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<SEC-DOCUMENT>0000928816-08-000436.txt : 20080331
<SEC-HEADER>0000928816-08-000436.hdr.sgml : 20080331
<ACCEPTANCE-DATETIME>20080331150120
ACCESSION NUMBER:		0000928816-08-000436
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080131
FILED AS OF DATE:		20080331
DATE AS OF CHANGE:		20080331
EFFECTIVENESS DATE:		20080331

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07626
		FILM NUMBER:		08723939

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

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>a_munioppstrust.htm
<DESCRIPTION>PUTNAM MUNICIPAL OPPORTUNITIES TRUST
<TEXT>
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     <TD width="53%"></TD></TR>
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     <TD align=center colSpan=3><FONT face=sans-serif size=2>UNITED STATES</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=3><FONT face=sans-serif size=2>SECURITIES AND EXCHANGE COMMISSION</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=3><FONT face=sans-serif size=2>Washington, D.C. 20549</FONT> </TD></TR>
<TR>
     <TD align=center background="" colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=3><B><FONT face=sans-serif size=2>FORM N-Q</FONT></B> </TD></TR>
<TR>
     <TD noWrap align=center background="" colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center colSpan=3><B><FONT face=sans-serif size=2>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=3><B><FONT face=sans-serif size=2>INVESTMENT COMPANY</FONT></B> </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=2>&nbsp;</TD>
     <TD noWrap align=left background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Investment Company Act file number: (811- </FONT><FONT face=sans-serif size=2>07626</FONT><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background="" colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Exact name of registrant as specified in charter:</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Putnam Municipal Opportunities Trust</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background="" colSpan=2></TD></TR>
<TR vAlign=bottom>
     <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 noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background="" colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><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 noWrap align=left background="" colSpan=2>&nbsp;</TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Registrant&#146;s telephone number, including area code:</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(617) 292-1000</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Date of fiscal year end: </FONT><FONT face=sans-serif size=2>April 30, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Date of reporting period: January 31, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; </TD></TR></TABLE><BR>
<P align=left><U><FONT face=sans-serif size=2>Item 1. Schedule of Investments:</FONT></U><FONT face=sans-serif size=2> </FONT></P>
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<P align=left><FONT face=sans-serif size=5>Putnam Municipal Opportunities Trust</FONT><BR>
<FONT face=sans-serif size=4>The fund's portfolio</FONT><BR>
<FONT face=sans-serif>1/31/08 (Unaudited)</FONT></P>
<P align=left><FONT face=sans-serif size=2>Key to abbreviations</FONT><BR>
<FONT face=sans-serif size=2>AMBAC -- AMBAC Indemnity Corporation</FONT><BR>
<FONT face=sans-serif size=2>Comnwlth. of PR Gtd. -- Commonwealth of Puerto Rico Guaranteed</FONT><BR>
<FONT face=sans-serif size=2>COP -- Certificate of Participation</FONT><BR>
<FONT face=sans-serif size=2>FGIC -- Financial Guaranty Insurance Company</FONT><BR>
<FONT face=sans-serif size=2>FHA Insd. -- Federal Housing Administration Insured</FONT><BR>
<FONT face=sans-serif size=2>FHLMC Coll. -- Federal Home Loan Mortgage Corporation Collateralized</FONT><BR>
<FONT face=sans-serif size=2>FNMA Coll. -- Federal National Mortgage Association Collateralized</FONT><BR>
<FONT face=sans-serif size=2>FSA -- Financial Security Assurance</FONT><BR>
<FONT face=sans-serif size=2>GNMA Coll. -- Government National Mortgage Association Collateralized</FONT><BR>
<FONT face=sans-serif size=2>G.O. Bonds -- General Obligation Bonds</FONT><BR>
<FONT face=sans-serif size=2>MBIA -- MBIA Insurance Company</FONT><BR>
<FONT face=sans-serif size=2>PSFG -- Permanent School Fund Guaranteed</FONT><BR>
<FONT face=sans-serif size=2>U.S. Govt. Coll. -- U.S. Government Collateralized</FONT><BR>
<FONT face=sans-serif size=2>VRDN -- Variable Rate Demand Notes</FONT><BR>
<FONT face=sans-serif size=2>XLCA -- XL Capital Assurance</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="59%"></TD>
     <TD width="8%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>MUNICIPAL BONDS AND NOTES (168.7%)(a)</FONT></B>&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>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>Principal</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Rating(RAT)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>amount</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>Value</FONT>&nbsp; </TD></TR>
<TR>
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     <TD noWrap align=left><B><FONT face=sans-serif size=2>Alabama (0.2%)</FONT></B>&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=sans-serif size=2>Sylacauga, Hlth. Care Auth. Rev. Bonds (Coosa Valley</FONT>&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=sans-serif size=2>Med. Ctr.), Ser. A, 6s, 8/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>$400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>$393,624</FONT></B>&nbsp; </TD></TR>
<TR>
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<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Arizona (4.9%)</FONT></B>&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=sans-serif size=2>AZ Hlth. Fac. Auth. Rev. Bonds (Banner Hlth.), Ser. A,</FONT>&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=sans-serif size=2>5s, 1/1/15 (SEG)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,890,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,183,305</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>AZ Hlth. Fac. Auth. Hosp. Syst. Rev. Bonds (John C.</FONT>&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=sans-serif size=2>Lincoln Hlth. Network), 6 3/8s, 12/1/37 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>875,573</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa Grande</FONT>&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=sans-serif size=2>Regl. Med. Ctr.), Ser. A, 7 5/8s, 12/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>950,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>998,583</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Cochise Cnty., Indl. Dev. Auth. Rev. Bonds (Sierra</FONT>&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=sans-serif size=2>Vista Cmnty. Hosp.), Ser. A, 6 3/4s, 12/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>445,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>453,095</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Glendale, Indl. Dev. Auth. Rev. Bonds (Midwestern U.),</FONT>&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=sans-serif size=2>5s, 5/15/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>800,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>815,512</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Marana, Impt. Dist. Special Assmt. Bonds (Tangerine</FONT>&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=sans-serif size=2>Farms Road), 4.6s, 1/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>570,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>526,902</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Pima Cnty., Indl. Dev. Auth. Rev. Bonds (Horizon</FONT>&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=sans-serif size=2>Cmnty. Learning Ctr.), 5.05s, 6/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>468,665</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=right><B><FONT face=sans-serif size=2>8,321,635</FONT></B>&nbsp; </TD></TR>
<TR>
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<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Arkansas (1.0%)</FONT></B>&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=sans-serif size=2>Independence Cnty., Poll. Control Rev. Bonds (Entergy</FONT>&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=sans-serif size=2>AR, Inc.), 5s, 1/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,850</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Springdale, Sales &amp; Use Tax Rev. Bonds, FSA, 4.05s,</FONT>&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=sans-serif size=2>7/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>515,480</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Washington Cnty., Hosp. Rev. Bonds (Regl. Med. Ctr.),</FONT>&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=sans-serif size=2>Ser. B, 5s, 2/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>242,483</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=right><B><FONT face=sans-serif size=2>1,758,813</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>California (25.8%)</FONT></B>&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=sans-serif size=2>Anaheim, Pub. Fin. Auth. Lease Rev. Bonds (Pub.</FONT>&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=sans-serif size=2>Impt.), Ser. C, FSA, zero %, 9/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>6,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,150,640</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Burbank, Unified School Dist. G.O. Bonds (Election</FONT>&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=sans-serif size=2>of 1997), Ser. C, FGIC, zero %, 8/1/23</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>477,480</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>CA Edl. Fac. Auth. Rev. Bonds (U. of the Pacific), 5s,</FONT>&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=sans-serif size=2>11/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>450,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>461,871</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>CA Poll. Control Fin. Auth. VRDN (Pacific Gas &amp;</FONT>&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=sans-serif size=2>Electric Corp.), Ser. F, 1.6s, 11/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A-1+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>CA State G.O. Bonds</FONT>&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=sans-serif size=2>5 1/8s, 4/1/23</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>517,155</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>FGIC, 5s, 6/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,023,890</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>CA State Econ. Recvy. G.O. Bonds, Ser. A, 5s, 7/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,060,930</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>CA State Pub. Wks. Board Rev. Bonds (Dept. of Hlth.</FONT>&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=sans-serif size=2>Svcs. Richmond Laboratory), Ser. B, XLCA, 5s, 11/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,810,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,873,260</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>CA Statewide Cmntys., 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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Huntington Memorial Hosp.), 5s, 7/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>256,520</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>CA Statewide Cmntys., Dev. Auth. COP (The Internext</FONT>&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=sans-serif size=2>Group), 5 3/8s, 4/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,698,078</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Cathedral City, Impt. Board Act of 1915 Special Assmt.