp.), 5 1/2s, 10/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>515,535</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Lexington Cnty. Hlth. Svcs. Dist. Inc. Hosp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Rev. Bonds, 5 1/2s, 5/1/37 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>825,878</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Lexington Cnty., Hlth. Svcs. Dist. Hosp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Rev. Bonds, 5s, 11/1/23</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>508,255</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>36</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<A name="page_38"></A>
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<TR>
     <TD width="44%"></TD>
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     <TD noWrap align=left colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>MUNICIPAL BONDS AND NOTES (168.7%)* </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
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<TR>
     <TD colSpan=6></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Rating**</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>South Carolina </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>SC Jobs Econ. Dev. Auth. Hosp. Fac. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Palmetto Hlth.), Ser. C</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6s, 8/1/20 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,110,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,239,626</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6s, 8/1/20 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>140,000</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>156,349</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>SC State Pub. Svcs. Auth. Rev. Bonds, Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AMBAC, 5s, 1/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5,168,100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>SC Tobacco Settlement Rev. Mgmt. Auth.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Rev. Bonds, Ser. B, 6 3/8s, 5/15/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,135,000</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,225,054</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>SC Trans. Infrastructure Bk. Rev. Bonds, Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AMBAC, 5s, 10/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,460,000</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,570,823</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>13,209,620</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>South Dakota (1.1%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>SD Edl. Enhancement Funding Corp. SD</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Tobacco Rev. Bonds, Ser. B, 6 1/2s, 6/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>450,000</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>463,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>SD Hsg. Dev. Auth. Rev. Bonds (Home</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ownership Mtge.), Ser. J, 4 1/2s, 5/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>502,665</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>SD State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Sanford Hlth.)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5s, 11/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AA&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>250,000</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>258,980</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5s, 11/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AA&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>595,000</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>620,573</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>1,845,718</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Tennessee (2.9%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Johnson City, Hlth. &amp; Edl. Fac. Board Hosp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Rev. Bonds (First Mtge. Mountain States Hlth.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ser. A, 7 1/2s, 7/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,750,000</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>3,065,948</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Sullivan Cnty., Hlth. Edl. &amp; Hsg. Hosp. Fac.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Board Rev. Bonds (Wellmont Hlth. Syst.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ser. C</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5s, 9/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>430,000</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>430,576</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5s, 9/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,460,000</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,476,513</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>4,973,037</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Texas (12.7%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Bexar Cnty., Hlth. Fac. Dev. Corp. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(St. Luke&#146;s Hlth. Syst.), FSA, 6.1s, 11/15/23</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4,174,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Edgewood, Indpt. School Dist. Bexar Cnty.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>G.O. Bonds, Ser. A, PSFG, 5s, 2/15/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,020,000</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,085,711</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>El Paso, Indpt. School Dist. G.O. Bonds, Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>PSFG, 5 1/4s, 8/15/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,345,000</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,505,890</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Gateway, Pub. Fac. Corp. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Stonegate Villas Apt.), FNMA Coll.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4.55s, 7/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>771,255</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Leander, Indpt. School Dist. G.O. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>PSFG, zero %, 8/15/15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6,650,000</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4,849,845</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>37</FONT></P>
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<A name="page_39"></A>
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     <TD noWrap align=left colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>MUNICIPAL BONDS AND NOTES (168.7%)* </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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<TR>
     <TD colSpan=6></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Rating**</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Texas </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Port Corpus Christi Indl. Dev. Corp. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Bonds (Valero), Ser. C, 5.4s, 4/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>720,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>732,125</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Sabine River Auth. Rev. Bonds (TXU Electric),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ser. C, 5.2s, 5/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>CCC</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>448,840</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>San Antonio Wtr. Rev. Bonds, Ser. A, FSA,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5s, 5/15/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,047,100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Snyder, Indpt. School Dist. G.O. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(School Bldg.), AMBAC, 5 1/4s, 2/15/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,280,000</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,365,926</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Tomball, Hosp. Auth. Rev. Bonds (Tomball</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Regl. Hosp.), 6s, 7/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,038,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>TX State Dept. of Hsg. &amp; Cmnty. Affairs Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Bonds (Single Fam.), Ser. F, FHA Insd.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5 3/4s, 3/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,062,860</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>22,082,052</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Utah (1.2%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Salt Lake City, Hosp. Rev. Bonds, AMBAC,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6 3/4s, 5/15/20 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>2,002,840</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Virginia (2.4%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Fredericksburg, Indl. Dev. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Medicorp Hlth. Syst.), Ser. B, 5 1/8s, 6/15/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A3</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>504,770</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Front Royal &amp; Warren Cnty., Indl. Dev. Auth.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Lease Rev. Bonds (School Cap. Impt.), Ser. B,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>FSA, 5s, 4/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,589,900</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Henrico Cnty., Econ. Dev. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(United Methodist), Ser. A, 6.7s, 6/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,047,060</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>4,141,730</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Washington (5.4%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Chelan Cnty. Dev. Corp. Rev. Bonds (Alcoa),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5.85s, 12/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A2</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4,001,120</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Tobacco Settlement Auth. of WA Rev. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6 1/2s, 6/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,175,000</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,232,975</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>WA State G.O. Bonds (Motor Vehicle Fuel),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ser. B, MBIA, 5s, 7/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4,160,360</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>9,394,455</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>West Virginia (1.4%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Harrison Cnty., Cmnty. Solid Waste Disp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Rev. Bonds (Allegheny Energy), Ser. D,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5 1/2s, 10/15/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,150,000</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,155,210</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Princeton, Hosp. Rev. Bonds (Cmnty. Hosp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Assn., Inc.), 6.1s, 5/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>B2</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,300,000</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,321,970</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>2,477,180</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>38</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<A name="page_40"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="44%"></TD>
     <TD width="13%"></TD>
     <TD align=right width="6%"></TD>
     <TD width="17%"></TD>
