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<SEC-DOCUMENT>0000928816-08-001648.txt : 20081229
<SEC-HEADER>0000928816-08-001648.hdr.sgml : 20081225
<ACCEPTANCE-DATETIME>20081229170639
ACCESSION NUMBER:		0000928816-08-001648
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		16
CONFORMED PERIOD OF REPORT:	20081031
FILED AS OF DATE:		20081229
DATE AS OF CHANGE:		20081229
EFFECTIVENESS DATE:		20081229

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07626
		FILM NUMBER:		081273091

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

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>a_muniopptrust.htm
<DESCRIPTION>PUTNAM MUNICIPAL OPPORTUNITIES TRUST
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     <TD noWrap align=center colSpan=3><FONT face=sans-serif size=2>UNITED STATES</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center colSpan=3><FONT face=sans-serif size=2>SECURITIES AND EXCHANGE COMMISSION</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=center colSpan=3><FONT face=sans-serif size=2>Washington, D.C. 20549</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=center colSpan=3>&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center colSpan=3><B><FONT face=sans-serif size=2>FORM N-CSR</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=center colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center colSpan=3><B><FONT face=sans-serif size=2>CERTIFIED SHAREHOLDER REPORT OF REGISTERED</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=center colSpan=3><B><FONT face=sans-serif size=2>MANAGEMENT INVESTMENT COMPANIES</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=center colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Investment Company Act file number: (811- 07626)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left></TD></TR>
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     <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>&nbsp; </TD>
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<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 colSpan=3>&nbsp; </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>
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     <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>&nbsp;</TD>
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     <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>
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     <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>
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     <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>&nbsp;&nbsp; </TD>
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<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 colSpan=2>&nbsp; </TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Date of fiscal year end: April 30, 2009</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>Date of reporting period May 1, 2008 &#150; October 31, 2008</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><U><FONT face=sans-serif size=2>Item 1. Report to Stockholders:</FONT></U></P>
<P align=left><FONT face=sans-serif size=2>The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940:</FONT></P>
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<P align=left><FONT face=serif size=7>What makes Putnam different?</FONT></P>
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<P align=left><FONT face=sans-serif size=2>In 1830, Massachusetts Supreme Judicial Court Justice Samuel Putnam established The Prudent Man Rule, a legal foundation for responsible money management.</FONT></P>
<P align=left><FONT face=sans-serif size=2>THE PRUDENT MAN RULE</FONT></P>
<P align=left><FONT face=sans-serif size=2>All that can be required of a trustee to invest is that he shall conduct himself faithfully and exercise a sound discretion. He is to observe how men of prudence, discretion, and intelligence manage their own affairs, not in regard to speculation, but in regard to the permanent disposition of their funds, considering the probable income, as well as the probable safety of the capital to be invested.</FONT></P>
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<P align=left><FONT face=serif>A time-honored tradition</FONT><BR>
<FONT face=serif>in money management</FONT></P>
<P align=left><FONT face=serif size=2>Since 1937, our values have been rooted in a profound sense of responsibility for the money entrusted to us.</FONT></P>
<P align=left><FONT face=serif>A prudent approach to investing</FONT></P>
<P align=left><FONT face=serif size=2>We use a research-driven approach to seek superior investment results over time.</FONT></P>
<P align=left><FONT face=serif>Funds for every investment goal</FONT></P>
<P align=left><FONT face=serif size=2>We offer a broad range of mutual funds and other financial products so investors and their financial representatives can build diversified portfolios.</FONT></P>
<P align=left><FONT face=serif>A commitment to doing</FONT><BR>
<FONT face=serif>what&#146;s right for investors</FONT></P>
<P align=left><FONT face=serif size=2>With a focus on investment performance and in-depth information about our funds, we put the interests of investors first and seek to set the standard for integrity and service.</FONT></P>
<P align=left><FONT face=serif>Industry-leading service</FONT></P>
<P align=left><FONT face=serif size=2>We help investors, along with their financial representatives, make informed investment decisions with confidence.</FONT></P>
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<P align=left><FONT face=serif size=7>Putnam Municipal<BR>
</FONT><FONT face=serif size=7>Opportunities</FONT><BR>
<FONT face=serif size=7>Trust</FONT></P>
<P align=left><FONT face=serif size=7>10</FONT><FONT face=serif size=7>|</FONT><FONT face=serif size=7>31</FONT><FONT face=serif size=7>|</FONT><FONT face=serif size=7>08</FONT><BR>
<I><FONT face=serif size=5>Semiannual Report</FONT></I></P>
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     <TD noWrap align=left><FONT face=serif>Message from the Trustees</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2</FONT> </TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif>About the fund</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4</FONT> </TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif>Performance snapshot</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>6</FONT> </TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif>Interview with your fund&#146;s Portfolio Manager</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>7</FONT> </TD>
     <TD noWrap align=right></TD></TR>
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     <TD noWrap align=left><FONT face=serif>Performance in depth.</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>12</FONT> </TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif>Your fund&#146;s management.</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>14</FONT> </TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif>Terms and definitions</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>15</FONT> </TD>
     <TD noWrap align=right></TD></TR>
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     <TD noWrap align=left><FONT face=serif>Trustee approval of management contract</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>16</FONT> </TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif>Other information for shareholders.</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>20</FONT> </TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif>Financial statements</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>21</FONT> </TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif>Shareholder meeting results</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>51</FONT> </TD>
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<P align=left><I><FONT face=sans-serif size=1>Cover photograph: &#169; Richard H. Johnson</FONT></I></P>
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<P align=left><FONT face=serif size=7>Message from the Trustees</FONT></P>
<P align=left><FONT face=serif>Dear Fellow Shareholder:</FONT></P>
<P align=left><FONT face=serif>For several months now, financial markets have been experiencing significant upheaval. Coordinated responses by economic and financial authorities in the United States and overseas should restore stability in due course, but investors should not expect a reduction in volatility in the near term.</FONT></P>
<P align=left><FONT face=serif>As a shareholder of this fund, you should feel confident about the financial standing of Putnam Investments. Our parent companies, Great-West Lifeco and Power Financial Corporation, are among the largest and most successful organizations in the financial services industry. All three companies are well capitalized with strong cash flows.</FONT></P>
<P align=left><FONT face=serif>We are pleased to announce that Robert L. Reynolds, a well-known leader and visionary in the mutual fund industry, joined the Putnam leadership team as President and Chief Executive Officer of Putnam Investments in July. Charles E. Haldeman, Jr., former President and CEO, has taken on the role of Chairman of Putnam Investment Management, LLC, the firm&#146;s fund management company. He continues to serve as President of the Funds and as a Trustee. </FONT><FONT face=serif>Mr. Reynolds also serves as a Trustee.</FONT></P>
<P align=left><FONT face=sans-serif size=2>2</FONT></P>
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<P align=left><FONT face=serif>Mr. Reynolds brings to Putnam Investments substantial industry experience and an outstanding record of success, including serving as Vice Chairman and Chief Operating Officer at Fidelity Investments from 2000 to 2007. We look forward to working with Mr. Reynolds as we continue our efforts to position Putnam Investments to exceed our shareholders&#146; expectations.</FONT></P>
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<P align=left><FONT face=serif size=7>About the fund</FONT><BR>
<BR>
<FONT face=sans-serif size=4>Potential for high current income exempt from federal income tax</FONT></P>