</FONT>&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=sans-serif size=2>Bonds (Cove Impt. Dist.), Ser. 04-02, 5.05s, 9/2/35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>223,398</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Chula Vista COP, MBIA, 5s, 8/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,134,640</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Chula Vista, Indl. Dev. Rev. Bonds (San Diego Gas),</FONT>&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=sans-serif size=2>Ser. B, 5s, 12/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>635,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>616,299</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Garvey, School Dist. G.O. Bonds (Election of 2004),</FONT>&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=sans-serif size=2>FSA, zero %, 8/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>644,546</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Gilroy, Rev. Bonds (Bonfante Gardens Park), 8s, 11/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>B-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>576,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>563,115</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Golden State Tobacco Securitization Corp. Rev. Bonds</FONT>&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=sans-serif size=2>Ser. A-1, 5s, 6/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,098,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. 03 A-1, 5s, 6/1/21 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>85,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>85,803</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Metro. Wtr. Dist. Rev. Bonds (Southern CA Wtr. Wks.),</FONT>&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=sans-serif size=2>5 3/4s, 8/10/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>6,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>7,060,740</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Redwood City, Elementary 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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>FGIC, zero %, 8/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,990,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,078,958</FONT>&nbsp; </TD></TR></TABLE><BR>
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<TR>
     <TD width="61%"></TD>
     <TD width="8%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Rocklin, Unified School Dist. G.O. Bonds, FGIC, zero</FONT>&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=sans-serif size=2>%, 8/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>742,440</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Sacramento, Special Tax Rev. Bonds (North Natomas</FONT>&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=sans-serif size=2>Cmnty. Fac.), Ser. 97-01</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,185,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,075,885</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Sacramento, City Unified 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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Election 1999), Ser. D, FSA, 5s, 7/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,083,460</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Sacramento, Muni. Util. Dist. Fin. Auth. Rev. Bonds</FONT>&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=sans-serif size=2>(Cosumnes), MBIA, 5s, 7/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,028,280</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>San Bernardino Cnty., COP (Med. Ctr. Fin.), Ser. A,</FONT>&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=sans-serif size=2>MBIA, 6 1/2s, 8/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>5,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>5,984,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>San Diego Cnty., COP, AMBAC, 5 5/8s, 9/1/12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>6,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>6,359,820</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Silicon Valley, Tobacco Securitization Auth. Rev.</FONT>&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=sans-serif size=2>Bonds (Santa Clara), Ser. A, zero %, 6/1/36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>113,175</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Sunnyvale, Cmnty. Fac. Dist. Special Tax Rev. Bonds,</FONT>&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=sans-serif size=2>7.65s, 8/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>715,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>740,947</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=right><B><FONT face=sans-serif size=2>44,154,030</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Colorado (0.6%)</FONT></B>&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=sans-serif size=2>CO Hlth. 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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Christian Living Cmntys.), Ser. A, 5 3/4s, 1/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>96,318</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Evangelical Lutheran), 5 1/4s, 6/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>535,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>560,669</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Evangelical Lutheran), 5s, 6/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>340,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>331,276</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=right><B><FONT face=sans-serif size=2>988,263</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Connecticut (0.3%)</FONT></B>&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=sans-serif size=2>CT State Hlth. &amp; Edl. Fac. Auth. VRDN (Yale U.), Ser.</FONT>&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=sans-serif size=2>V-1, 1.6s, 7/1/36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A-1+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>500,000</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Delaware (0.1%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>New Castle Cnty., Rev. Bonds (Newark Charter School,</FONT>&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=sans-serif size=2>Inc.), 5s, 9/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>180,460</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=right><B><FONT face=sans-serif size=2>180,460</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>District of Columbia (3.3%)</FONT></B>&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=sans-serif size=2>DC Wtr. &amp; Swr. Auth. Pub. Util. Rev. Bonds, FGIC, 5s,</FONT>&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=sans-serif size=2>10/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>5,550,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>5,689,694</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Florida (4.3%)</FONT></B>&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=sans-serif size=2>FL Hsg. Fin. Corp. Rev. Bonds (Homeowner Mtge.), Ser.</FONT>&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=sans-serif size=2>5, 5s, 7/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>605,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>610,820</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Halifax, Hosp. Med. Ctr. Rev. Bonds, Ser. A, 5 1/4s,</FONT>&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=sans-serif size=2>6/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,036,280</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Jacksonville, Hlth. Fac. Auth. Rev. Bonds (Brooks</FONT>&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=sans-serif size=2>Hlth. Syst.), 5s, 11/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>490,130</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Lee Cnty., Indl. Dev. Auth. Hlth. Care Fac. Rev. Bonds</FONT>&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=sans-serif size=2>(Alliance Cmnty.), Ser. C, 5 1/2s, 11/15/29</FONT>&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=sans-serif size=2>(Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,065,170</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Miami Beach, Hlth. Fac. Auth. Hosp. Rev. Bonds (Mount</FONT>&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=sans-serif size=2>Sinai Med. Ctr.), Ser. A, 6.8s, 11/15/31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ba1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>508,670</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Port St. Lucie, Special Assmt. Bonds (Southwest</FONT>&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=sans-serif size=2>Annexation Dist. 1-B), MBIA, 5s, 7/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>800,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>807,136</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Reunion West, Cmnty. Dev. Dist. Special Assmt. Bonds,</FONT>&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=sans-serif size=2>6 1/4s, 5/1/36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>790,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>719,177</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>South Bay, Cmnty. Dev. Dist. Rev. Bonds, Ser. B-1,</FONT>&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=sans-serif size=2>5 1/8s, 11/1/09</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>630,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>598,916</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Split Pine, Cmnty. Dev. Dist. Special Assmt. Bonds,</FONT>&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=sans-serif size=2>Ser. A, 5 1/4s, 5/1/39</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>400,625</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds,</FONT>&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=sans-serif size=2>5.4s, 5/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>150,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>120,911</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=right><B><FONT face=sans-serif size=2>7,357,835</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Georgia (6.0%)</FONT></B>&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=sans-serif size=2>Atlanta, Arpt. Rev. Bonds, Ser. B, FGIC, 5 5/8s, 1/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,067,950</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Atlanta, Wtr. &amp; Waste Wtr. Rev. Bonds, FSA, 5s, 11/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,181,080</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Effingham Cnty., Indl. Dev. Auth. Rev. Bonds (Pacific</FONT>&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=sans-serif size=2>Corp.), 6 1/2s, 6/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>B2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>900,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>882,963</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Main St. Natural Gas, Inc. Rev. Bonds (GA Gas), Ser.</FONT>&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=sans-serif size=2>B, 5s, 3/15/11</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,032,780</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Savannah, Econ. Dev. Auth. Poll. Control Rev. Bonds</FONT>&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=sans-serif size=2>(Intl. Paper Co.), Ser. A, 5.1s, 8/1/14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,033,440</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=right><B><FONT face=sans-serif size=2>10,198,213</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Hawaii (0.2%)</FONT></B>&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=sans-serif size=2>HI State Hsg. Fin. &amp; Dev. Corp. 