     <TD align=right width="6%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>MUNICIPAL BONDS AND NOTES (168.7%)* </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Rating**</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Wisconsin (4.6%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Badger Tobacco Settlement Asset Securitization</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Corp. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>7s, 6/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,755,636</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6 3/8s, 6/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,597,475</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>WI State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Wheaton Franciscan), 5 3/4s, 8/15/30</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>A&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,400,000</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,622,327</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>7,975,438</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>TOTAL INVESTMENTS</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Total investments (cost $283,698,502)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>293,741,612</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>* Percentages indicated are based on net assets of $174,123,617.</FONT></I></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>** The Moody&#146;s or Standard &amp; Poor&#146;s ratings indicated are believed to be the most recent ratings available at October 31, 2007 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 October 31, 2007. Securities rated by Putnam are indicated by &#147;/P.&#148; Securities rated by Fitch are indicated by &#147;/F.&#148; </FONT></I></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>&#135; Restricted, excluding 144A securities, as to public resale. The total market value of restricted securities held at October 31, 2007 was $823,664 or 0.5% of net assets.</FONT></I></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1># A portion of this security was pledged and segregated with the custodian to cover margin requirements for futures contracts at October 31, 2007.</FONT></I></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>144A after the name of an issuer represents securities exempt from registration under Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.</FONT></I></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>The rates shown on VRDN and Mandatory Put Bonds are the current interest rates at October 31, 2007. </FONT></I></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>The dates shown on Mandatory Put Bonds are the next mandatory put dates.</FONT></I></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>The dates shown on debt obligations other than Mandatory Put Bonds are the original maturity dates.</FONT></I></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>The fund had the following sector concentrations greater than 10% at October 31, 2007 (as a percentage of net assets):</FONT></I></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="50%"></TD>
     <TD width="50%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>Health care</FONT></I>&nbsp; </TD>
     <TD noWrap align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>42.1%</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>Local government</FONT></I>&nbsp; </TD>
     <TD noWrap align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>33.1</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>Utilities</FONT></I>&nbsp; </TD>
     <TD noWrap align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>23.8</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>State government</FONT></I>&nbsp; </TD>
     <TD noWrap align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>14.2</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>Tobacco</FONT></I>&nbsp; </TD>
     <TD noWrap align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>10.4</FONT></I>&nbsp; </TD></TR></TABLE><BR>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>The fund had the following insurance concentrations greater than 10% at October 31, 2007 (as a percentage of net assets):</FONT></I></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="50%"></TD>
     <TD width="50%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>FGIC</FONT></I>&nbsp; </TD>
     <TD noWrap align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>19.9%</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>AMBAC</FONT></I>&nbsp; </TD>
     <TD noWrap align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>17.6</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>MBIA</FONT></I>&nbsp; </TD>
     <TD noWrap align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>17.3</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>FSA</FONT></I>&nbsp; </TD>
     <TD noWrap align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>17.0</FONT></I>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="32%"></TD>
     <TD width="19%"></TD>
     <TD width="15%"></TD>
     <TD width="8%" background=""></TD>
     <TD width="13%"></TD>
     <TD width="14%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>FUTURES CONTRACTS OUTSTANDING at 10/31/07 (Unaudited)</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Number of</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Expiration</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Unrealized</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>contracts</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>date</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>depreciation</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=6>
<HR noShade SIZE=1>
&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>U.S. Treasury Note 10 yr (Short)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>81</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$8,911,266</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Dec-07</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$(129,211)</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>The accompanying notes are an integral part of these financial statements.</FONT></I></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>39</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_41"></A>
<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>Statement of assets and liabilities </FONT></B><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>10/31/07 (Unaudited)</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="79%"></TD>
     <TD width="20%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>ASSETS</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Investment in securities, at value (Note 1):</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Unaffiliated issuers (identified cost $283,698,502)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$293,741,612</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Cash</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>48,728</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Interest and other receivables</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4,527,460</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Receivable for securities sold</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,112,564</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Receivable from Manager (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>81,954</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Receivable for variation margin (Note 1)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>144,940</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Total assets</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>299,657,258</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;&nbsp;&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>LIABILITIES</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Distributions payable to shareholders</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>649,014</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Distributions payable to preferred shareholders (Note 1)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>110,670</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Payable for securities purchased</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,894,121</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Payable for shares of the fund repurchased</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>154,043</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Payable for compensation of Manager (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>417,046</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Payable for investor servicing (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>12,411</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Payable for Trustee compensation and expenses (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>69,117</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Payable for administrative services (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,141</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Other accrued expenses</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>226,078</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Total liabilities</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>4,533,641</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;&nbsp;&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Series A remarketed preferred shares: (800 shares authorized</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>and issued at $50,000 per share) (Note 4)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>40,000,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Series B and C remarketed preferred shares: (3,240 shares authorized</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>and issued at $25,000 per share) (Note 4)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>81,000,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Net assets</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$174,123,617</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>REPRESENTED BY</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Paid-in capital &#151; common shares (Unlimited shares authorized) (Notes 1 and 5)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$187,074,549</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Distributions in excess of net investment income (Note 1)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(347,508)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Accumulated net realized loss on investments (Note 1)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(22,517,323)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Net unrealized appreciation of investments</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>9,913,899</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Total &#151; Representing net assets applicable to common shares outstanding</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$174,123,617</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>COMPUTATION OF NET ASSET VALUE</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Net asset value per common share</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>($174,123,617 divided by 13,559,959 shares)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$12.84</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>The accompanying notes are an integral part of these financial statements.</FONT></I></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>40</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_42"></A>
<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>Statement of operations </FONT></B><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Six months ended 10/31/07 (Unaudited)</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="68%"></TD>