<P align=left><FONT face=sans-serif size=2>Taxes on income are a significant challenge of fixed-income investing. Investing in municipal bonds through a fund such as Putnam Municipal Opportunities Trust can help address this challenge. While the stated yields on municipal bonds are usually lower than those of taxable bonds, the income most of these bonds pay has the advantage of being exempt from federal tax.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Municipal bonds are typically issued by states and local municipalities to raise funds for building and maintaining public facilities. The bonds are backed by either the issuing city or town, by revenues collected from usage fees, or by state tax revenues. Depending on the type of backing, the bonds will have varying degrees of credit risk, which is the risk that the issuer will not be able to repay the bond.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Many municipal bonds are not rated by independent rating agencies such as Standard </FONT><FONT face=sans-serif size=2>&amp; Poor&#146;s and Moody&#146;s. This is primarily because many issuers decide not to pursue a rating that might be below investment grade. As a result, portfolio managers must do additional research to determine whether these bonds are prudent investments.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Evaluating a bond&#146;s credit risk is one area in which Putnam has expertise. Putnam&#146;s research team analyzes each issue in depth and assigns non-rated bonds an agency-equivalent Putnam rating. This analysis helps the team identify bonds with attractive risk/return profiles among bonds not rated by agencies.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Once the fund has invested in a bond, the portfolio managers continue to monitor developments that affect the overall bond market, the sector, and the issuer of the bond. Typically, higher-risk, lower-rated bonds are reviewed more frequently because of their greater potential risk.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The goal of research and active management is to stay a step ahead of the industry and pinpoint opportunities to adjust holdings for the benefit of the fund&#146;s shareholders.</FONT></P>
<P align=left><I><FONT face=sans-serif size=2>Lower-rated bonds may offer higher yields in return for more risk. Capital gains, if any, are taxable for federal and, in most cases, state purposes. For some investors, investment income may be subject to the federal alternative minimum tax. Income from federally exempt funds may be subject to state and local taxes. Please consult with your tax advisor for more information. Mutual funds that invest in bonds are subject to certain risks, including interest-rate risk, credit risk, and inflation risk. As interest rates rise, the prices of bonds fall. Long-term bonds are more exposed to interest-rate risk than short-term bonds. Unlike bonds, bond funds have ongoing fees and expenses. The fund uses leverage, which involves risk and may increase the volatility of the fund&#146;s net asset value. The fund&#146;s shares trade on a stock exchange at market prices, which may be higher or lower than the fund&#146;s net asset value.</FONT></I></P>
<P align=left><FONT face=sans-serif size=4>How do closed-end funds</FONT><BR>
<FONT face=sans-serif size=4>differ from open-end funds?</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>More assets at work </FONT></B><FONT face=sans-serif size=2>While open-end funds need to maintain a cash position to meet redemptions, closed-end funds are not subject to redemptions and can keep more of their assets invested in the market.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Traded like stocks </FONT></B><FONT face=sans-serif size=2>Closed-end fund shares are traded on stock exchanges, and their market prices fluctuate in response to supply and demand, among other factors.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Net asset value vs. market price</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Like an open-end fund&#146;s net asset value (NAV) per share, the NAV of a closed-end fund share is equal to the current value of the fund&#146;s assets, minus its liabilities, divided by the number of shares outstanding. However, when buying or selling closed-end fund shares, the price you pay or receive is the market price. Market price reflects current market supply and demand and may be higher or lower than the NAV.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Putnam Municipal</FONT></B><BR>
<B><FONT face=sans-serif size=2>Opportunities Trust<BR>
</FONT></B></P>
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<P align=left><FONT face=sans-serif size=4>Municipal bonds may finance a range of projects in your</FONT><BR>
<FONT face=sans-serif size=4>community and thus play a key role in its development.</FONT></P>
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<FONT face=sans-serif size=2>5</FONT><BR>
<P align=left><FONT face=sans-serif size=2></FONT>&nbsp;</P>
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<P align=left><FONT face=serif size=7>Performance snapshot</FONT></P>
<P align=left><FONT face=sans-serif size=2>Average annual total return (%) comparison as of 10/31/08</FONT></P>
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<P align=left><I><FONT face=sans-serif size=2>Data is historical. Past performance does not guarantee future results. More recent returns may be less or more than those shown. Investment return and net asset value will fluctuate, and you may have a gain or a loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. Fund returns in the bar chart are at NAV. See pages 7 and 12&#150;13 for additional performance information, including fund returns </FONT></I><I><FONT face=sans-serif size=2>at market price. Index and Lipper results should be compared to fund performance at NAV. Lipper calculates performance differently than the closed-end funds it ranks, due to varying methods for determining a fund&#146;s monthly reinvestment NAV.</FONT></I></P>
<P align=left><I><FONT face=sans-serif size=2>* Returns for the six-month period are not annualized, but cumulative.</FONT></I></P>
<P align=left><FONT face=sans-serif size=2>6</FONT></P>
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<FONT face=sans-serif size=2><B><FONT face=serif></FONT></B></FONT></P>
<P><FONT face=sans-serif size=2><B><FONT face=serif>Thank you,Thalia, for talking with us today about what has been a historically turbulent six months for the fixed-income markets. How has the municipal bond market performed?</FONT></B></FONT></P>
<P align=left><FONT face=serif size=2>The past six months have indeed been an unprecedented time for the municipal bond market. We have seen the subprime mortgage meltdown that began in 2007 severely impact virtually all corners of the financial markets, including municipal bonds. Several factors related to the subprime-lending crisis contributed to historic volatility in municipal bonds. Concerns about the credit ratings </FONT><FONT face=serif size=2>of municipal bond insurers, known as monoline insurers, which also insure subprime debt, added to market volatility in late 2007 and during 2008. In addition, forced selling by hedge funds and investment banks put pressure on municipal bonds as these firms needed to raise capital and cover losses. In this environment, nearly all asset classes, including municipal bonds, underperformed U.S. Treasuries, which reached record-low yields. This added up to the worst municipal bond market performance in two decades.</FONT></P>
<P align=left><B><FONT face=sans-serif>Broad market index and fund performance</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>This comparison shows your fund&#146;s performance in the context of broad market indexes for the six months ended 10/31/08. See page 6 and pages 12&#150;13 for additional fund performance information. Index descriptions can be found on page 15.</FONT></P>
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<P align=left><FONT face=sans-serif size=2>7</FONT></P>
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<P align=left><FONT face=sans-serif size=2><B><FONT face=serif>How did Putnam Municipal Opportunities Trust perform during the period?</FONT></B></FONT></P>
<P align=left><FONT face=serif size=2>In these volatile markets, the fund continued to outperform its peers; however, the fund did post a negative return for the period. For the six months ended October 31, 2008, the fund posted a 15.72% decline. However, the fund did outperform its Lipper peers, General Municipal Debt Funds [leveraged closed-end], which lost 16.98% over the same period. Our performance placed the fund 33rd out of 60 funds in our Lipper peer group for the period.</FONT></P>
<P align=left><FONT face=serif size=2>With investors continuing an overall &#147;flight to quality&#148; in municipal bonds, the fund did lag the benchmark, the Barclays Capital Municipal Bond Index, which invests only in investment-grade municipal bonds. For the period, the benchmark had a loss of 4.70%.</FONT></P>
<P align=left><FONT face=sans-serif size=2><B><FONT face=serif>The final months of the period were particularly challenging. Describe what happened with municipal bonds during that time.</FONT></B></FONT></P>
<P align=left><FONT face=serif size=2>In September 2008, the municipal bond market endured its worst month on record. As the credit crisis grew, the yield spreads between tax-exempt bonds and Treasury bonds diverged dramatically, as most investors avoided all asset classes with any perceived credit risk.</FONT></P>
<P align=left><FONT face=serif size=2>Three factors contributed to the weakness in the credit markets during the fall of 2008. The first was unrelenting downward price pressure on municipal bonds. This pressure was spurred by the forced selling of hedge fund positions and the rumored potential liquidation of AIG&#146;s $50 to $60 billion municipal bond portfolio. Second, dealer liquidity became more constrained with the historic bankruptcy of Lehman</FONT></P>
<P align=left><B><FONT face=sans-serif>Credit quality overview</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Credit qualities shown as a percentage of portfolio value as of 10/31/08. A bond rated Baa or higher (MIG3/VMIG3 or higher, for short-term debt) is considered investment grade. The chart reflects Moody&#146;s ratings; percentages may include bonds not rated by Moody&#146;s but considered by Putnam Management to be of comparable quality. Ratings will vary over time.</FONT></P>
<P align=left>
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</P>
<P align=left><FONT face=sans-serif size=2>8</FONT></P>
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<P align=left><FONT face=serif size=2>Brothers, UBS&#146;s exit from the institutional market, and the purchase of Merrill Lynch by Bank of America.</FONT></P>
<P align=left><FONT face=serif size=2>Finally, we saw a temporary lack of primary market supply of municipal bonds in the wake of the Lehman bankruptcy. Because new issues typically help establish prices in the marketplace, as dealers delayed pricing new issues, secondary market liquidity was negatively affected. All of these issues put downward pressure on municipal bond prices, further hurting the asset class&#146;s performance.</FONT></P>