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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>FNMA Coll., 5 3/4s, 7/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>280,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>287,006</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Idaho (0.3%)</FONT></B>&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=sans-serif size=2>ID Hsg. &amp; Fin. Assn. Rev. Bonds (Single Fam. Mtge.),</FONT>&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=sans-serif size=2>Ser. C-2, FHA Insd., 5.15s, 7/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>475,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>477,256</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Illinois (2.6%)</FONT></B>&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=sans-serif size=2>Lake Cnty., Cmnty. Construction G.O. Bonds (School</FONT>&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=sans-serif size=2>Dist. No. 073 Hawthorn), FGIC, zero %, 12/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,650,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>929,049</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Metropolitan Pier &amp; Exposition Auth. Rev. Bonds</FONT>&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=sans-serif size=2>(McCormack Place Expansion Project), MBIA, 5s, 12/15/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,770,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,807,418</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Montgomery, Special Assmt. Bonds (Lakewood Creek),</FONT>&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=sans-serif size=2>Radian Insd., 4.7s, 3/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>554,238</FONT>&nbsp; </TD></TR></TABLE><BR>
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     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Southern IL U. Rev. Bonds (Hsg. &amp; Auxiliary), Ser. A,</FONT>&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=sans-serif size=2>MBIA, zero %, 4/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,230,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,233,837</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=right><B><FONT face=sans-serif size=2>4,524,542</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Indiana (8.5%)</FONT></B>&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=sans-serif size=2>Anderson, Econ. Dev. Rev. Bonds (Anderson U.), 5s,</FONT>&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=sans-serif size=2>10/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB-/F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>120,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>115,399</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Carmel Clay, Indl. Parks Bldg. Corp. Rev. Bonds, MBIA,</FONT>&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=sans-serif size=2>5s, 1/15/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,071,080</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Fairfield, School Bldg. Corp. Ind. Rev. Bonds, FGIC,</FONT>&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=sans-serif size=2>5s, 7/15/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,115,440</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>GCS School Bldg. Corp. Rev. Bonds (First Mtg.), FSA,</FONT>&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=sans-serif size=2>5s, 7/15/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,035,540</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>IN Bk. Special Program Gas 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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5 1/4s, 10/15/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>180,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>190,274</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5 1/4s, 10/15/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>550,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>593,401</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>IN Hlth. Fac. Fin. Auth. 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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. A, AMBAC, 5s, 5/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,695,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,784,016</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>IN State Dev. Fin. Auth. Env. Impt. Rev. Bonds (USX</FONT>&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=sans-serif size=2>Corp.), 5.6s, 12/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,132,844</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Indianapolis, Arpt. Auth. Rev. Bonds (Federal Express</FONT>&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=sans-serif size=2>Corp.), 5.1s, 1/15/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,575,950</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=right><B><FONT face=sans-serif size=2>14,613,944</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Iowa (1.3%)</FONT></B>&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=sans-serif size=2>IA Fin. Auth. Hlth. Care Fac. Rev. Bonds (Care</FONT>&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=sans-serif size=2>Initiatives), 9 1/4s, 7/1/25 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>840,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,026,539</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>IA State Higher Ed. Loan Auth. Rev. Bonds</FONT>&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=sans-serif size=2>5s, 10/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB-/F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>605,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>590,837</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Wartburg), Ser. A, 5s, 10/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>605,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>594,975</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB-/F</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>2,212,351</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Kansas (0.3%)</FONT></B>&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=sans-serif size=2>Lawrence, Hosp. Rev. Bonds (Lawrence Memorial Hosp.),</FONT>&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=sans-serif size=2>5 1/4s, 7/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>524,555</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Louisiana (3.3%)</FONT></B>&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=sans-serif size=2>LA State Office Fac. Corp. Lease Rev. Bonds (Capitol</FONT>&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=sans-serif size=2>Complex), Ser. A, MBIA</FONT>&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=sans-serif size=2>5 1/2s, 3/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,083,180</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5 1/2s, 3/1/12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,440,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,584,926</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=right><B><FONT face=sans-serif size=2>5,668,106</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Maine (0.4%)</FONT></B>&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=sans-serif size=2>Rumford, Solid Waste Disp. Rev. Bonds (Boise Cascade</FONT>&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=sans-serif size=2>Corp.), 6 7/8s, 10/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ba3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>618,048</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Massachusetts (3.3%)</FONT></B>&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=sans-serif size=2>MA State Dev. Fin. Agcy. Rev. Bonds (Linden Ponds,</FONT>&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=sans-serif size=2>Inc.), Ser. A, 5 1/2s, 11/15/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>510,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>493,430</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>MA 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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(UMass Memorial), Ser. C, 6 1/2s, 7/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,875,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,954,819</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Berkshire Hlth. Syst.), Ser. E, 6 1/4s, 10/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,330,251</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Hlth. Care Syst.-Covenant Hlth.), 6s, 7/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,420,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,492,789</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Hlth. Care Syst.-Covenant Hlth.), 6s, 7/1/31</FONT>&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=sans-serif size=2>(Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>380,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>430,658</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=right><B><FONT face=sans-serif size=2>5,701,947</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Michigan (6.9%)</FONT></B>&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=sans-serif size=2>Detroit, G.O. Bonds, Ser. A, FGIC, 5s, 7/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,505,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,575,187</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Detroit, Swr. Disp. VRDN, Ser. B, FSA, 2s, 7/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A-1+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,125,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,125,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>MI Higher Ed. Fac. Auth. Rev. Bonds (Kalamazoo</FONT>&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=sans-serif size=2>College), 5 1/2s, 12/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>538,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>MI State Hosp. Fin. Auth. Rev. Bonds</FONT>&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=sans-serif size=2>(Oakwood Hosp.), Ser. A, 5 3/4s, 4/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,030,890</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Hosp. Sparrow), 5s, 11/15/23</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,370,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,379,385</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>MI State Hsg. Dev. Auth. Rev. Bonds, Ser. A, 3.9s,</FONT>&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=sans-serif size=2>6/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,105,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,105,111</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>MI State Strategic Fund, Ltd. Rev. Bonds (Worthington</FONT>&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=sans-serif size=2>Armstrong Venture), U.S. Govt. Coll., 5 3/4s, 10/1/22</FONT>&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=sans-serif size=2>(Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,650,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,894,415</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>MI Tobacco Settlement Fin. 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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>6s, 6/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>175,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>173,156</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=right><B><FONT face=sans-serif size=2>11,821,844</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Minnesota (1.1%)</FONT></B>&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=sans-serif size=2>MN State Higher Ed. Fac. Auth. Rev. Bonds (U. of St.</FONT>&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=sans-serif size=2>Thomas), Ser. 6-I, 5s, 4/1/23</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>523,135</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>MN State Hsg. Fin. Agcy. Rev. Bonds (Res. Hsg.), Ser.</FONT>&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=sans-serif size=2>B, 5s, 7/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>505,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>515,327</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>North Oaks, Sr. Hsg. Rev. Bonds (Presbyterian Homes),</FONT>&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=sans-serif size=2>6 1/8s, 10/1/39</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>315,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>310,848</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>St. Paul, Hsg. &amp; Redev. Auth. Hosp. Rev. Bonds</FONT>&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=sans-serif size=2>(Healtheast), 6s, 11/15/35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>450,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>451,890</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=right><B><FONT face=sans-serif size=2>1,801,200</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Mississippi (1.2%)</FONT></B>&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=sans-serif size=2>MS Bus. Fin. Corp. Poll. Control Rev. Bonds (Syst.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="61%"></TD>