     <TD width="31%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>INTEREST INCOME</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$ 7,515,742</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>EXPENSES</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Compensation of Manager (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>854,641</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Investor servicing fees (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>45,889</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Custodian fees (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>3,869</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Trustee compensation and expenses (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>23,468</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Administrative services (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>7,624</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Legal expense</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>142,555</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Preferred share remarketing agent fees</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>156,287</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Other</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>217,408</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Total expenses</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>1,451,741</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Expense reduction (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(84,418)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Net expenses</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>1,367,323</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Net investment income</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>6,148,419</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Net realized gain on investments (Notes 1 and 3)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>153,615</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Net realized loss on futures contracts (Note 1)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(481,948)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Net unrealized depreciation of investments</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>and futures contracts during the period</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(5,348,195)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Net loss on investments</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>(5,676,528)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Net increase in net assets resulting from operations</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$ 471,891</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2></TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>DISTRIBUTIONS TO SERIES A, B, AND C REMARKETED PREFERRED SHAREHOLDERS (NOTE 1):</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>From tax exempt net investment income</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(2,316,109)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Net decrease in net assets resulting from operations</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>(applicable to common shareholders)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$(1,844,218)</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>The accompanying notes are an integral part of these financial statements.</FONT></I></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>41</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_43"></A>
<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>Statement of changes in net assets </FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="60%"></TD>
     <TD width="20%"></TD>
     <TD width="19%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>DECREASE IN NET ASSETS</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Six months ended</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Year ended</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>10/31/07*</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4/30/07</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>Operations:</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Net investment income</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$ 6,148,419</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$ 13,659,990</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Net realized loss on investments</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(328,333)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(436,585)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Net unrealized appreciation (depreciation) of investments</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(5,348,195)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4,388,138</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Net increase in net assets resulting from operations</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>471,891</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>17,611,543</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>DISTRIBUTIONS TO SERIES A, B, AND C REMARKETED PREFERRED SHAREHOLDERS (NOTE 1):</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>From tax exempt net investment income</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(2,316,109)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(4,325,346)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Net increase (decrease) in net assets resulting from operations</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>(applicable to common shareholders)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>(1,844,218)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>13,286,197</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>DISTRIBUTIONS TO COMMON SHAREHOLDERS (NOTE 1):</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>From tax exempt net investment income</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(4,063,539)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(8,859,421)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Decrease from shares repurchased (Note 5)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(20,144,456)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(7,799,198)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Total decrease in net assets</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>(26,052,213)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>(3,372,422)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>NET ASSETS</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Beginning of period</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>200,175,830</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>203,548,252</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>End of period </FONT><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(including distributions in excess of net investment</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>income of $347,508 and $116,279, respectively)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$174,123,617</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$200,175,830</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>NUMBER OF FUND SHARES</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Common shares outstanding at beginning of period</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>15,172,510</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>15,846,380</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Shares repurchased (Note 5)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(1,611,217)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(673,870)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Retirement of shares held by the fund (Note 5)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(1,334)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Common shares outstanding at end of period</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>13,559,959</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>15,172,510</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Remarketed preferred shares outstanding at beginning</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>and end of period</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4,040</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4,040</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>* Unaudited</FONT></I></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>The accompanying notes are an integral part of these financial statements.</FONT></I></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>42</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_44"></A>
<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>Financial highlights </FONT></B><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>(For a common share outstanding throughout the period)</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="26%"></TD>
     <TD width="11%"></TD>
     <TD width="13%"></TD>
     <TD width="13%"></TD>
     <TD width="13%"></TD>
     <TD width="13%"></TD>
     <TD width="11%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>PER-SHARE OPERATING PERFORMANCE</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center></TD>
     <TD noWrap align=center background=""><FONT face=Arial size=1>Six months ended**</FONT>&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=center background="">&nbsp;</TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Year ended</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background="">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>10/31/07</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4/30/07</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4/30/06</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4/30/05</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4/30/04</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4/30/03</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Net asset value,</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>beginning of period</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>(common shares)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTextLH-Roman,Arial,Helvetica,sans-serif size=1>$13.19</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTextLH-Roman,Arial,Helvetica,sans-serif size=1>$12.85</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTextLH-Roman,Arial,Helvetica,sans-serif size=1>$13.15</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTextLH-Roman,Arial,Helvetica,sans-serif size=1>$12.72</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTextLH-Roman,Arial,Helvetica,sans-serif size=1>$12.98</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTextLH-Roman,Arial,Helvetica,sans-serif size=1>$13.00</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>Investment operations:</FONT></I>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Net investment income (a)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>.43</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>.89</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>.86</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>.91</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1.00</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1.09</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Net realized and unrealized</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>gain (loss) on investments</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(.37)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>.23</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(.30)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>.51</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(.24)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(.10)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Total from</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>investment operations</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>.06</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>1.12</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>.56</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>1.42</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>.76</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>.99</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>Distributions to</FONT></I>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>preferred shareholders:</FONT></I>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>From net</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>investment income</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(.16)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(.28)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(.21)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(.12)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(.07)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(.10)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Total from investment</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>operations (applicable to</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>common shareholders)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>(.10)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>.84</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>.35</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>1.30</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>.69</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>.89</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>Distributions to</FONT></I>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>common shareholders:</FONT></I>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>From net</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>investment income</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(.29)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(.57)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(.68)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(.87)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(.95)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(.91)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Total distributions</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>(.29)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>(.57)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>(.68)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>(.87)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>(.95)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>(.91)</FONT>&nbsp; </TD></TR>