<P align=left><FONT face=sans-serif size=2><B><FONT face=serif>How did you position the portfolio in light of these ongoing issues?</FONT></B></FONT></P>
<P align=left><FONT face=serif size=2>We&#146;ve decided to remain cautious during the period. One factor that continued to aid performance compared to our peers </FONT><FONT face=serif size=2>during the period was the fund&#146;s shorter-maturity positioning. This helped performance on a relative basis as the yield curve steepened and prices on shorter-term instruments held up better than longer-maturity bonds. Security selection in the insured sector also aided relative performance. At the beginning of the period, nearly all insured bonds traded in a relatively tight range. As concerns rose about monoline insurers [firms that insure issuers of municipal debt], there was growing differentiation in quality among insured issues. Our positioning within insured issues aided performance relative to our peers.</FONT></P>
<P align=left><FONT face=sans-serif size=2><B><FONT face=serif>Were there any notable strategies that contributed to performance?</FONT></B></FONT></P>
<P align=left><FONT face=serif size=2>On a relative basis, the fund benefited most significantly from the omission of</FONT></P>
<P align=left><B><FONT face=sans-serif>Comparison of top sector weightings</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>This chart shows how the fund&#146;s top weightings have changed over the past six months. <BR>
Weightings are shown as a percentage of net assets. Holdings will vary over time.</FONT></P>
<IMG src="munioppstrustx10x1.jpg" border=0>
<BR>
<P align=left><FONT face=sans-serif size=2>9</FONT></P>
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<P align=left><FONT face=serif size=2>two bonds held by the benchmark that defaulted during the period. Revenue bonds for the </FONT><B><FONT face=serif size=2>Director of Nevada Department of Business &amp; Industry Las Vegas Monorail Project, </FONT></B><FONT face=serif size=2>which supported the monorail system that serves the strip hotels, attractions, and convention center in Las Vegas, defaulted on the heels of lower monorail ridership and revenue levels. The second default we were fortunate to avoid were bonds issued for the New York City-based </FONT><B><FONT face=serif size=2>National Sports Museum, </FONT></B><FONT face=serif size=2>sponsored by New York Liberty Development Corporation.</FONT></P>
<P align=left><FONT face=sans-serif size=2><B><FONT face=serif>Any notable detractors?</FONT></B></FONT></P>
<P align=left><B><FONT face=serif size=2>Main Street Natural Gas Bonds </FONT></B><FONT face=serif size=2>detracted from performance during the period. On the whole, prepaid gas bonds help a municipal utility buy natural gas at a discounted price. One important feature of prepaid gas bonds, however, is that the bond&#146;s rating is tied to its financial sponsor &#151; in this case, Lehman Brothers. Because Lehman was affected by liquidity problems and concerns about subprime exposure, the performance of these bonds suffered.</FONT></P>
<P align=left><FONT face=sans-serif size=2>I N&nbsp; T H E &nbsp;N E W S</FONT></P>
<P align=left><FONT face=sans-serif size=2><B><FONT face=serif>In November, the Federal Reserve Bank (the Fed) and the U.S. Treasury announced $800 billion in new lending programs </FONT></B></FONT><FONT face=sans-serif size=2>to help the consumer lending and home mortgage markets.TheTreasury and the Fed said they would create a $200 billion program to support the issuance of securities that are backed by car loans, student loans, credit card debt, and small-business loans. In a separate action, the Fed said it would lower mortgage rates and increase the availability of credit for the housing market by buying up to $600 billion in debt tied to home loans backed by Fannie Mae, Freddie Mac, and other government-controlled financing agencies.</FONT></P>
<P align=left><FONT face=sans-serif size=2><B><FONT face=serif>What is your outlook for the municipal bond market?</FONT></B></FONT></P>
<P align=left><FONT face=serif size=2>Investors have seen the Federal Reserve [the Fed] dramatically inject liquidity into the markets, and the government take other unprecedented steps to aid the economy and free up credit markets. It is important to understand, however, that the effects of many of the changes will take time, and that markets </FONT><FONT face=serif size=2>are likely, in our view, to remain volatile in the near term &#151; particularly with lingering concerns over state budgets and monoline insurers.</FONT></P>
<P align=left><FONT face=serif size=2>Despite the current market environment, we see two key reasons why municipal bond funds remain relatively attractive. The first is future tax rates. We believe that income tax rates are unlikely to fall from here and may, in fact, rise in the near future, especially in view of the tax cuts scheduled to sunset in 2010. This may cause municipal bonds to become an even more attractive asset class relative to taxable fixed income.</FONT></P>
<P align=left><FONT face=sans-serif size=2>10</FONT></P>
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<P align=left><FONT face=serif size=2>Even at today&#146;s tax rates, we believe municipal bonds offer a great value because of a second key factor: the overall credit quality of the municipal asset class remains strong. The fund has benefited from having a bias for higher quality holdings in the portfolio. We believe that many areas of the municipal bond market have been oversold by panicked investors, creating unique opportunities for the fund to add highly rated bonds paying unusually high yields.</FONT></P>
<P align=left><FONT face=serif size=2>Finally, I&#146;d like to add that in these turbulent credit markets, shareholders should understand that Putnam&#146;s deep research capabilities are making a difference for them every day. As confidence in the public ratings agencies weakens, the in-depth, independent research of a large, integrated team like ours cannot be overemphasized.</FONT></P>
<P align=left><FONT face=sans-serif size=2><B><FONT face=serif>Thank you,Thalia, for your time and insights today.</FONT></B></FONT></P>
<P align=left><I><FONT face=serif size=2>The views expressed in this report are exclusively those of Putnam Management. They are not meant as investment advice.</FONT></I></P>
<P align=left><I><FONT face=serif size=2>Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the fund&#146;s investment strategy and may vary in the future.</FONT></I></P>
<P align=left><FONT face=serif size=5>Of special interest</FONT></P>
<P align=left><FONT face=serif size=2>In October 2008, the Board of Trustees approved a proposal to merge your fund into Putnam Tax Exempt Income Fund, an open-end fund. The expected benefits </FONT><FONT face=serif size=2>of the proposed merger to shareholders of your fund include the opportunity to invest in a similarly managed open-end fund and the ability to redeem shares at their net asset value on a daily basis without the discount to net asset value at which shares of your fund have traded historically. It is currently expected that the merger would occur in 2009, following approval from shareholders of your fund, though there is no guarantee that the merger will occur. Proxy materials relating to the proposed merger are expected to be mailed to shareholders early in 2009.</FONT></P>
<P align=left><FONT face=serif size=2>In connection with their approval of the proposed merger into Putnam Tax Exempt Income Fund, the Trustees have also authorized your fund to begin redeeming all of its outstanding preferred shares through a series of partial redemptions. The first such partial redemptions by your fund occurred following the close of the fiscal period, and the remaining redemptions are expected to occur in the coming months. In accordance with legal requirements applicable to open-end funds, your fund will be required to redeem all of its preferred shares prior to completing the proposed merger into Putnam Tax Exempt Income Fund.</FONT></P>
<P align=left><FONT face=serif size=2>We are pleased to report that effective July 2008, your fund&#146;s dividend was increased from $0.0479 to $0.0605 per share, due to an increase in income distributable to common shareholders. In November, reflecting market conditions and resultant portfolio considerations, your fund&#146;s dividend decreased to $0.0566 per share. The net result over the reporting period was a dividend increase of 18.16%, which reflects the current earnings distribution of the portfolio holdings.</FONT></P>
<P align=left><FONT face=sans-serif size=2>11</FONT></P>
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<P align=left><FONT face=sans-serif size=5>Your fund&#146;s performance</FONT></P>
<P align=left><FONT face=serif size=2>This section shows your fund&#146;s performance for periods ended October 31, 2008, the end of the first half of its current fiscal year. In accordance with regulatory requirements for mutual funds, we also include performance as of the most recent calendar quarter-end. Performance should always be considered in light of a fund&#146;s investment strategy. Data represents past performance. Past performance does not guarantee future results. More recent returns may be less or more than those shown. Investment return, net asset value, and market price will fluctuate, and you may have a gain or a loss when you sell your shares.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Fund performance </FONT></B><FONT face=sans-serif size=2>Total return for periods ended 10/31/08</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="20%"></TD>
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<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Lipper General</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Municipal Debt</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Barclays Capital</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Funds (leveraged</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Municipal Bond</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>closed-end)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>NAV</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Market price</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Index</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>category average*</FONT> </TD></TR>