     <TD width="8%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Energy Resources, Inc.)</FONT>&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=sans-serif size=2>5.9s, 5/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,002,740</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5 7/8s, 4/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>580,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>584,420</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>MS Home Corp. Rev. Bonds (Single Fam. Mtge.), Ser.</FONT>&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=sans-serif size=2>B-2, GNMA Coll., FNMA Coll., 6.45s, 12/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>450,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>480,092</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=right><B><FONT face=sans-serif size=2>2,067,252</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Missouri (3.2%)</FONT></B>&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=sans-serif size=2>Cape Girardeau Cnty., Indl. Dev. Auth. Hlth. Care Fac.</FONT>&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=sans-serif size=2>Rev. Bonds (St. Francis Med. Ctr.), Ser. A, 5 1/2s,</FONT>&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=sans-serif size=2>6/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,881,565</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>MO 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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Washington U.), Ser. A, 5s, 2/15/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,570,375</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>MO State Hsg. Dev. Comm. Mtge. Rev. Bonds</FONT>&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=sans-serif size=2>(Single Fam. Homeowner Loan), Ser. C-1, GNMA Coll.,</FONT>&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=sans-serif size=2>FNMA Coll., 7.15s, 3/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>540,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>568,647</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Single Fam. Home Ownership Loan), Ser. C, GNMA Coll.,</FONT>&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=sans-serif size=2>FNMA Coll., 5.6s, 9/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>515,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>538,144</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=right><B><FONT face=sans-serif size=2>5,558,731</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Nevada (6.4%)</FONT></B>&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=sans-serif size=2>Clark Cnty., G.O. Bonds (Pk. &amp; Regl. Justice Ctr.),</FONT>&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=sans-serif size=2>FGIC, 5 5/8s, 11/1/19 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,505,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,714,142</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Clark Cnty., Arpt. Rev. Bonds, Ser. A-2, FGIC, 5 1/8s,</FONT>&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=sans-serif size=2>7/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>5,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>5,130,050</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Clark Cnty., Impt. Dist. Special Assmt. Bonds</FONT>&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=sans-serif size=2>(Summerlin No. 151), 5s, 8/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>604,366</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Clark Cnty., Indl. Dev. Rev. Bonds (Southwest Gas</FONT>&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=sans-serif size=2>Corp.), Ser. A, AMBAC, 5 1/4s, 7/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,010,240</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Henderson, Local Impt. Dist. Special Assmt. Bonds</FONT>&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=sans-serif size=2>(No. T-16), 5 1/8s, 3/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>195,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>154,134</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(No. T-16), 5.1s, 3/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>305,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>253,351</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(No. T-17), 5s, 9/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>175,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>145,642</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=right><B><FONT face=sans-serif size=2>11,011,925</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>New Hampshire (0.4%)</FONT></B>&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=sans-serif size=2>NH Hlth. &amp; Ed. Fac. Auth. Rev. Bonds (Southern NH Med.</FONT>&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=sans-serif size=2>Ctr.), Ser. A, 5 1/4s, 10/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>675,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>667,406</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>New Jersey (6.3%)</FONT></B>&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=sans-serif size=2>Newark, Hsg. Auth. Rev. Bonds (Port Auth. Newark</FONT>&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=sans-serif size=2>Marine Terminal), MBIA, 5 1/4s, 1/1/20 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,127,260</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>NJ 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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Cigarette Tax), 5 3/4s, 6/15/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,485,330</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Cigarette Tax), 5 1/2s, 6/15/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>800,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>772,096</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Motor Vehicle), Ser. A, MBIA, 5s, 7/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,047,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>NJ Hlth. Care Fac. Fin. Auth. Rev. Bonds</FONT>&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=sans-serif size=2>(St. Peters U. Hosp.), 5 1/4s, 7/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>675,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>681,980</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Hunterdon Med. Ctr.), Ser. B, 5s, 7/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>575,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>600,645</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Hunterdon Med. Ctr.), Ser. B, 5s, 7/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>520,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>550,321</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>NJ State Rev. Bonds (Trans. Syst.), Ser. C, AMBAC,</FONT>&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=sans-serif size=2>zero %, 12/15/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,869,042</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Tobacco Settlement Fin. Corp. Rev. Bonds</FONT>&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=sans-serif size=2>6 3/4s, 6/1/39 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,150,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,372,479</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. 1A, 5s, 6/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>350,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>312,036</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=right><B><FONT face=sans-serif size=2>10,818,389</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>New Mexico (0.7%)</FONT></B>&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=sans-serif size=2>NM Mtge. Fin. Auth. Rev. Bonds (Single Fam. Mtge.)</FONT>&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=sans-serif size=2>Ser. C, GNMA Coll., FNMA Coll., FHLMC Coll., 5.82s,</FONT>&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=sans-serif size=2>9/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>650,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>674,070</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. F2, Class I, GNMA Coll., FNMA Coll., FHLMC Coll.,</FONT>&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=sans-serif size=2>5.6s, 7/1/38</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>485,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>517,117</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=right><B><FONT face=sans-serif size=2>1,191,187</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>New York (9.0%)</FONT></B>&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=sans-serif size=2>Buffalo, G.O. Bonds, Ser. D, FGIC, 5 1/2s, 12/15/13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,092,380</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Niagara Cnty., Indl. Dev. Agcy. Mandatory Put Bonds</FONT>&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=sans-serif size=2>(Solid Waste Disp.), Ser. C, 5 5/8s, 11/15/14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>508,760</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>NY City, G.O. Bonds, Ser. J/J-1, 5s, 6/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,059,240</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>NY City, Hsg. Dev. Corp. Rev. Bonds, Ser. A, FGIC, 5s,</FONT>&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=sans-serif size=2>7/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>521,975</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>NY City, Indl. Dev. Agcy. Rev. Bonds</FONT>&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=sans-serif size=2>(Liberty-7 World Trade Ctr.), Ser. A, 6 1/4s, 3/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>B-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>415,664</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Brooklyn Navy Yard Cogen. Partners), 6.2s, 10/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>770,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>814,914</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>NY City, Indl. Dev. Agcy. Special Arpt. Fac. Rev.