<TR>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Increase from</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>shares repurchased</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>.04</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>.07</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>.03</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Net asset value,</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>end of period</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>(common shares)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$12.84</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$13.19</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$12.85</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$13.15</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$12.72</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$12.98</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Market price,</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>end of period</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>(common shares)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$11.40</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$12.20</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$11.68</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$11.72</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$12.47</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$12.48</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Total return at</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>market price (%)</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>(common shares) </FONT><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(b)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>(4.24)</FONT><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>*</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>9.64</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>5.61</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>.82</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>7.49</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>7.35</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=7>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>RATIOS AND SUPPLEMENTAL DATA</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Net assets, end of period</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>(common shares)</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>(in thousands)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTextLH-Roman,Arial,Helvetica,sans-serif size=1>$174,124</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTextLH-Roman,Arial,Helvetica,sans-serif size=1>$200,176</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTextLH-Roman,Arial,Helvetica,sans-serif size=1>$203,548</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTextLH-Roman,Arial,Helvetica,sans-serif size=1>$212,505</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTextLH-Roman,Arial,Helvetica,sans-serif size=1>$205,571</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTextLH-Roman,Arial,Helvetica,sans-serif size=1>$209,697</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ratio of expenses to</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>average net assets (%)(c,d)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>.79*</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1.28</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1.37</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1.40</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1.37</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1.41</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ratio of net</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>investment income</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>to average net assets (%)(d)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2.10*</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4.61</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4.92</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6.15</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>7.05</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>7.65</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Portfolio turnover (%)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>18.44*</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>12.60</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>10.74</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>29.51</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>19.19</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>12.30</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=1>(Continued on next page)</FONT>&nbsp; </TD>
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<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>43</FONT></P>
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<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>Financial highlights </FONT></B><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>(Continued)</FONT></P>
<P align=left><FONT face=PGTextLH-Roman,Arial,Helvetica,sans-serif size=1>* </FONT><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>Not annualized. </FONT></I></P>
<P align=left><FONT face=PGTextLH-Roman,Arial,Helvetica,sans-serif size=1>** </FONT><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>Unaudited.</FONT></I></P>
<P align=left><FONT face=PGTextLH-Roman,Arial,Helvetica,sans-serif size=1>(a) </FONT><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>Per share net investment income has been determined on the basis of the weighted average number of shares outstanding during the period.</FONT></I></P>
<P align=left><FONT face=PGTextLH-Roman,Arial,Helvetica,sans-serif size=1>(b) </FONT><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>Total return assumes dividend reinvestment.</FONT></I></P>
<P align=left><FONT face=PGTextLH-Roman,Arial,Helvetica,sans-serif size=1>(c) </FONT><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>Includes amounts paid through expense offset arrangements (Note 2).</FONT></I></P>
<P align=left><FONT face=PGTextLH-Roman,Arial,Helvetica,sans-serif size=1>(d) </FONT><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>Ratios reflect net assets available to common shares only: net investment income ratio also reflects reduction for dividend payments to preferred shareholders.</FONT></I></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>The accompanying notes are an integral part of these financial statements.</FONT></I></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>44</FONT></P>
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<A name="page_46"></A>
<P align=left><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4><STRONG>Notes to financial statements</STRONG> <FONT size=2>10/31/07 (Unaudited)</FONT></FONT></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif size=2>Note 1: Significant accounting policies</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Putnam Municipal Opportunities Trust (the &#147;fund&#148;) is registered under the Investment Company Act of 1940, as amended, as a non-diversified, closed-end management investment company. The fund&#146;s investment objective is to seek as high a level of current income exempt from federal income tax as Putnam Investment Management, LLC (&#147;Putnam Management&#148;), the fund&#146;s manager, a wholly-owned subsidiary of Putnam, LLC believes is consistent with the preservation of capital. The fund intends to achieve its objective by investing in a portfolio of investment grade and some below investment-grade municipal bonds selected by Putnam Management.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>In the normal course of business, the fund enters into contracts that may include agreements to indemnify another party under given circumstances. The fund&#146;s maximum exposure under these arrangements is unknown as this would involve future claims that may be, but have not yet been, made against the fund. However, the fund expects the risk of material loss to be remote.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>The following is a summary of significant accounting policies consistently followed by the fund in the preparation of its financial statements. The preparation of financial statements is in conformity with accounting principles generally accepted in the United States of America and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>A) Security valuation</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,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</FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>value. Certain investments are also 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 val
ue of a security at a given point in time and does not reflect an actual market price, which may be different by a material amount.</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>B) Security transactions and related investment income</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Gains or losses on securities sold are determined on the identified cost basis. Interest income is recorded on the accrual basis. All premiums/discounts are amortized/accreted on a yield-to-maturity basis. The premium in excess of the call price, if any, is amortized to the call date; thereafter, any remaining premium is amortized to maturity.</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>C) Futures and options contracts</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,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=PGText-Light,Arial,Helvetica,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</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>45</FONT></P>
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<A name="page_47"></A>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>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=PGText-Light,Arial,Helvetica,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>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>D) Federal taxes</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>It is the policy of the fund to distribute all of its income within the prescribed time and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended, (the &#147;Code&#148;) applicable to regulated investment companies. It is also the intention of the fund to distribute an amount sufficient to avoid imposition of any excise tax under Section 4982 of the Code, as amended. Therefore, no provision has been made for federal taxes on income, capital gains or unrealized appreciation on securities held nor for excise tax on income and capital gains.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>At April 30, 2007, the fund had a capital loss carryover of $21,500,758 available to the extent allowed by the Code to offset future net capital gain, if any.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>The amount of the carryover and the expiration dates are:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="50%"></TD>
     <TD width="49%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Loss Carryover</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Expiration</FONT>&nbsp;</TD></TR>
<TR>