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</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Annual average</FONT> </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Life of fund (since 5/28/93)</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>4.60%</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>3.61%</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>5.09%</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>4.41%</FONT> </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>10 years</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>35.60</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>15.59</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>49.96</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>33.04</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Annual average</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>3.09</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>1.46</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>4.14</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>2.87</FONT> </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5 years</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>5.07</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;1.56</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>14.41</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>1.69</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Annual average</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>0.99</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;0.31</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>2.73</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>0.29</FONT> </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>3 years</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;8.03</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;4.58</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>5.23</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;11.40</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Annual average</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;2.75</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;1.55</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>1.71</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;4.01</FONT> </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>1 year</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;16.43</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;13.31</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;3.30</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;19.05</FONT> </TD></TR>
<TR>
     <TD colSpan=5>
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</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>6 months</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;15.72</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;13.44</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;4.70</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;16.98</FONT> </TD></TR>
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<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>Performance assumes reinvestment of distributions and does not account for taxes.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Index and Lipper results should be compared to fund performance at net asset value. Lipper calculates performance differently than the closed-end funds it ranks, due to varying methods for determining a fund&#146;s monthly reinvestment NAV.</FONT></P>
<P align=left><FONT face=sans-serif size=1>* Over the 6-month, 1-year, 3-year, 5-year, 10-year, and life-of-fund periods ended 10/31/08, there were 60, 60, 59, 59, 40, and 34 funds, respectively, in this Lipper category.</FONT></P>
<P align=left><FONT face=sans-serif size=2>12</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2>Fund price and distribution information </FONT></B><FONT face=sans-serif size=2>For the six-month period ended 10/31/08</FONT></P>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Distributions &#151; common shares*</FONT> </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Number</FONT> </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>6</FONT> </TD>
     <TD noWrap align=center>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Income </FONT><B><SUP><FONT face=sans-serif size=1>1</FONT></SUP></B> </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>$0.3378</FONT> </TD>
     <TD noWrap align=center>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Capital gains </FONT><B><SUP><FONT face=sans-serif size=1>2</FONT></SUP></B> </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#151;</FONT> </TD>
     <TD noWrap align=center>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Total</FONT> </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>$0.3378</FONT> </TD>
     <TD noWrap align=center>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Distributions &#151; preferred shares*</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Series A </FONT><FONT face=sans-serif size=1>(3,842 shares) </FONT></TD>
     <TD noWrap align=center>&nbsp;<FONT face=sans-serif size=1>Series B </FONT><FONT face=sans-serif size=1>(3,417 shares) </FONT></TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Series C </FONT><FONT face=sans-serif size=1>(6,137 shares)</FONT>&nbsp;&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=1>Income </FONT><B><SUP><FONT face=sans-serif size=1>1</FONT></SUP></B> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>$451.95</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>$521.74</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>$523.54</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Capital gains </FONT><B><SUP><FONT face=sans-serif size=1>2</FONT></SUP></B> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#151;</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#151;</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#151;</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Total</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>$451.95</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>$521.74</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>$523.54</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Share value</FONT> </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>NAV</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Market price</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>4/30/08</FONT> </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>$12.41</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>$11.13</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>10/31/08</FONT> </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>10.13</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>9.33</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Current yield </FONT><FONT face=sans-serif size=1>(end of period)</FONT> </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>NAV</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Market price</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Current dividend rate </FONT><B><SUP><FONT face=sans-serif size=1>3</FONT></SUP></B> </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>7.17%</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>7.78%</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Taxable equivalent </FONT><B><SUP><FONT face=sans-serif size=1>4</FONT></SUP></B> </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>11.03</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>11.97</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>* The classification of distributions, if any, is an estimate. Final distribution information will appear on your year-end tax forms.</FONT></P>
<P align=left><B><SUP><FONT face=sans-serif size=1>1 </FONT></SUP></B><FONT face=sans-serif size=1>For some investors, investment income may be subject to the federal alternative minimum tax. Income from federally exempt funds may be subject to state and local taxes.</FONT></P>
<P align=left><B><SUP><FONT face=sans-serif size=1>2 </FONT></SUP></B><FONT face=sans-serif size=1>Capital gains, if any, are taxable for federal and, in most cases, state purposes.</FONT></P>
<P align=left><B><SUP><FONT face=sans-serif size=1>3 </FONT></SUP></B><FONT face=sans-serif size=1>Most recent distribution, excluding capital gains, annualized and divided by NAV or market price at end of period.</FONT></P>
<P align=left><B><SUP><FONT face=sans-serif size=1>4 </FONT></SUP></B><FONT face=sans-serif size=1>Assumes maximum 35% federal tax rate for 2008. Results for investors subject to lower tax rates would not be as advantageous.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Fund performance as of most recent calendar quarter</FONT></B><BR>
<FONT face=sans-serif size=2><BR>
Total return for periods ended 9/30/08</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="33%"></TD>
     <TD align=center width="33%"></TD>
     <TD align=center width="33%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>NAV</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Market price</FONT> </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Annual average</FONT> </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Life of fund (since 5/28/93)</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>5.13%</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>4.29%</FONT> </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>10 years</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>45.09</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>30.68</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Annual average</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>3.79</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>2.71</FONT> </TD></TR>
<TR>
     <TD colSpan=3>
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</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>5 years</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>12.72</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>7.50</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Annual average</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>2.42</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>1.46</FONT> </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>3 years</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;1.99</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>2.30</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Annual average</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;0.67</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>0.76</FONT> </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>1 year</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;9.56</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;5.29</FONT> </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>6 months</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;7.73</FONT> </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;2.96</FONT> </TD></TR>