</FONT>&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=sans-serif size=2>Bonds (Airis JFK I, LLC), Ser. A, 5 1/2s, 7/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,012,976</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds</FONT>&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=sans-serif size=2>(JFK Intl. Arpt.), Ser. A, 8s, 8/1/12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>636,702</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(British Airways PLC), 5 1/4s, 12/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ba1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>167,874</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>NY Cntys., Tobacco Trust III Rev. Bonds (Tobacco</FONT>&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=sans-serif size=2>Settlement), 6s, 6/1/43</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,534,755</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>NY State Energy Research &amp; Dev. Auth. Gas Fac. Rev.</FONT>&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=sans-serif size=2>Bonds (Brooklyn Union Gas), 6.952s, 7/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,035,620</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Onondaga Cnty., Indl. Dev. Agcy. Rev. Bonds (Solvay</FONT>&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=sans-serif size=2>Paperboard, LLC), 7s, 11/1/30 (acquired 6/30/04, cost</FONT>&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=sans-serif size=2>$827,862( (RES)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>800,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>812,576</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Port. Auth. NY &amp; NJ Special Oblig. Rev. Bonds (JFK</FONT>&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=sans-serif size=2>Intl. Air Term. - 6), MBIA, 5.9s, 12/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,533,344</FONT>&nbsp; </TD></TR></TABLE><BR>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Triborough Bridge &amp; Tunnel 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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5s, 1/1/32 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,125,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,318,970</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=right><B><FONT face=sans-serif size=2>15,465,750</FONT></B>&nbsp; </TD></TR>
<TR>
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<HR noShade SIZE=1>
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<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
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     <TD noWrap align=left><B><FONT face=sans-serif size=2>North Carolina (1.3%)</FONT></B>&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=sans-serif size=2>NC Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds (Pines</FONT>&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=sans-serif size=2>at Davidson), Ser. A, 5s, 1/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A-/F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>635,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>666,706</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>NC State Muni. Pwr. Agcy. Rev. Bonds (No. 1, Catawba</FONT>&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=sans-serif size=2>Elec.), Ser. B, 6 1/2s, 1/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,592,805</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=right><B><FONT face=sans-serif size=2>2,259,511</FONT></B>&nbsp; </TD></TR>
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<HR noShade SIZE=1>
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     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Ohio (9.9%)</FONT></B>&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=sans-serif size=2>Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds,</FONT>&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=sans-serif size=2>Ser. A-2</FONT>&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=sans-serif size=2>5 3/4s, 6/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,371,165</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5 1/8s, 6/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>625,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>603,175</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Cleveland, Muni. School Dist. G.O. Bonds, FSA, 5s,</FONT>&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=sans-serif size=2>12/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>5,700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>5,957,012</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Coshocton Cnty., Env. 144A Rev. Bonds (Smurfit-Stone</FONT>&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=sans-serif size=2>Container Corp.), 5 1/8s, 8/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>CCC+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>485,005</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Field, Local School Dist. G.O. Bonds (School Fac.</FONT>&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=sans-serif size=2>Construction &amp; Impt.), AMBAC, 5s, 12/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,041,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Montgomery Cnty., Rev. Bonds (Catholic Hlth.</FONT>&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=sans-serif size=2>Initiatives), Ser. A, 5s, 5/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,025,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,047,559</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Montgomery Cnty., Hosp. Rev. Bonds (Kettering Med.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=2>Ctr.), 6 3/4s, 4/1/22 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,100,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Rickenbacker, Port Auth. Rev. Bonds (OASBO Expanded</FONT>&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=sans-serif size=2>Asset Pooled), Ser. A, 5 3/8s, 1/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,165,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,277,407</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=right><B><FONT face=sans-serif size=2>16,883,673</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=left><B><FONT face=sans-serif size=2>Oklahoma (5.1%)</FONT></B>&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=sans-serif size=2>OK Dev. Fin. Auth. Rev. Bonds (Hillcrest Hlth. Care</FONT>&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=sans-serif size=2>Syst.), Ser. A, U.S. Govt. Coll., 5 5/8s, 8/15/29</FONT>&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=sans-serif size=2>(Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>950,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,007,656</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>OK Hsg. Fin. Agcy. Single Fam. Rev. Bonds</FONT>&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=sans-serif size=2>(Homeownership Loan), Ser. C-2, GNMA Coll., FNMA</FONT>&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=sans-serif size=2>Coll., 5.7s, 9/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>5,915,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>6,253,160</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Tulsa, Muni. Arpt. Trust Mandatory Put Bonds, Ser. B,</FONT>&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=sans-serif size=2>6s, 12/1/08</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>699,538</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Tulsa, Muni. Arpt. Trust Rev. Bonds, Ser. B, 5.65s,</FONT>&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=sans-serif size=2>12/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>840,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>836,447</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=right><B><FONT face=sans-serif size=2>8,796,801</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Pennsylvania (10.0%)</FONT></B>&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=sans-serif size=2>Allegheny Cnty., Hosp. 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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Pittsburgh Mercy Hlth. Syst.), AMBAC, 5 5/8s, 8/15/26</FONT>&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=sans-serif size=2>(Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>5,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>5,092,250</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Bucks Cnty., Indl. Dev. Auth. Retirement Cmnty. Rev.</FONT>&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=sans-serif size=2>Bonds (Ann's Choice, Inc.), Ser. A, 5.3s, 1/1/14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>710,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>711,030</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Carbon Cnty., Indl. Dev. Auth. Rev. Bonds (Panther</FONT>&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=sans-serif size=2>Creek Partners), 6.65s, 5/1/10</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>775,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>793,399</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Hempfield, Area School Dist. G.O. Bonds (Westmoreland</FONT>&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=sans-serif size=2>Cnty.), Ser. A, FGIC, 5 1/4s, 3/15/21 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,564,280</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Lancaster Cnty., Hosp. Auth. Rev. Bonds (Gen. Hosp.),</FONT>&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=sans-serif size=2>5 1/2s, 3/15/26 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,703,895</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Lehigh Cnty., Gen. Purpose Auth. Rev. Bonds (Lehigh</FONT>&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=sans-serif size=2>Valley Hosp. Hlth. Network), Ser. A, 5 1/4s, 7/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,010,330</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>PA State Econ. Dev. Fin. Auth. Resource Recvy. Rev.</FONT>&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=sans-serif size=2>Bonds (Northampton Generating), Ser. A, 6.6s, 1/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>B+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>702,121</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>PA State Higher 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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Philadelphia U.)</FONT>&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=sans-serif size=2>5s, 6/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>690,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>655,252</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5s, 6/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>260,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>261,908</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Sayre, Hlth. Care Fac. Auth. Rev. Bonds (Guthrie</FONT>&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=sans-serif size=2>Hlth.), Ser. A</FONT>&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=sans-serif size=2>5 7/8s, 12/1/31 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,120,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,258,813</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5 7/8s, 12/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>330,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>342,784</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=right><B><FONT face=sans-serif size=2>17,096,062</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Puerto Rico (2.4%)</FONT></B>&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=sans-serif size=2>Cmnwlth. of PR, G.O. Bonds, Ser. A, 5 1/4s, 7/1/14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,162,260</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Cmnwlth. of PR Gtd., Pub. Bldg. Auth. Rev. Bonds (Govt.