     <TD noWrap align=right background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$2,526,324</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>April 30, 2008</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,503,027</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>April 30, 2009</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,243,569</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>April 30, 2010</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>3,588,009</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>April 30, 2011</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>8,885,378</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>April 30, 2012</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,388,286</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>April 30, 2013</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>366,165</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>April 30, 2015</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Pursuant to federal income tax regulations applicable to regulated investment companies, the fund has elected to defer to its fiscal year ending April 30, 2008 $457,139 of losses recognized during the period November 1, 2006 to April 30, 2007.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>The aggregate identified cost on a tax basis is $283,680,169, resulting in gross unrealized appreciation and depreciation of $11,261,256 and $1,199,813, respectively, or net unrealized appreciation of $10,061,443.</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>E) Distributions to shareholders</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Distributions to common and preferred shareholders from net investment income are recorded by the fund on the ex-dividend date. Distributions from capital gains, if any, are recorded on the ex-dividend date and paid at least annually. Dividends on remar-keted preferred shares become payable when, as and if declared by the Trustees. Each dividend period for the remarketed preferred shares is generally a 28-day period for Series A and a 7-day period for Series B and C. The applicable dividend rate for the remarketed preferred shares on October 31, 2007 was 3.65% for Series A and 3.60% for Series B and C. The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Dividend sources are estimated at the time of decla
ration. Actual results may vary. Any non-taxable return of capital cannot be determined until final tax calculations are completed after the end of the fund&#146;s fiscal year. Reclassifications are made to the fund&#146;s</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>46</FONT></P>
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<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations.</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>F) Determination of net asset value</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Net asset value of the common shares is determined by dividing the value of all assets of the fund, less all liabilities and the liquidation preference of any outstanding remarketed preferred shares, by the total number of common shares outstanding as of period end.</FONT></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif size=2>Note 2: Management fee, administrative services and other transactions</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Putnam Management is paid for management and investment advisory services quarterly based on the average net assets of the fund. Such fee is based on the lesser of (i) an annual rate of 0.55% of the average net assets of the fund attributable to common and preferred shares outstanding or (ii) the following annual rates expressed as a percentage of the fund&#146;s average weekly net assets attributable to common and preferred shares outstanding: 0.65% of the first $500 million and 0.55% of the next $500 million, with additional breakpoints at higher asset levels.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Prior to August 3, 2007, such fee was based on the lesser of (i) an annual rate of 0.35% of the average net assets of the fund attributable to common and preferred shares outstanding or (ii) the following annual rates were expressed as a percentage of the fund&#146;s average weekly net assets attributable to common and preferred shares outstanding: 0.45% of the first $500 million and 0.35% of the next $500 million, with additional breakpoints at higher asset levels.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>In addition, the fund paid an administrative services fee to Putnam Management quarterly based on an annual rate of 0.20% of the average weekly net assets attributable to common and preferred shares outstanding. These amounts are included in Compensation of Manager in the Statement of operations.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Effective August 3, 2007, Marsh &amp; McLennan Companies, Inc. sold its ownership interest in Putnam Management, its parent companies and affiliates to a wholly-owned subsidiary of Great-West Lifeco, Inc. The fund&#146;s shareholders have approved a new management contract for the fund that became effective upon the sale.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>If dividends payable on remarketed preferred shares during any dividend payment period plus any expenses attributable to remarketed preferred shares for that period exceed the fund&#146;s gross income attributable to the proceeds of the remarketed preferred shares during that period, then the fee payable to Putnam Management for that period will be reduced by the amount of the excess (but not more than the effective management and administrative service fees rate under the contracts multiplied by the liquidation preference of the remarketed preferred shares outstanding during the period).</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>The fund reimburses Putnam Management an allocated amount for the compensation and related expenses of certain officers of the fund and their staff who provide administrative services to the fund. The aggregate amount of all such reimbursements is determined annually by the Trustees.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Custodial services for the fund&#146;s assets were provided by Putnam Fiduciary Trust Company (&#147;PFTC&#148;), an affiliate of Putnam Management, and by State Street Bank and Trust Company (&#147;State Street&#148;). Custody fees are based on the fund&#146;s asset level, the number of its security holdings, transaction volumes and with respect to PFTC, certain fees related to the transition of assets to State Street. Putnam Investor Services, a division of PFTC, provided investor servicing agent functions to the fund. Putnam Investor Services was paid a monthly fee for investor servicing at an annual rate of 0.05% of the fund&#146;s average net assets. During the period ended October 31, 2007, the fund incurred $47,713 for custody and investor servicing agent functions provided by PFTC.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>The fund has entered into arrangements with PFTC and State Street whereby PFTC&#146;s and State</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>47</FONT></P>
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<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Street&#146;s fees are reduced by credits allowed on cash balances. For the six months ended October 31, 2007, the fund&#146;s expenses were reduced by $84,418 under these arrangements. </FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Each independent Trustee of the fund receives an annual Trustee fee, of which $290, as a quarterly retainer, has been allocated to the fund, and an additional fee for each Trustees meeting attended. Trustees receive additional fees for attendance at certain committee meetings and industry seminars and for certain compliance-related matters. Trustees also are reimbursed for expenses they incur relating to their services as Trustees.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>The fund has adopted a Trustee Fee Deferral Plan (the &#147;Deferral Plan&#148;) which allows the Trustees to defer the receipt of all or a portion of Trustees fees payable on or after July 1, 1995. The deferred fees remain invested in certain Putnam funds until distribution in accordance with the Deferral Plan. </FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>The fund has adopted an unfunded noncontributory defined benefit pension plan (the &#147;Pension Plan&#148;) covering all Trustees of the fund who have served as a Trustee for at least five years and were first elected prior to 2004. Benefits under the Pension Plan are equal to 50% of the Trustee&#146;s average annual attendance and retainer fees for the three years ended December 31, 2005. The retirement benefit is payable during a Trustee&#146;s lifetime, beginning the year following retirement, for the number of years of service through December 31, 2006. Pension expense for the fund is included in Trustee compensation and expenses in the Statement of operations. Accrued pension liability is included in Payable for Trustee compensation and expenses in the Statement of assets and liabilities. The Trustees have terminated the Pension Plan with respect to any Trustee first elected after 2003.</FONT></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif size=2>Note 3: Purchases and sales of securities</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>During the six months ended October 31, 2007 cost of purchases and proceeds from sales of investment securities other than short-term&nbsp;</FONT><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>investments aggregated $54,426,102 and $66,358,093, respectively. There were no purchases or sales of U.S. government securities.</FONT></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif size=2>Note 4: Preferred shares</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>The Series A (800), Series B (1,620) and Series C (1,620) Remarketed Preferred shares are redeemable at the option of the fund on any dividend payment date at a redemption price of $50,000, $25,000 and $25,000 per share, plus an amount equal to any dividends accumulated on a daily basis but unpaid through the redemption date (whether or not such dividends have been declared) and, in certain circumstances, a call premium.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>It is anticipated that dividends paid to holders of remarketed preferred shares will be considered tax-exempt dividends under the Internal Revenue Code of 1986. To the extent that the fund earns taxable income and capital gains by the conclusion of a fiscal year, it may be required to apportion to the holders of the remarketed preferred shares throughout that year additional dividends as necessary to result in an after-tax equivalent to the applicable dividend rate for the period. </FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Under the Investment Company Act of 1940, the fund is required to maintain asset coverage of at least 200% with respect to the remarketed preferred shares. Additionally, the fund&#146;s bylaws impose more stringent asset coverage requirements and restrictions relating to the rating of the remarketed preferred shares by the shares&#146; rating agencies. Should these requirements not be met, or should dividends accrued on the remarketed preferred shares not be paid, the fund may be restricted in its ability to declare dividends to common shareholders or may be required to redeem certain of the remarketed preferred shares. At October 31, 2007, no such restrictions have been placed on the fund.</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>48</FONT></P>