<TR>
     <TD colSpan=3>
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</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>13</FONT></P>
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<P align=left><FONT face=sans-serif size=5>Your fund&#146;s management</FONT></P>
<P align=left><FONT face=serif size=2>Your fund&#146;s Portfolio Managers are Thalia Meehan, Paul Drury, Brad Libby, and Susan McCormack.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Portfolio management fund ownership</FONT></B></P>
<P align=left><FONT face=serif size=2>The following table shows how much the fund&#146;s current Portfolio Managers have invested in the fund and in all Putnam mutual funds (in dollar ranges). Information shown is as of October 31, 2008, and October 31, 2007.</FONT></P>
<IMG src="munioppstrustx15x1.jpg" border=0>
<BR>
<P align=left><B><FONT face=sans-serif size=2>Trustee and Putnam employee fund ownership</FONT></B></P>
<P align=left><FONT face=serif size=2>As of October 31, 2008, 12 of the 13 Trustees of the Putnam funds owned fund shares. The table below shows the approximate value of investments in the fund and all Putnam funds as of that date by the Trustees and Putnam employees. These amounts include investments by the Trustees&#146; and employees&#146; immediate family members and investments through retirement and deferred compensation plans.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="16%"></TD>
     <TD width="20%"></TD>
     <TD width="20%"></TD>
     <TD width="43%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Assets in the fund</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Total assets in all Putnam funds</FONT> </TD>
     <TD noWrap align=right></TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Trustees</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$118,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$33,000,000</FONT> </TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Putnam employees</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$8,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$396,000,000</FONT> </TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD></TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>Other Putnam funds managed by the Portfolio Managers</FONT></B></P>
<P align=left><FONT face=serif size=2>Thalia Meehan, Paul Drury, Brad Libby, and Susan McCormack are Portfolio Managers of Putnam&#146;s open-end tax-exempt funds for the following states: Arizona, California, Massachusetts, Michigan, Minnesota, New Jersey, New York, Ohio, and Pennsylvania. The same group also manages Putnam Tax Exempt Income Fund, Putnam AMT-Free Municipal Fund*, Putnam Municipal Opportunities Trust, Putnam Tax-Free High Yield Fund, and Putnam Managed Municipal Income Trust.</FONT></P>
<P align=left><FONT face=serif size=2>Thalia Meehan, Paul Drury, Brad Libby, and Susan McCormack may also manage other accounts and variable trust funds advised by Putnam Management or an affiliate.</FONT></P>
<P align=left><FONT face=sans-serif size=1>* Prior to November 30, 2008, the fund was known as Putnam AMT-Free Insured Municipal Fund.</FONT></P>
<P align=left><FONT face=sans-serif size=2>14</FONT></P>
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<P align=left><FONT face=sans-serif size=5>Terms and definitions</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Important terms</FONT></B></P>
<P align=left><B><FONT face=serif size=2>Total return </FONT></B><FONT face=serif size=2>shows how the value of the fund&#146;s shares changed over time, assuming you held the shares through the entire period and reinvested all distributions in the fund.</FONT></P>
<P align=left><B><FONT face=serif size=2>Net asset value (NAV) </FONT></B><FONT face=serif size=2>is the value of all your fund&#146;s assets, minus any liabilities and the net assets allocated to any outstanding preferred shares, divided by the number of outstanding common shares.</FONT></P>
<P align=left><B><FONT face=serif size=2>Market price </FONT></B><FONT face=serif size=2>is the current trading price of one share of the fund. Market prices are set by transactions between buyers and sellers on exchanges such as the New York Stock Exchange.</FONT></P>
<P align=left><B><FONT face=serif size=2>Current yield </FONT></B><FONT face=serif size=2>is the annual rate of return earned from dividends or interest of an investment. Current yield is expressed as a percentage of the price of a security, fund share, or principal investment.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Comparative indexes</FONT></B></P>
<P align=left><B><FONT face=serif size=2>Barclays Capital Aggregate Bond Index </FONT></B><FONT face=serif size=2>is an unmanaged index of U.S. investment-grade fixed-income securities.</FONT></P>
<P align=left><B><FONT face=serif size=2>Barclays Capital Municipal Bond Index </FONT></B><FONT face=serif size=2>is an unmanaged index of long-term fixed-rate investment-grade tax-exempt bonds.</FONT></P>
<P align=left><B><FONT face=serif size=2>Merrill Lynch U.S. 3-Month Treasury Bill Index </FONT></B><FONT face=serif size=2>is an unmanaged index that seeks to measure the performance of U.S. Treasury bills available in the marketplace.</FONT></P>
<P align=left><B><FONT face=serif size=2>S&amp;P 500 Index </FONT></B><FONT face=serif size=2>is an unmanaged index of common stock performance.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Indexes assume reinvestment of all distributions and do not account for fees. Securities and performance of a fund and an index will differ. You cannot invest directly in an index.</FONT></P>
<P align=left><B><FONT face=serif size=2>Lipper </FONT></B><FONT face=serif size=2>is a third-party industry-ranking entity that ranks mutual funds. Its rankings do not reflect sales charges. Lipper rankings are based on total return at net asset value relative to other funds that have similar current investment styles or objectives as determined by Lipper. Lipper may change a fund&#146;s category assignment at its discretion. Lipper category averages reflect performance trends for funds within a category.</FONT></P>
<P align=left><FONT face=sans-serif size=2>15</FONT></P>
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<P align=left><FONT face=sans-serif size=5>Trustee approval of management contract</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>General conclusions</FONT></B></P>
<P align=left><FONT face=serif size=2>The Board of Trustees of the Putnam funds oversees the management of each fund and, as required by law, determines annually whether to approve the continuance of your fund&#146;s management contract with Putnam Investment Management (&#147;Putnam Management&#148;). In this regard, the Board of Trustees, with the assistance of its Contract Committee consisting solely of Trustees who are not &#147;interested persons&#148; (as such term is defined in the Investment Company Act of 1940, as amended) of the Putnam funds (the &#147;Independent Trustees&#148;), requests and evaluates all information it deems reasonably necessary under the circumstances. Over the course of several months ending in June 2008, the Contract Committee met several times to consider the information provided by Putnam Management and other information developed with the assistance of the Board&#146;s independent counsel and independent staff. The Contract Committee reviewed and discussed key aspects of t
his information with all of the Independent Trustees. The Contract Committee recommended, and the Independent Trustees approved, the continuance of your fund&#146;s management contract, effective July 1, 2008.</FONT></P>
<P align=left><FONT face=serif size=2>The Independent Trustees&#146; approval was based on the following conclusions:</FONT></P>
<P align=left><FONT face=serif size=2>&#149; </FONT><FONT face=serif size=2>That the fee schedule in effect for your fund represented reasonable compensation in light of the nature and quality of the services being provided to the fund, the fees paid by competitive funds and the costs incurred by Putnam Management in providing such services, and</FONT></P>
<P align=left><FONT face=serif size=2>&#149; </FONT><FONT face=serif size=2>That this fee schedule represented an appropriate sharing between fund shareholders and Putnam Management of such economies of scale as may exist in the management of the fund at current asset levels.</FONT></P>
<P align=left><FONT face=serif size=2>These conclusions were based on a comprehensive consideration of all information provided to the Trustees, were subject to the continued application of certain expense reductions and waivers and other considerations noted below, and were not the result of any single factor. Some of the factors that figured particularly in the Trustees&#146; deliberations and how the Trustees considered these factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors. It is also important to recognize that the fee arrangements for your fund and the other Putnam funds are the result of many years of review and discussion between the Independent Trustees and Putnam Management, that certain aspects of such arrangements may receive greater scrutiny in some years than others, and that the Trustees&#146; conclusions may be based, in part, on their consideration of these same arrangements in prio
r years.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Management fee schedules and</FONT></B><BR>
<B><FONT face=sans-serif size=2>categories; total expenses</FONT></B></P>
<P align=left><FONT face=serif size=2>The Trustees reviewed the management fee schedules in effect for all Putnam funds, including fee levels and breakpoints, and the assignment of funds to particular fee categories. In reviewing fees and expenses, the Trustees generally focused their attention on material changes in circumstances &#151; for example, changes in a fund&#146;s size or investment style, changes in Putnam Management&#146;s operating costs or responsibilities, or changes in competitive practices in the mutual fund industry &#151; that suggest that consideration of fee changes might be warranted. The Trustees concluded that the circumstances did not warrant changes to the management fee structure of your fund, which had</FONT></P>
<P align=left><FONT face=sans-serif size=2>16</FONT></P>