</FONT>&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=sans-serif size=2>Fac.), Ser. M-2, 5 3/4s, 7/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,931,702</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=right><B><FONT face=sans-serif size=2>4,093,962</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Rhode Island (0.1%)</FONT></B>&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=sans-serif size=2>Tobacco Settlement Fin. Corp. 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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>6 1/4s, 6/1/42</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>200,878</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>South Carolina (7.7%)</FONT></B>&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=sans-serif size=2>Greenwood Cnty., Hosp. Rev. Bonds (Memorial Hosp.),</FONT>&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=sans-serif size=2>5 1/2s, 10/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>512,585</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Lexington Cnty. Hlth. Svcs. Dist. Hosp. Rev. Bonds,</FONT>&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=sans-serif size=2>5 1/2s, 5/1/37 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>854,093</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Lexington Cnty., Hlth. Svcs. Dist. Hosp. Rev. Bonds,</FONT>&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=sans-serif size=2>5s, 11/1/23</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>510,010</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(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></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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<TR>
     <TD width="61%"></TD>
     <TD width="8%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>6s, 8/1/20 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,110,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,282,837</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>6s, 8/1/20 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>140,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>161,799</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>SC State Pub. Svcs. Auth. Rev. Bonds, Ser. A, AMBAC,</FONT>&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=sans-serif size=2>5s, 1/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>5,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>5,104,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>SC Tobacco Settlement Rev. Mgmt. Auth. Rev. Bonds,</FONT>&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=sans-serif size=2>Ser. B, 6 3/8s, 5/15/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,135,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,171,764</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>AMBAC, 5s, 10/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,460,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,557,170</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=right><B><FONT face=sans-serif size=2>13,155,058</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>South Dakota (1.1%)</FONT></B>&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=sans-serif size=2>SD Edl. Enhancement Funding Corp. SD Tobacco Rev.</FONT>&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=sans-serif size=2>Bonds, Ser. B, 6 1/2s, 6/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>450,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>458,433</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>SD Hsg. Dev. Auth. Rev. Bonds (Home Ownership Mtge.),</FONT>&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=sans-serif size=2>Ser. J, 4 1/2s, 5/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>517,480</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>SD State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds (Sanford</FONT>&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=sans-serif size=2>Hlth.)</FONT>&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=sans-serif size=2>5s, 11/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>260,308</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5s, 11/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>595,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>630,635</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=right><B><FONT face=sans-serif size=2>1,866,856</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Tennessee (4.9%)</FONT></B>&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=sans-serif size=2>Johnson City, Hlth. &amp; Edl. Fac. Board Hosp. Rev. Bonds</FONT>&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=sans-serif size=2>(First Mtge. Mountain States Hlth.), Ser. A, 7 1/2s,</FONT>&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=sans-serif size=2>7/1/33 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,364,130</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Sullivan Cnty., Hlth. Edl. &amp; Hsg. Hosp. Fac. Board</FONT>&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=sans-serif size=2>Rev. Bonds (Wellmont Hlth. Syst.), Ser. C</FONT>&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=sans-serif size=2>5s, 9/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>430,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>430,280</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5s, 9/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,460,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,490,558</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>TN Energy Acquisition Corp. Gas Rev. Bonds, Ser. C</FONT>&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=sans-serif size=2>5s, 2/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>997,010</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5s, 2/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,034,300</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=right><B><FONT face=sans-serif size=2>8,316,278</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Texas (8.2%)</FONT></B>&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=sans-serif size=2>Brazos River, Auth. Poll. Control Rev. Bonds (TXU</FONT>&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=sans-serif size=2>Energy Co., LLC), 5s, 3/1/41</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Caa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>372,805</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Edgewood, Indpt. School Dist. Bexar Cnty. G.O. Bonds,</FONT>&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=sans-serif size=2>Ser. A, PSFG, 5s, 2/15/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,020,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,095,447</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>El Paso, Indpt. School Dist. G.O. Bonds, Ser. A, PSFG,</FONT>&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=sans-serif size=2>5 1/4s, 8/15/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,345,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,545,567</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Gateway, Pub. Fac. Corp. Rev. Bonds (Stonegate Villas</FONT>&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=sans-serif size=2>Apt.), FNMA Coll., 4.55s, 7/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>778,275</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Port Corpus Christi Indl. 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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Valero), Ser. C, 5.4s, 4/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>720,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>725,285</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>San Antonio Wtr. Rev. Bonds, Ser. A, FSA, 5s, 5/15/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,046,980</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Snyder, Indpt. School Dist. G.O. Bonds (School Bldg.),</FONT>&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=sans-serif size=2>AMBAC, 5 1/4s, 2/15/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,280,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,371,494</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Tomball, Hosp. Auth. Rev. Bonds (Tomball Regl. Hosp.),</FONT>&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=sans-serif size=2>6s, 7/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,011,460</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>TX Muni. Gas Acquisition &amp; Supply Corp. I Rev. Bonds,</FONT>&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=sans-serif size=2>Ser. A, 5 1/4s, 12/15/19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,023,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>TX State Dept. of Hsg. &amp; Cmnty. Affairs Rev. Bonds</FONT>&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=sans-serif size=2>(Single Fam.), Ser. F, FHA Insd., 5 3/4s, 3/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,058,910</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=right><B><FONT face=sans-serif size=2>14,029,223</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Utah (1.2%)</FONT></B>&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=sans-serif size=2>Salt Lake City, Hosp. Rev. Bonds, AMBAC, 6 3/4s,</FONT>&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=sans-serif size=2>5/15/20 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>2,006,720</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Virginia (2.4%)</FONT></B>&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=sans-serif size=2>Fredericksburg, Indl. Dev. Auth. Rev. Bonds (Medicorp</FONT>&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=sans-serif size=2>Hlth. Syst.), Ser. B, 5 1/8s, 6/15/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>501,615</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Front Royal &amp; Warren Cnty., Indl. Dev. Auth. Lease</FONT>&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=sans-serif size=2>Rev. Bonds (School Cap. Impt.), Ser. B, FSA, 5s, 4/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,573,175</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Henrico Cnty., Econ. Dev. Auth. Res. Care Fac. Rev.</FONT>&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=sans-serif size=2>Bonds (United Methodist), Ser. A</FONT>&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=sans-serif size=2>6.7s, 6/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>735,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>754,536</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>6.7s, 6/1/27 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>265,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>307,604</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=right><B><FONT face=sans-serif size=2>4,136,930</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Washington (6.4%)</FONT></B>&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=sans-serif size=2>Chelan Cnty. Dev. Corp. Rev. Bonds (Alcoa), 5.85s,</FONT>&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=sans-serif size=2>12/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,005,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Tobacco Settlement Auth. of WA Rev. Bonds, 6 1/2s,</FONT>&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=sans-serif size=2>6/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,165,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,218,554</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>WA State G.O. Bonds (Motor Vehicle Fuel), Ser. B,</FONT>&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=sans-serif size=2>MBIA, 5s, 7/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,191,680</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>WA State Hlth. Care Fac. Auth. Rev. Bonds, Ser. C,</FONT>&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=sans-serif size=2>Radian Insd., 5 3/8s, 8/15/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>300,993</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>WA State Hlth. Care Fac. Auth. VRDN (Multicare Hlth.</FONT>&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=sans-serif size=2>Syst.), Ser. D, FSA, 1.88s, 8/15/41</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A-1+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,300,000</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=right><B><FONT face=sans-serif size=2>11,016,227</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>West Virginia (1.4%)</FONT></B>&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=sans-serif size=2>Harrison Cnty., Cmnty. Solid Waste Disp. Rev. Bonds</FONT>&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=sans-serif size=2>(Allegheny Energy), Ser. D, 5 1/2s, 10/15/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,150,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,128,449</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Princeton, Hosp. Rev. Bonds (Cmnty. Hosp. Assn.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR></TABLE><BR>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="61%"></TD>