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<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif size=2>Note 5: Shares repurchased</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>In September 2007, the Trustees approved the renewal of the repurchase program to allow the fund to repurchase up to an additional 10% of its outstanding common shares over the 12-month period ending October 7, 2008 (based on shares outstanding as of October 5, 2007). Prior to this renewal, the Trustees had approved a repurchase program to allow the fund to repurchases up to 10% of its outstanding common shares over the 12-month period ending October 6, 2007 (based on shares outstanding as of October 7, 2005). Repurchases are made when the fund&#146;s shares are trading at less than net asset value and in accordance with procedures approved by the fund&#146;s Trustees. </FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>For the six months ended October 31, 2007, the fund repurchased 93,966 common shares for an aggregate purchase price of $1,072,611, which reflects a weighted-average discount from net asset value per share of 10.65% .</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>In July 2007, the fund repurchased 1,517,251 common shares pursuant to an issuer tender offer commenced on June 4, 2007, for up to 10% if its outstanding common shares, at $12.57 per share, for an aggregate purchase price of $19,071,845. The tender offer purchase price represented a discount of 2% from the net asset value of the fund&#146;s common shares as of July 12, 2007.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>During the period, the fund retired 1,334 shares held by the fund in a control account. No monies were paid by the fund as a result of the retirement of shares.</FONT></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif size=2>Note 6: Regulatory matters and litigation</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>In late 2003 and 2004, Putnam Management settled charges brought by the Securities and Exchange Commission (the &#147;SEC&#148;) and the Massachusetts Securities Division in connection with excessive short-term trading in Putnam funds. Payments from Putnam Management will be distributed to certain open-end Putnam funds and their shareholders. These allegations and related matters have served as the general basis </FONT><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>for certain lawsuits, including purported class action lawsuits against Putnam Management and, in a limited number of cases, some Putnam funds. Putnam Management believes that these lawsuits will have no material adverse effect on the funds or on Putnam Management&#146;s ability to provide investment management services. In addition, Putnam Management has agreed to bear any costs incurred by the Putnam funds as a result of these matters.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Putnam Management and Putnam Retail Management are named as defendants in a civil suit in which the plaintiffs allege that the management and distribution fees paid by certain Putnam funds were excessive and seek recovery under the Investment Company Act of 1940. Putnam Management and Putnam Retail Management have contested the plaintiffs&#146; claims and the matter is currently pending in the U.S. District Court for the District of Massachusetts. Based on currently available information, Putnam Management believes that this action is without merit and that it is unlikely to have a material effect on Putnam Management&#146;s and Putnam Retail Management&#146;s ability to provide services to their clients, including the fund.</FONT></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif size=2>Note 7: New accounting pronouncements</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>In June 2006, the Financial Accounting Standards Board (&#147;FASB&#148;) issued Interpretation No. 48, </FONT><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Accounting for Uncertainty in Income Taxes </FONT></I><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>(the &#147;Interpretation&#148;). The Interpretation prescribes a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken by a filer in the filer&#146;s tax return. Upon adoption, the Interpretation did not have a material effect on the fund&#146;s financial statements. However, the conclusions regarding the Interpretation may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance expected from the FASB, and on-going analysis of tax laws, regulations and interpretations thereof.</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>49</FONT></P>
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<P align="left">
<FONT size=2 face="PGText-Light,Arial,Helvetica,sans-serif">In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, </FONT><I><FONT size=2 face="PGText-LightItalic,Arial,Helvetica,sans-serif">Fair Value Measurements
</FONT></I><FONT size=2 face="PGText-Light,Arial,Helvetica,sans-serif">(the &#147;Standard&#148;). The Standard defines fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. The
Standard applies to fair value measurements already required or permitted by existing standards. The Standard is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal
years. Putnam Management is currently evaluating what impact the adoption of the Standard will have on the fund&#146;s financial statements.</FONT></P>
<P align="left">
<B><FONT size=2 face="PGTextLH-Bold,Arial,Helvetica,sans-serif">Note 8: Actions by Trustees</FONT></B></P>
<P align="left">
<FONT size=2 face="PGText-Light,Arial,Helvetica,sans-serif">The Trustees of the Putnam Funds have approved a plan to merge Putnam Municipal Bond Fund and Putnam Investment Grade Municipal Trust, both closed-end funds managed by Putnam Management,
into the Fund. The transaction is scheduled to occur in 2008. It is subject to a number of conditions, including approval of a majority of the outstanding shareholders of the fund, and there is no guarantee it will occur.</FONT></P>
<P align="left">
<FONT size=2 face="PGText-Roman,Arial,Helvetica,sans-serif">50</FONT></P>

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<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>Shareholder meeting </FONT></B><BR>
<B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>results (unaudited)</FONT></B></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>An annual meeting of shareholders of the fund was held on October 31, 2007.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>At the meeting, each of the nominees for Trustees was elected, as follows:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="25%"></TD>
     <TD width="25%"></TD>
     <TD width="25%"></TD>
     <TD align=center width="25%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=1>Common shares</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=1>Votes for</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=1>Votes withheld</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>Jameson A. Baxter</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>11,299,122</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>1,022,502</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>Charles E. Haldeman Jr.</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>11,332,216</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>989,408</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>Charles B. Curtis</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>11,328,748</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>992,876</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>Robert J. Darretta</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>11,328,590</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>993,034</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>Myra R. Drucker</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>11,395,629</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>925,995</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>Paul L. Joskow</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>11,330,605</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>991,019</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>Kenneth R. Leibler</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>11,330,613</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>991,011</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>Elizabeth T. Kennan</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>11,380,245</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>941,379</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>George Putnam, III</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>11,313,910</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>1,007,714</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>W. Thomas Stephens</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>11,318,452</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>1,003,172</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>Richard B. Worley</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>11,307,992</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>1,013,632</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=1>Preferred shares</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=1>Votes for</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=1>Votes withheld</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>John A. Hill</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>3,722</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>34</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>Robert E. Patterson</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>3,722</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>34</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>All tabulations are rounded to nearest whole number.</FONT></I></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>May 15, 2007 meeting</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>A proposal to approve a new management contract between the fund and Putnam Investment Management, LLC was approved as follows:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="27%"></TD>
     <TD width="44%"></TD>
     <TD width="27%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=1>Votes for</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=1>Votes against</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=1>Abstentions</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>9,226,523</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>455,336</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>273,389</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>All tabulations rounded to the nearest whole number.</FONT></I></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>October 15, 2007 meeting</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>A special meeting of shareholders of the fund was held on October 15, 2007 to consider several proposals relating to the merger of Putnam Municipal Bond Fund and Putnam Investment Grade Municipal Trust into the fund, which such meeting was adjourned to a later date.</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>51</FONT></P>
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<A name="page_53"></A>
<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>Fund information</FONT></B></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>About Putnam Investments</FONT></B></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Founded 70 years ago, Putnam Investments was built around the concept that a balance between risk and reward is the hallmark of a well-rounded financial program. We manage over 100 mutual funds in growth, value, blend, fixed income, and international.</B></FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="31%"></TD>
     <TD width="33%"></TD>
     <TD width="34%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>Investment Manager</FONT>&nbsp;</B></TD>
     <TD noWrap align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Officers</B></FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Francis J. McNamara, III</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Putnam Investment</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Charles E. Haldeman, Jr.</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Vice President and</FONT></I>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Management, LLC</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>President</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Chief Legal Officer</FONT></I>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>One Post Office Square</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Boston, MA 02109</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=Arial size=2>Charles E. Porter</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=Arial size=2>Robert R. Leveille</FONT>&nbsp;</TD></TR>
<TR>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""><EM><FONT face=Arial size=2>Executive Vice President,</FONT></EM>&nbsp;</TD>
     <TD noWrap align=left background=""><EM><FONT face=Arial size=2>Vice President and</FONT></EM>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Marketing Services</B></FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Principal Executive Officer,</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Chief Compliance Officer</FONT></I>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Putnam Retail Management</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Associate Treasurer and</FONT></I>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>One Post Office Square</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Compliance Liaison</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><FONT face=Arial size=2>Mark C. Trenchard</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Boston, MA 02109</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><EM><FONT face=Arial size=2>Vice President and</FONT></EM>&nbsp;</TD></TR>
<TR>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""><FONT face=Arial size=2>Jonathan S. Horwitz</FONT>&nbsp;</TD>