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<P align=left><FONT face=serif size=2>been carefully developed over the years, re-examined on many occasions and adjusted where appropriate. In this regard, the Trustees also noted that shareholders of your fund voted in 2007 to approve new management contracts containing an identical fee structure. The Trustees focused on two areas of particular interest, as discussed further below:</FONT></P>
<P align=left><FONT face=serif size=2>&#149; </FONT><B><FONT face=serif size=2>Competitiveness. </FONT></B><FONT face=serif size=2>The Trustees reviewed comparative fee and expense information for competitive funds, which indicated that, in a custom peer group of competitive funds selected by Lipper Inc., your fund ranked in the 60th percentile in management fees and in the 73rd percentile in total expenses as of December 31, 2007 (the first percentile being the least expensive funds and the 100th percentile being the most expensive funds). </FONT><FONT face=serif size=2>The Trustees expressed their intention to monitor this information closely to ensure that fees and expenses of your fund continue to meet evolving competitive standards.</FONT></P>
<P align=left><FONT face=serif size=2>&#149; </FONT><B><FONT face=serif size=2>Economies of scale. </FONT></B><FONT face=serif size=2>The Trustees considered that most Putnam funds currently have the benefit of breakpoints in their management fees that provide shareholders with significant economies of scale, which means that the effective management fee rate of a fund (as a percentage of fund assets) declines as a fund grows in size and crosses specified asset thresholds. Conversely, as a fund shrinks in size &#151; as has been the case for many Putnam funds in recent years &#151; these breakpoints result in increasing fee levels. In recent years, the Trustees have examined the operation of the existing breakpoint structure during periods of both growth and decline in asset levels. The Trustees concluded that the fee schedules in effect for the funds represented an appropriate sharing of economies of scale at current asset levels.</FONT></P>
<P align=left><FONT face=serif size=2>In connection with their review of the management fees and total expenses of the Putnam funds, the Trustees also reviewed </FONT><FONT face=serif size=2>the costs of the services to be provided and profits to be realized by Putnam Management and its affiliates from the relationship with the funds. This information included trends in revenues, expenses and profitability of Putnam Management and its affiliates relating to the investment management and distribution services provided to the funds. In this regard, the Trustees also reviewed an analysis of Putnam Management&#146;s revenues, expenses and profitability with respect to the funds&#146; management contracts, allocated on a fund-by-fund basis.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Investment performance</FONT></B></P>
<P align=left><FONT face=serif size=2>The quality of the investment process provided by Putnam Management represented a major factor in the Trustees&#146; evaluation of the quality of services provided by Putnam Management under your fund&#146;s management contract. The Trustees were assisted in their review of the Putnam funds&#146; investment process and performance by the work of the Investment Oversight Coordinating Committee of the Trustees and the Investment Oversight Committees of the Trustees, which had met on a regular monthly basis with the funds&#146; portfolio teams throughout the year. The Trustees concluded that Putnam Management generally provides a high-quality investment process &#151;as measured by the experience and skills of the individuals assigned to the management of fund portfolios, the resources made available to such personnel, and in general the ability of Putnam Management to attract and retain high-quality personnel &#151; but also recognized that this does not guarantee favorabl
e investment results for every fund in every time period. The Trustees considered the investment performance of each fund over multiple time periods and considered information comparing each fund&#146;s performance with various benchmarks and with the performance of competitive funds.</FONT></P>
<P align=left><FONT face=sans-serif size=2>17</FONT></P>
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<P align=left><FONT face=serif size=2>While the Trustees noted the satisfactory investment performance of certain Putnam funds, they considered the disappointing investment performance of many funds in recent periods, particularly over periods in 2007 and 2008. They discussed with senior management of Putnam Management the factors contributing to such underperformance and actions being taken to improve performance. The Trustees recognized that, in recent years, Putnam Management has taken steps to strengthen its investment personnel and processes to address areas of underperformance, including recent efforts to further centralize Putnam Management&#146;s equity research function. In this regard, the Trustees took into consideration efforts by Putnam Management to improve its ability to assess and mitigate investment risk in individual funds, across asset classes, and across the complex as a whole. The Trustees indicated their intention to continue to monitor performance trends to assess the effectiveness of 
these efforts and to evaluate whether additional changes to address areas of underperformance are warranted.</FONT></P>
<P align=left><FONT face=serif size=2>In the case of your fund, the Trustees considered that your fund&#146;s common share cumulative total return performance at net asset value was in the following percentiles of its Lipper Inc. peer group (Lipper General Municipal Debt Funds (leveraged closed-end) (compared using tax-adjusted performance to recognize the different federal income tax treatment for capital gains distributions and exempt-interest distributions) for the one-year, three-year and five-year periods </FONT><FONT face=serif size=2>ended December 31, 2007 (the first percentile being the best-performing funds and the 100th percentile being the worst-performing funds):</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="50%"></TD>
     <TD width="50%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>One-year period</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>51st</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Three-year period</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>62nd</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Five-year period</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>52nd</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>(Because of the passage of time, these performance results may differ from the performance results for more recent periods shown elsewhere in this report.) Over the one-year, three-year and five-year periods ended December 31, 2007, there were 55, 55, and 54 funds, respectively, in your fund&#146;s Lipper peer group.* Past performance is no guarantee of future returns.</FONT></P>
<P align=left><FONT face=serif size=2>As a general matter, the Trustees believe that cooperative efforts between the Trustees and Putnam Management represent the most effective way to address investment performance problems. The Trustees noted that investors in the Putnam funds have, in effect, placed their trust in the Putnam organization, under the oversight of the funds&#146; Trustees, to make appropriate decisions regarding the management of the funds. Based on the responsiveness of Putnam Management in the recent past to Trustee concerns about investment performance, the Trustees concluded that it is preferable to seek change within Putnam Management to address performance shortcomings. In the Trustees&#146; view, the alternative of engaging a new investment adviser for an underperforming fund would entail significant disruptions and would not provide any greater assurance of improved investment performance.</FONT></P>
<P align=left><FONT face=sans-serif size=1>* The percentile rankings for your fund&#146;s common share annualized total return performance in the Lipper General Municipal Debt Funds (leveraged closed-end) category for the one-year, five-year, and ten-year periods ended September 30, 2008 were 45%, 59%, and 61%, respectively. Over the one-year, five-year and ten-year periods ended September 30, 2008, your fund ranked 27th out of 60, 35th out of 59, and 25th out of 40 funds, respectively. Unlike the information above, these rankings reflect performance before taxes. Note that this more recent information was not available when theTrustees approved the continuance of your fund&#146;s management contract.</FONT></P>
<P align=left><FONT face=sans-serif size=2>18</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2>Brokerage and soft-dollar allocations; other benefits</FONT></B></P>
<P align=left><FONT face=serif size=2>The Trustees considered various potential benefits that Putnam Management may receive in connection with the services it provides under the management contract with your fund. These include benefits related to brokerage and soft-dollar allocations, whereby a portion of the commissions paid by a fund for brokerage may be used to acquire research services that may be useful to Putnam Management in managing the assets of the fund and of other clients. The Trustees considered changes made in 2008, at Putnam Management&#146;s request, to the Putnam funds&#146; brokerage allocation policy, which expanded the permitted categories of brokerage and research services payable with soft dollars and increased the permitted soft dollar allocation to third-party services over what had been authorized in previous years. The Trustees indicated their continued intent to monitor the potential benefits associated with the allocation of fund brokerage and trends in industry practice to ensur
e that the principle of seeking &#147;best price and execution&#148; remains paramount in the portfolio trading process.</FONT></P>
<P align=left><FONT face=serif size=2>The Trustees&#146; annual review of your fund&#146;s management contract arrangements also included the review of your fund&#146;s investor servicing agreement with Putnam Fiduciary Trust Company (&#147;PFTC&#148;), which provides benefits to affiliates of Putnam Management. In the case of the investor servicing agreement, the Trustees considered that certain shareholder servicing functions were shifted to a third-party service provider by PFTC in 2007.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Comparison of retail and institutional fee schedules</FONT></B></P>