     <TD width="8%"></TD>
     <TD align=right width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Inc.), 6.1s, 5/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>B2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,277,094</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=right><B><FONT face=sans-serif size=2>2,405,543</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Wisconsin (4.7%)</FONT></B>&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=sans-serif size=2>Badger, Tobacco Settlement Asset Securitization Corp.</FONT>&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=sans-serif size=2>Rev. Bonds</FONT>&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=sans-serif size=2>7s, 6/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,737,748</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>6 3/8s, 6/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,582,900</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>WI State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds (Wheaton</FONT>&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=sans-serif size=2>Franciscan), 5 3/4s, 8/15/30 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,696,184</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=right><B><FONT face=sans-serif size=2>8,016,832</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Total municipal bonds &amp; notes (cost $278,090,106)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>$288,854,560</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>PREFERRED STOCKS (0.9%)(a) (cost $1,500,000)</FONT></B>&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>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>Shares</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>GMAC Muni. Mtge. Trust 144A , Ser. A1-2, 4.9s, cum pfd</FONT>&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=sans-serif size=2>10/31/39</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2><B>1,561,875</B></FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>TOTAL INVESTMENTS</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Total investments (cost $279,590,106)(b)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>$290,416,435</FONT></B>&nbsp; </TD></TR></TABLE><BR>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="39%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="8%" background=""></TD>
     <TD width="12%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><B><FONT face=sans-serif size=2>FUTURES CONTRACTS OUTSTANDING at 1/31/08 (Unaudited)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>Number of</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Expiration</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>Unrealized</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>contracts</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>Value</FONT>&nbsp; </TD>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>date</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>depreciation</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>U.S. Treasury Note 10 yr (Short)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>92</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>$10,738,125</FONT>&nbsp; </TD>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Mar-08</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>$(368,158)</FONT>&nbsp; </TD></TR></TABLE><BR>
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<P align="left">
<FONT size=2 face="sans-serif">NOTES</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Portfolio schedule does not reflect assets acquired by the fund in connection with the mergers of Putnam Investment Grade Municipal Trust and Putnam Municipal Bond Fund into the fund on February 25, 2008.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(a) Percentages indicated are based on net assets of &#36;171,366,318.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(RAT) The Moody's or Standard &amp; Poor's ratings indicated are believed to be the most recent ratings available at January 31, 2008 for the securities listed. Ratings are generally ascribed to securities at the time
of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at January 31, 2008. Securities rated
by Putnam are indicated by "/P." Securities rated by Fitch are indicated by "/F."</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(b) The aggregate identified cost on a tax basis is &#36;279,571,767 resulting in gross unrealized appreciation and depreciation of &#36;12,546,180 and &#36;1,701,512 respectively, or net unrealized appreciation of
&#36;10,844,668.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(SEG) A portion of this security wase pledged and segregated with the custodian to cover margin requirements for futures contracts at January 31, 2008.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(RES) Restricted, excluding 144A securities, as to public resale. The total market value of restricted securities held at January 31, 2008 was &#36;812,576 or 0.5% of net assets.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">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></P>
<P align="left">
<FONT size=2 face="sans-serif">The rates shown on VRDN and Mandatory Put Bonds are the current interest rates at January 31, 2008.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">The dates shown on Mandatory Put Bonds are the next mandatory put dates.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">The dates shown on debt obligations other than Mandatory Put Bonds are the original maturity dates.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">The fund had the following sector concentrations greater than 10% at January 31, 2008 (as a percentage of net assets):</FONT></P>
<TABLE border=0 width=80% cellspacing=1 cellpadding=0>
<TR>
     <TD width=54%></TD>
     <TD width=45%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="sans-serif">Health Care</FONT>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">40.4%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="sans-serif">Local Government</FONT>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">30.1</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="sans-serif">Utilities</FONT>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">25.4</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="sans-serif">State Government</FONT>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">16.0</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="sans-serif">Tobacco</FONT>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">10.5</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="sans-serif">The fund had the following insurance concentrations greater than 10% at January 31, 2008 (as a percentage of net assets):</FONT></P>
<TABLE border=0 width=80% cellspacing=1 cellpadding=0>
<TR>
     <TD width=50%></TD>
     <TD width=49%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="sans-serif">FGIC</FONT>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">20.8%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="sans-serif">MBIA</FONT>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">18.5</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="sans-serif">AMBAC</FONT>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">17.0</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="sans-serif">FSA</FONT>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">13.8</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<B><FONT size=2 face="sans-serif">Security valuation </FONT></B><FONT size=2 face="sans-serif">Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such
services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. Certain investments and derivatives 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 value 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">
<B><FONT size=2 face="sans-serif">Futures and options contracts </FONT></B><FONT size=2 face="sans-serif">The fund may use futures and options contracts to hedge against changes in the values of securities the fund owns or expects to purchase, or
for other investment purposes. The fund may also write options on swaps or securities it owns or in which it may invest to increase its current returns.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">The potential risk to the fund is that the change in value of futures and options contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value
of the underlying instruments, if there is an illiquid secondary market for the contracts, or if the counterparty to the contract is unable to perform. Risks may exceed amounts recognized on the statement of assets and liabilities. When the contract
is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Realized gains and losses on purchased options are included in realized
gains and losses on investment securities. If a written call option is exercised, the premium originally received is recorded as an addition to sales proceeds. If a written put option is exercised, the premium originally received is recorded as a
reduction to the cost of investments.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the
value of the futures contract. Such receipts or payments are known as &#147;variation margin.&#148; Exchange traded options are valued at the last sale price or, if no sales are reported, the last bid price for purchased options and the last ask
price for written options. Options traded over-the-counter are valued using prices supplied by dealers. Futures and written option contracts outstanding at period end, if any, are listed after the fund&#146;s portfolio.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's
Individual Investor Web site at www.putnaminvestments.com</FONT></P>

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<P align="left">
<U><FONT size=2 face="sans-serif">Item 2. Controls and Procedures:</FONT></U><FONT size=2 face="sans-serif"> </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(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 size=2 face="sans-serif">(b) Changes in internal control over financial reporting: Not applicable </FONT></P>
<P align="left">
<U><FONT size=2 face="sans-serif">Item 3. Exhibits:</FONT></U><FONT size=2 face="sans-serif"> </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.