     <TD noWrap align=left background=""><EM><FONT face=Arial size=2>BSA Compliance Officer</FONT></EM>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Custodian&nbsp;</B></FONT></TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Senior Vice President</FONT></I>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>State Street Bank and Trust</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>and Treasurer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><FONT face=Arial size=2>Judith Cohen</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Company</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><EM><FONT face=Arial size=2>Vice President, Clerk and</FONT></EM>&nbsp;</TD></TR>
<TR>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""><FONT face=Arial size=2>Steven D. Krichmar</FONT>&nbsp;</TD>
     <TD noWrap align=left background=""><EM><FONT face=Arial size=2>Assistant Treasurer</FONT></EM>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Legal Counsel&nbsp;</B></FONT></TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Vice President and</FONT></I>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Ropes &amp; Gray LLP</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Principal Financial Officer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><FONT face=Arial size=2>Wanda M. McManus</FONT>&nbsp;</TD></TR>
<TR>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""><EM><FONT face=Arial size=2>Vice President, Senior Associate</FONT></EM>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Trustees</B></FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Janet C. Smith</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Treasurer and Assistant Clerk</FONT></I>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>John A. Hill,</FONT> <I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Chairman</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Vice President, Principal</FONT></I>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Jameson Adkins Baxter,</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Accounting Officer and</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><FONT face=Arial size=2>Nancy E. Florek</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Vice Chairman</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Assistant Treasurer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><EM><FONT face=Arial size=2>Vice President, Assistant Clerk,</FONT></EM>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Charles B. Curtis</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><EM><FONT face=Arial size=2>Assistant Treasurer and</FONT></EM>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Robert J. Darretta</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=Arial size=2>Susan G. Malloy</FONT>&nbsp;</TD>
     <TD noWrap align=left><EM><FONT face=Arial size=2>Proxy Manager</FONT></EM>&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Myra R. Drucker</FONT>&nbsp;</TD>
     <TD noWrap align=left><EM><FONT face=Arial size=2>Vice President and</FONT></EM>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Charles E. Haldeman, Jr.</FONT>&nbsp;</TD>
     <TD noWrap align=left><EM><FONT face=Arial size=2>Assistant Treasurer</FONT></EM>&nbsp;&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Paul L. Joskow</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Elizabeth T. Kennan</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=Arial size=2>Beth S. Mazor</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Kenneth R. Leibler</FONT>&nbsp;</TD>
     <TD noWrap align=left><EM><FONT face=Arial size=2>Vice President</FONT></EM>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD noWrap align=left background=""><FONT face=Arial size=2>Robert E. Patterson</FONT>&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=Arial size=2>George Putnam, III</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=Arial size=2>James P. Pappas</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=Arial size=2>W. Thomas Stephens</FONT>&nbsp;</TD>
     <TD noWrap align=left><EM><FONT face=Arial size=2>Vice President</FONT></EM>&nbsp;&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD noWrap align=left background=""><FONT face=Arial size=2>Richard B. Worley</FONT>&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Richard S. Robie, III</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Vice President</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>52</FONT></P>
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<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2></FONT>&nbsp;</P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2></FONT>&nbsp;</P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2></FONT>&nbsp;</P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2></FONT>&nbsp;</P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2></FONT>&nbsp;</P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2></FONT>&nbsp;</P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2></FONT>&nbsp;</P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2></FONT>&nbsp;</P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2></FONT>&nbsp;</P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2></FONT>&nbsp;</P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2></FONT>&nbsp;</P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2></FONT>&nbsp;</P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>Call 1-800-225-1581 weekdays between 8:30 a.m. and 8:00 p.m. or on Saturday between 9:00 a.m. and 5:00 p.m. Eastern Time, or visit our Web site (www.putnam.com) anytime for up-to-date information </FONT><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>about the fund&#146;s NAV.</FONT></P>
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<P align=left><U><FONT face=sans-serif size=2>Item 2. Code of Ethics:</FONT></U><FONT face=sans-serif size=2> </FONT><BR>
<BR>
<FONT face=sans-serif size=2>Not Applicable </FONT><BR>
<BR>
<U><FONT face=sans-serif size=2>Item 3. Audit Committee Financial Expert:</FONT></U><FONT face=sans-serif size=2> </FONT><BR>
<BR>
<FONT face=sans-serif size=2>Not Applicable </FONT><BR>
<BR>
<U><FONT face=sans-serif size=2>Item 4. Principal Accountant Fees and Services:</FONT></U><FONT face=sans-serif size=2> </FONT><BR>
<BR>
<FONT face=sans-serif size=2>Not Applicable </FONT><BR>
<BR>
<U><FONT face=sans-serif size=2>Item 5. Audit Committee</FONT></U><FONT face=sans-serif size=2> </FONT><BR>
<BR>
<FONT face=sans-serif size=2>Not Applicable </FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Item 6. Schedule of Investments:</FONT></U></P>
<P align=left><FONT face=sans-serif size=2>The registrant&#146;s schedule of investments in unaffiliated issuers is included in the report to shareholders in Item 1 above. </FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Item 7. Disclosure of Proxy Voting Policies and Procedures For Closed-End Management</FONT></U><FONT face=sans-serif size=2> </FONT><U><FONT face=sans-serif size=2>Investment Companies:</FONT></U><FONT face=sans-serif size=2> </FONT></P>
<P align=left><FONT face=sans-serif size=2>Not applicable </FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Item 8. Portfolio Managers of Closed-End Management Investment Companies</FONT></U><FONT face=sans-serif size=2> </FONT></P>
<P align=left><FONT face=sans-serif size=2>(a) Not applicable </FONT></P>
<P align=left><FONT face=sans-serif>(b) There have been no changes to the list of the registrant&#146;s identified portfolio managers included in the registrant&#146;s report on Form N-CSR for the most recent completed fiscal year. </FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and</FONT></U><FONT face=sans-serif size=2> </FONT><U><FONT face=sans-serif size=2>Affiliated Purchasers:</FONT></U><FONT face=sans-serif size=2> </FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="20%"></TD>
     <TD align=right width="20%"></TD>
     <TD align=right width="20%"></TD>
     <TD align=right width="20%"></TD>
     <TD align=right width="20%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>Registrant Purchase of Equity Securities</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>Maximum</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>Total Number</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>Number (or</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>of Shares</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>Approximate</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>Purchased</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>Dollar Value )</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>as Part</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>of Shares</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>of Publicly</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>that May Yet Be</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>Total Number</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>Average</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>Announced</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>Purchased</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>of Shares</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>Price Paid</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>Plans or</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>under the Plans</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><U><FONT face=sans-serif size=2>Period</FONT></U>&nbsp; </TD>
     <TD noWrap align=right><U><FONT face=sans-serif size=2>Purchased</FONT></U>&nbsp; </TD>
     <TD noWrap align=right><U><FONT face=sans-serif size=2>per Share</FONT></U>&nbsp; </TD>
     <TD noWrap align=right><U><FONT face=sans-serif size=2>Programs*</FONT></U>&nbsp; </TD>
     <TD noWrap align=right><U><FONT face=sans-serif size=2>or Programs**</FONT></U>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>May 1 - May</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>-</FONT>&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>-</FONT>&nbsp; </TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>31, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>631,127</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>June 1 - June</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>-</FONT>&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>-</FONT>&nbsp; </TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>30, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>631,127</FONT>&nbsp; </TD></TR></TABLE><BR>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="20%"></TD>
     <TD align=right width="20%"></TD>
     <TD align=right width="20%"></TD>
     <TD width="20%"></TD>
     <TD width="20%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>July 1 - July 31,</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>2007</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,517,251</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>$12.57</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,517,251***</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>631,127</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>August 1 -</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>August 31,</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>2007</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>32,838</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>$11.29</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>32,838</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>598,289</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>September 1 -</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>September 30,</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>2007</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>11,424</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>$11.57</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>11,424</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>586,865</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>October 1 -</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>October 31,</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>2007</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>49,704</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>$11.46</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>49,704</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,898,128</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>*The Board of Trustees announced a repurchase plan on October 7, 2005 for which </FONT><B><FONT face=sans-serif size=2>807,855</FONT></B><FONT face=sans-serif size=2> shares were approved for repurchase by the fund. The repurchase plan was approved through October 6, 2006. On March 10, 2006, the Trustees announced that the repurchase program was increased to allow repurchases of up to a total of 1,615,709 shares over the original term of the program. On September 15, 2006, the Trustees voted to extend the term of the repurchase program through October 6, 2007. </FONT><FONT face=sans-serif>In September 2007, the Trustees announced </FONT><FONT face=sans-serif>that the repurchase program was increased to allow repurchases up to a total of 2,976,676 shares through October 7, 2008. </FONT></P>