<P align=left><FONT face=serif size=2>The information examined by the Trustees as part of their annual contract review has included for many years information regarding fees charged by Putnam Management and its affiliates to institutional clients such as defined benefit pension plans, college endowments, etc. This information included comparisons of such fees with fees charged to the funds, as well as a detailed assessment of the differences in the services provided to these two types of clients. The Trustees observed, in this regard, that the differences in fee rates between institutional clients and mutual funds are by no means uniform when examined by individual asset sectors, suggesting that differences in the pricing of investment management services to these types of clients reflect to a substantial degree historical competitive forces operating in separate market places. The Trustees considered the fact that fee rates across different asset classes are typically higher on average for mutual funds than
 for institutional clients, as well as the differences between the services that Putnam Management provides to the Putnam funds and those that it provides to institutional clients of the firm, but did not rely on such comparisons to any significant extent in concluding that the management fees paid by your fund are reasonable.</FONT></P>
<P align=left><FONT face=sans-serif size=2>19</FONT></P>
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<P align=left><FONT face=sans-serif size=5>Other information for shareholders</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Important notice regarding share</FONT></B><BR>
<B><FONT face=sans-serif size=2>repurchase program</FONT></B></P>
<P align=left><FONT face=serif size=2>In September 2008, the Trustees of your fund approved the renewal of a share repurchase program that had been in effect since 2005. This renewal will allow your fund to repurchase, in the 12 months beginning October 8, 2008, up to 10% of the fund&#146;s common shares outstanding as of October 7, 2008. The repurchase program has been temporarily suspended for your fund pending the proposed merger of your fund into Putnam Tax Exempt Income Fund.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Important notice regarding delivery</FONT></B><BR>
<B><FONT face=sans-serif size=2>of shareholder documents</FONT></B></P>
<P align=left><FONT face=serif size=2>In accordance with SEC regulations, Putnam sends a single copy of annual and semiannual shareholder reports, prospectuses, and proxy statements to Putnam shareholders who share the same address, unless a shareholder requests otherwise. If you prefer to receive your own copy of these documents, please call Putnam at 1-800-225-1581, and Putnam will begin sending individual copies within 30 days.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Proxy voting</FONT></B></P>
<P align=left><FONT face=serif size=2>Putnam is committed to managing our mutual funds in the best interests of our shareholders. </FONT><FONT face=serif size=2>The Putnam funds&#146; proxy voting guidelines and procedures, as well as information regarding how your fund voted proxies relating to portfolio securities during the 12-month period ended June 30, 2008, are available in the Individual Investors section of www.putnam.com, and on the SEC&#146;s Web site, www.sec.gov. If you have questions about finding forms on the SEC&#146;s Web site, you may call the SEC at 1-800-SEC-0330. You may also obtain the Putnam funds&#146; proxy voting guidelines and procedures at no charge by calling Putnam&#146;s Shareholder Services at 1-800-225-1581.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Fund portfolio holdings</FONT></B></P>
<P align=left><FONT face=serif size=2>The fund will file a complete schedule of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Shareholders may obtain the fund&#146;s Forms N-Q on the SEC&#146;s Web site at www. sec.gov. In addition, the fund&#146;s Forms N-Q may be reviewed and copied at the SEC&#146;s Public Reference Room in Washington, D.C. You may call the SEC at 1-800-SEC-0330 for information about the SEC&#146;s Web site or the operation of the Public Reference Room.</FONT></P>
<P align=left><FONT face=sans-serif size=2>20</FONT></P>
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<A name="page_22"></A>
<P align=left><FONT face=sans-serif size=5>Financial statements</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>A guide to financial statements</FONT></B></P>
<P align=left><FONT face=serif size=2>These sections of the report, as well as the accompanying Notes, constitute the fund&#146;s financial statements.</FONT></P>
<P align=left><B><FONT face=serif size=2>The fund&#146;s portfolio </FONT></B><FONT face=serif size=2>lists all the fund&#146;s investments and their values as of the last day of the reporting period. Holdings are organized by asset type and industry sector, country, or state to show areas of concentration and diversification.</FONT></P>
<P align=left><B><FONT face=serif size=2>Statement of assets and liabilities </FONT></B><FONT face=serif size=2>shows how the fund&#146;s net assets and share price are determined. All investment and noninvestment assets are added together. Any unpaid expenses and other liabilities are subtracted from this total. The result is divided by the number of shares to determine the net asset value per share. (For funds with preferred shares, the amount subtracted from total assets includes the liquidation preference of preferred shares.)</FONT></P>
<P align=left><B><FONT face=serif size=2>Statement of operations </FONT></B><FONT face=serif size=2>shows the fund&#146;s net investment gain or loss. This is done by first adding up all the fund&#146;s earnings &#151;from dividends and interest income &#151; and subtracting its operating expenses to determine net investment income (or loss). Then, any net gain or loss the fund realized on the sales of its holdings &#151; as well as any unrealized gains or losses over the period &#151; is added to </FONT><FONT face=serif size=2>or subtracted from the net investment result to determine the fund&#146;s net gain or loss for the fiscal period.</FONT></P>
<P align=left><B><FONT face=serif size=2>Statement of changes in net assets </FONT></B><FONT face=serif size=2>shows how the fund&#146;s net assets were affected by the fund&#146;s net investment gain or loss, by distributions to shareholders, and by changes in the number of the fund&#146;s shares. It lists distributions and their sources (net investment income or realized capital gains) over the current reporting period and the most recent fiscal year-end. The distributions listed here may not match the sources listed in the Statement of operations because the distributions are determined on a tax basis and may be paid in a different period from the one in which they were earned. Dividend sources are estimated at the time of declaration. Actual results may vary. Any non-taxable return of capital cannot be determined until final tax calculations are completed after the end of the fund&#146;s fiscal year.</FONT></P>
<P align=left><B><FONT face=serif size=2>Financial highlights </FONT></B><FONT face=serif size=2>provide an overview of the fund&#146;s investment results, per-share distributions, expense ratios, net investment income ratios, and portfolio turnover in one summary table, reflecting the five most recent reporting periods. In a semiannual report, the highlight table also includes the current reporting period.</FONT></P>
<P align=left><FONT face=sans-serif size=2>21</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2>The fund&#146;s portfolio </FONT></B><FONT face=sans-serif size=2>10/31/08 (Unaudited)</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Key to abbreviations</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="51%"></TD>
     <TD width="48%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>AGO </FONT><FONT face=sans-serif size=1>Assured Guaranty, Ltd.</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>FSA </FONT><FONT face=sans-serif size=1>Financial Security Assurance</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>AMBAC </FONT><FONT face=sans-serif size=1>AMBAC Indemnity Corporation</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>GNMA Coll. </FONT><FONT face=sans-serif size=1>Government National Mortgage</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>COP </FONT><FONT face=sans-serif size=1>Certificate of Participation</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Association Collateralized</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>FGIC </FONT><FONT face=sans-serif size=1>Financial Guaranty Insurance Company</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>G.O. Bonds </FONT><FONT face=sans-serif size=1>General Obligation Bonds</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>FHA Insd. </FONT><FONT face=sans-serif size=1>Federal Housing Administration Insured</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>MBIA </FONT><FONT face=sans-serif size=1>MBIA Insurance Company</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>FHLMC Coll. </FONT><FONT face=sans-serif size=1>Federal Home Loan Mortgage</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>PSFG </FONT><FONT face=sans-serif size=1>Permanent School Fund Guaranteed</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Corporation Collateralized</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Radian Insd. </FONT><FONT face=sans-serif size=1>Radian Group Insured</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>FNMA Coll. </FONT><FONT face=sans-serif size=1>Federal National Mortgage Association</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>U.S. Govt. Coll. </FONT><FONT face=sans-serif size=1>U.S. Government Collateralized</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Collateralized</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>VRDN </FONT><FONT face=sans-serif size=1>Variable Rate Demand Notes</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>FRB </FONT><FONT face=sans-serif size=1>Floating Rate Bonds</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>XLCA </FONT><FONT face=sans-serif size=1>XL Capital Assurance</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>FRN </FONT><FONT face=sans-serif size=1>Floating Rate Notes</FONT> </TD>
     <TD noWrap align=left>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="63%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MUNICIPAL BONDS AND NOTES (178.6%)*</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Rating**</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Principal amount</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT> </TD></TR>