</FONT></P>
<P align="left">
<U><FONT size=2 face="sans-serif">SIGNATURES</FONT></U><FONT size=2 face="sans-serif"> </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">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 size=2 face="sans-serif">Putnam Municipal Opportunities Trust</FONT></U><FONT size=2 face="sans-serif"> </FONT><BR>
<BR>
<FONT size=2 face="sans-serif">By (Signature and Title): </FONT><BR>
<BR>
<U><FONT size=2 face="sans-serif">/s/ Janet C. Smith</FONT></U><FONT size=2 face="sans-serif"> </FONT><BR>
<FONT size=2 face="sans-serif">Janet C. Smith </FONT><BR>
<FONT size=2 face="sans-serif">Principal Accounting Officer </FONT><BR>
<FONT size=2 face="sans-serif">Date: March 31, 2008 </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">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 size=2 face="sans-serif">By (Signature and Title): </FONT><BR>
<BR>
<U><FONT size=2 face="sans-serif">/s/ Charles E. Porter</FONT></U><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><BR>
<FONT size=2 face="sans-serif">Date: March 31, 2008 </FONT><BR>
<BR>
<FONT size=2 face="sans-serif">By (Signature and Title): </FONT><BR>
<BR>
<U><FONT size=2 face="sans-serif">/s/ Steven D. Krichmar</FONT></U><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><BR>
<FONT size=2 face="sans-serif">Date: March 31, 2008 </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-Q of the funds listed on Attachment A: </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by each report; </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is
filed;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have: </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared; </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">c) evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report, based on such evaluation; and </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">d) disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is
reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">5. The registrant&#146;s other certifying officer and I have disclosed to each registrant&#146;s auditors and the audit committee of each registrant&#146;s board of directors (or persons performing the equivalent
functions): </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant&#146;s ability to record,
process, summarize, and report financial information; and </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant&#146;s internal control over financial reporting. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">/s/ Charles E. Porter </FONT><BR>
<FONT size=2 face="sans-serif">_____________________________ </FONT><BR>
<FONT size=2 face="sans-serif">Date: March 28, 2008 </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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<A name="page_2"></A>

<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, Steven D. Krichmar, the Principal Financial Officer of the funds listed on Attachment A, certify that: </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">1. I have reviewed each report on Form N-Q of the funds listed on Attachment A: </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by each report; </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is
filed;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have: </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared; </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">c) evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report, based on such evaluation; and </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">d) disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is
reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">5. The registrant&#146;s other certifying officer and I have disclosed to each registrant&#146;s auditors and the audit committee of each registrant&#146;s board of directors (or persons performing the equivalent
functions): </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant&#146;s ability to record,
process, summarize, and report financial information; and </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant&#146;s internal control over financial reporting. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">/s/ Steven D. Krichmar</FONT><BR>
<FONT size=2 face="sans-serif">_______________________________ </FONT><BR>
<FONT size=2 face="sans-serif">Date: March 28, 2008 </FONT><BR>
<FONT size=2 face="sans-serif">Steven D. Krichmar</FONT><BR>
<FONT size=2 face="sans-serif">Principal Financial Officer </FONT></P>

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<A name="page_3"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="7%"></TD>
     <TD width="38%"></TD>
     <TD width="54%"></TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2>&nbsp; </FONT></TD>
     <TD noWrap align=center><FONT size=2><FONT face=sans-serif size=2>Attachment A</FONT>&nbsp; </FONT></TD>
     <TD noWrap align=left background="">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2>&nbsp; </FONT></TD>
     <TD noWrap align=center><FONT size=2><FONT face=sans-serif size=2>NQ</FONT>&nbsp; </FONT></TD>
     <TD noWrap align=left background="">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2>&nbsp; </FONT></TD>
     <TD noWrap align=center><FONT size=2><FONT face=sans-serif size=2>Period (s) ended January 31, 2008</FONT>&nbsp; </FONT></TD>
     <TD noWrap align=left background="">&nbsp;</TD></TR>
<TR>
     <TD colSpan=3><FONT size=2>&nbsp; </FONT></TD></TR>
<TR>
     <TD colSpan=3><FONT size=2>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2><FONT face=sans-serif size=2>2OV</FONT>&nbsp; </FONT></TD>
     <TD noWrap align=left colSpan=2><FONT size=2><FONT face=sans-serif size=2>Putnam Mid Cap Value Fund</FONT>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2><FONT face=sans-serif size=2>052</FONT>&nbsp; </FONT></TD>
     <TD noWrap align=left colSpan=2><FONT size=2><FONT face=sans-serif size=2>Putnam Managed Municipal Income Trust</FONT>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2><FONT face=sans-serif size=2>183</FONT>&nbsp; </FONT></TD>
     <TD noWrap align=left colSpan=2><FONT size=2><FONT face=sans-serif size=2>Putnam Municipal Bond Fund</FONT>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2><FONT face=sans-serif size=2>582</FONT>&nbsp; </FONT></TD>
     <TD noWrap align=left colSpan=2><FONT size=2><FONT face=sans-serif size=2>Putnam Municipal Opportunities Trust</FONT>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2><FONT face=sans-serif size=2>002</FONT>&nbsp; </FONT></TD>
     <TD noWrap align=left colSpan=2><FONT size=2><FONT face=sans-serif size=2>The Putnam Fund for Growth &amp; Income</FONT>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2><FONT face=sans-serif size=2>004</FONT>&nbsp; </FONT></TD>
     <TD noWrap align=left colSpan=2><FONT size=2><FONT face=sans-serif size=2>Putnam Income Fund</FONT>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2><FONT face=sans-serif size=2>2II</FONT>&nbsp; </FONT></TD>
     <TD noWrap align=left colSpan=2><FONT size=2><FONT face=sans-serif size=2>Putnam Capital Opportunities Fund</FONT>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2><FONT face=sans-serif size=2>840</FONT>&nbsp; </FONT></TD>
     <TD noWrap align=left colSpan=2><FONT size=2><FONT face=sans-serif size=2>Putnam Utilities Growth &amp; Income Fund</FONT>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2><FONT face=sans-serif size=2>2MI</FONT>&nbsp; </FONT></TD>
     <TD noWrap align=left colSpan=2><FONT size=2><FONT face=sans-serif size=2>Putnam Tax Smart Equity Fund</FONT>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2><FONT face=sans-serif size=2>005</FONT>&nbsp; </FONT></TD>
     <TD noWrap align=left colSpan=2><FONT size=2><FONT face=sans-serif size=2>Putnam Global Equity Fund</FONT>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2><FONT face=sans-serif size=2>008</FONT>&nbsp; </FONT></TD>
     <TD noWrap align=left colSpan=2><FONT size=2><FONT face=sans-serif size=2>Putnam Convertible Income-Growth Trust</FONT>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT size=2><FONT face=sans-serif size=2>041</FONT>&nbsp; </FONT></TD>
     <TD noWrap align=left width="92%" colSpan=2><FONT size=2><FONT face=sans-serif size=2>Putnam Global Income Trust</FONT>&nbsp; </FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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