<P align=left><FONT face=sans-serif size=2>See note *** below for information about repurchases made by the fund in July 2007 pursuant to an issuer tender offer.</FONT></P>
<P align=left><FONT face=sans-serif size=2>**Information prior to October 1, 2007 is based on the total number of shares eligible for repurchase under the program, as amended through September 15, 2006. Information from October 1, 2007 forward is based on the total number of shares eligible for repurchase under the program, as amended through September 2007. </FONT></P>
<P align=left><FONT face=sans-serif size=2>***Includes 1,517,251 shares repurchased by the fund pursuant to an issuer tender offer that concluded during the period. Shares repurchased as part of this tender offer were repurchased at $12.57 per share, which represented approximately 98% of the fund&#146;s per-share net asset value on the expiration date of the tender offer.</FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Item 10. Submission of Matters to a Vote of Security Holders:</FONT></U><FONT face=sans-serif size=2> </FONT></P>
<P align=left><FONT face=sans-serif size=2>Not applicable</FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Item 11. Controls and Procedures:</FONT></U><FONT face=sans-serif size=2> </FONT></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: </FONT><FONT face=sans-serif size=2>During the period, Putnam Fiduciary Trust Company, the fund's transfer agent, began utilizing shareholder systems and systems support provided by DST Systems, Inc. and certain of its affiliates.</FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Item 12. Exhibits:</FONT></U><FONT face=sans-serif size=2> </FONT></P>
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<P align=left><FONT face=sans-serif size=2>(a)(1) Not applicable </FONT></P>
<P align=left><FONT face=sans-serif size=2>(a)(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><FONT face=sans-serif size=2>(b) The certifications required by Rule 30a-2(b) 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><FONT face=sans-serif size=2> </FONT></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><FONT face=sans-serif size=2> </FONT><BR>
<BR>
<FONT face=sans-serif size=2>By (Signature and Title): </FONT><BR>
<BR>
<U><FONT face=sans-serif size=2>/s/Janet C. Smith</FONT></U><FONT face=sans-serif size=2> </FONT><BR>
<FONT face=sans-serif size=2>Janet C. Smith </FONT><BR>
<FONT face=sans-serif size=2>Principal Accounting Officer </FONT><BR>
<BR>
<FONT face=sans-serif size=2>Date: December 28, 2007 </FONT></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>
<BR>
<U><FONT face=sans-serif size=2>/s/Charles E. Porter</FONT></U><FONT face=sans-serif size=2> </FONT><BR>
<FONT face=sans-serif size=2>Charles E. Porter </FONT><BR>
<FONT face=sans-serif size=2>Principal Executive Officer </FONT><BR>
<BR>
<FONT face=sans-serif size=2>Date: December 28, 2007 </FONT><BR>
<BR>
<FONT face=sans-serif size=2>By (Signature and Title): </FONT><BR>
<BR>
<U><FONT face=sans-serif size=2>/s/Steven D. Krichmar</FONT></U><FONT face=sans-serif size=2> </FONT><BR>
<FONT face=sans-serif size=2>Steven D. Krichmar </FONT><BR>
<FONT face=sans-serif size=2>Principal Financial Officer </FONT><BR>
<BR>
<FONT face=sans-serif size=2>Date: December 28, 2007</FONT><FONT face=sans-serif> </FONT></P>
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<P align="left">
<U><FONT size=2 face="sans-serif">Certifications</FONT></U><FONT size=2 face="sans-serif"> </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">I, Charles E. Porter, the Principal Executive Officer of the funds listed on Attachment A, certify that: </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A: </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by each report;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">3. Based on my knowledge, the financial statements, and other financial information included ineach report, fairly present in all material respects the financial condition, results of operations, changes in net assets,
and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in each report; </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared; </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">c) evaluated the effectiveness of the registrant'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 each report based on such evaluation; and </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">d) disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is
reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions):
</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant's ability to record,
process, summarize, and report financial information; and </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Date: December 27, 2007 </FONT><BR>
<BR>
<FONT size=2 face="sans-serif">/s/ Charles E. Porter </FONT><BR>
<FONT size=2 face="sans-serif">_______________________ </FONT><BR>
<FONT size=2 face="sans-serif">Charles E. Porter </FONT><BR>
<FONT size=2 face="sans-serif">Principal Executive Officer </FONT></P>

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<P align=left><U><FONT face=sans-serif size=2>Certifications</FONT></U><FONT face=sans-serif size=2> </FONT></P>
<P align=left><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-CSR 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 financial statements, and other financial information included in each report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in each report; </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 registrant 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'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 each 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's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant'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'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's internal control over financial reporting. </FONT></P>
<P align=left><FONT face=sans-serif size=2>Date: December 27, 2007 </FONT><BR>
<BR>
<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>Steven D. Krichmar </FONT><BR>
<FONT face=sans-serif size=2>Principal Financial Officer </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_3"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="95%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>N-CSR</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>Period ended October 31, 2007</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>041</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Global Income Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>005</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Global Equity Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>008</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Convertible Income-Growth Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>004</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Income Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>002</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>The Putnam Fund for Growth and Income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>840</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Utilities Growth &amp; Income Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>2II</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Capital Opportunities Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>2OV</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Mid-Cap Value Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>582</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Municipal Opportunities Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>183</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Municipal Bond Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>052</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Managed Municipal Income Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>2MI</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Tax Smart Equity Fund</FONT>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>c_certnos.htm
<DESCRIPTION>EX-99.906 CERT
<TEXT>

<HTML>
<HEAD>
   <TITLE>f_582certnos.htm</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

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<A name="page_1"></A>
<P align=left><U><FONT face=sans-serif size=2>Section 906 Certifications</FONT></U><FONT face=sans-serif size=2> </FONT></P>
<P align=left><FONT face=sans-serif size=2>I, Charles E. Porter, the Principal Executive Officer of the Funds listed on Attachment A, certify that, to my knowledge: </FONT></P>
<P align=left><FONT face=sans-serif size=2>1. The form N-CSR of the Funds listed on Attachment A for the period ended October 31, 2007 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and </FONT></P>
<P align=left><FONT face=sans-serif size=2>2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended October 31, 2007 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A. </FONT></P>
<P align=left><FONT face=sans-serif size=2>Date: December 27, 2007 </FONT><BR>
<BR>
<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>Charles E. Porter </FONT><BR>
<FONT face=sans-serif size=2>Principal Executive Officer </FONT></P>
<HR align=center width="100%" noShade SIZE=2>


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

<P align="left">
<U><FONT size=2 face="sans-serif">Section 906 Certifications</FONT></U><FONT size=2 face="sans-serif"> </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">I, Steven D. Krichmar, the Principal Financial Officer of the Funds listed on Attachment A, certify that, to my knowledge: </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">1. The form N-CSR of the Funds listed on Attachment A for the period ended October 31, 2007 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended October 31, 2007 fairly presents, in all material respects, the financial condition and results of operations of
the Funds listed on Attachment A. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Date: December 27, 2007 </FONT><BR>
<BR>
<FONT size=2 face="sans-serif">/s/ Steven D. Krichmar </FONT><BR>
<FONT size=2 face="sans-serif">______________________ </FONT><BR>
<FONT size=2 face="sans-serif">Steven D. Krichmar </FONT><BR>
<FONT size=2 face="sans-serif">Principal Financial Officer </FONT></P>

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


<!--$$/page=-->
<A name="page_3"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="95%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><FONT face=sans-serif>N-CSR</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>Period ended October 31, 2007</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>041</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Global Income Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>005</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Global Equity Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>008</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Convertible Income-Growth Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>004</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Income Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>002</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>The Putnam Fund for Growth and Income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>840</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Utilities Growth &amp; Income Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>2II</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Capital Opportunities Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>2OV</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Mid-Cap Value Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>582</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Municipal Opportunities Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>183</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Municipal Bond Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>052</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Managed Municipal Income Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>2MI</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Tax Smart Equity Fund</FONT>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
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