<TR>
     <TD noWrap align=left colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Alabama (1.3%)</FONT> </TD>
     <TD noWrap align=left>&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=1>Courtland, Indl. Dev. Board Env. Impt. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Intl. Paper Co.), Ser. A, 5s, 11/1/13</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$3,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$2,643,090</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mobile, Special Care Fac. Fin. Auth. VRDN</FONT> </TD>
     <TD noWrap align=left>&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=1>(Infirmary Hlth. Syst.), Ser. A, 1.5s, 2/1/40</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>VMIG1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000,000</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sylacauga, Hlth. Care Auth. Rev. Bonds (Coosa</FONT> </TD>
     <TD noWrap align=left>&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=1>Valley Med. Ctr.), Ser. A, 6s, 8/1/25</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,200,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>930,936</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>5,574,026</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Alaska (0.2%)</FONT> </TD>
     <TD noWrap align=left>&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=1>Northern Tobacco Securitization Corp. Rev. Bonds,</FONT> </TD>
     <TD noWrap align=left>&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=1>5 1/2s, 6/1/29 (Prerefunded)</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>750,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>796,065</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>796,065</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Arizona (3.7%)</FONT> </TD>
     <TD noWrap align=left>&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=1>AZ Hlth. Fac. Auth. Rev. Bonds (Banner Hlth.),</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. A</FONT> </TD>
     <TD noWrap align=left>&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=1>5s, 1/1/15</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA&#150;</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,390,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,355,058</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5s, 1/1/14</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA&#150;</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>994,110</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>AZ Hlth. Fac. Auth. Hosp. Syst. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(John C. Lincoln Hlth. Network), 6 3/8s, 12/1/37</FONT> </TD>
     <TD noWrap align=left>&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=1>(Prerefunded)</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,250,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,390,063</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa</FONT> </TD>
     <TD noWrap align=left>&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=1>Grande Regl. Med. Ctr.), Ser. A, 7 5/8s, 12/1/29</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B+/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,300,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,874,630</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Cochise Cnty., Indl. Dev. Auth. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Sierra Vista Cmnty. Hosp.), Ser. A, 6 3/4s,</FONT> </TD>
     <TD noWrap align=left>&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=1>12/1/26</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>445,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>391,511</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Glendale, Indl. Dev. Auth. Rev. Bonds (Midwestern</FONT> </TD>
     <TD noWrap align=left>&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=1>U.), 5s, 5/15/26</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A&#150;</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>800,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>701,760</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Marana, Impt. Dist. Special Assmt. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Tangerine Farms Road), 4.6s, 1/1/26</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,130,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,601,228</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Maricopa Cnty., Indl. Dev. Auth. Hlth. Fac. Rev.</FONT> </TD>
     <TD noWrap align=left>&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=1>Bonds (Catholic Hlth. Care West), Ser. A,</FONT> </TD>
     <TD noWrap align=left>&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=1>5 1/4s, 7/1/32</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>794,820</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Maricopa Cnty., Poll. Control Rev. Bonds (Public</FONT> </TD>
     <TD noWrap align=left>&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=1>Service Co. of New Mexico), Ser. A, 6.3s, 12/1/26</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,200,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,545,568</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>22</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_24"></A>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="63%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MUNICIPAL BONDS AND NOTES (178.6%)* </FONT><I><FONT face=sans-serif size=1>cont. </FONT></I></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Rating**</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Principal amount</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT> </TD></TR>
<TR>
     <TD noWrap align=left colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Arizona </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I> </TD>
     <TD noWrap align=left>&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=1>Pima Cnty., Indl. Dev. Auth. Rev. Bonds (Horizon</FONT> </TD>
     <TD noWrap align=left>&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=1>Cmnty. Learning Ctr.), 5.05s, 6/1/25</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$1,550,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$1,166,608</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Scottsdale, Indl. Dev. Auth. Hosp. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Scottsdale Hlth. Care), Class A, 5 1/4s, 9/1/30</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A3</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,183,590</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>15,998,946</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Arkansas (2.4%)</FONT> </TD>
     <TD noWrap align=left>&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=1>AR State Hosp. Dev. Fin. Auth. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Washington Regl. Med. Ctr.), 7 3/8s, 2/1/29</FONT> </TD>
     <TD noWrap align=left>&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=1>(Prerefunded)</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,183,600</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baxter Cnty., Hosp. Rev. Bonds, Ser. B, 5 5/8s,</FONT> </TD>
     <TD noWrap align=left>&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=1>9/1/28 (Prerefunded)</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,700,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,754,910</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Independence Cnty., Poll. Control Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Entergy AR, Inc.), 5s, 1/1/21</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A&#150;</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,100,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,846,194</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Little Rock G.O. Bonds (Cap. Impt.), FSA, 3.95s,</FONT> </TD>
     <TD noWrap align=left>&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=1>4/1/19</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>325,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>328,299</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Springdale, Sales &amp; Use Tax Rev. Bonds, FSA,</FONT> </TD>
     <TD noWrap align=left>&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=1>4.05s, 7/1/26</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,403,430</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Washington Cnty., Hosp. Rev. Bonds (Regl. Med.</FONT> </TD>
     <TD noWrap align=left>&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=1>Ctr.), Ser. B</FONT> </TD>
     <TD noWrap align=left>&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=1>5s, 2/1/25</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,750,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,434,020</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5s, 2/1/11</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>400,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>394,900</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>10,345,353</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>California (20.8%)</FONT> </TD>
     <TD noWrap align=left>&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=1>ABC Unified School Dist. G.O. Bonds, Ser. B,</FONT> </TD>
     <TD noWrap align=left>&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=1>FGIC, zero %, 8/1/20</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>764,925</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Burbank, Unified School Dist. G.O. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Election of 1997), Ser. C, FGIC, zero %, 8/1/23</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>410,690</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>CA Edl. Fac. Auth. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(U. of the Pacific), 5s, 11/1/21</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,389,825</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Loyola-Marymount U.), MBIA, zero %, 10/1/21</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,300,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>612,287</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>CA Hlth. Fac. Fin. Auth. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Sutter Hlth.), Ser. A, MBIA, 5 3/8s, 8/15/30</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,463,500</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>AMBAC, 5.293s, 7/1/17</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,400,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,387,928</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>CA Hsg. Fin. Agcy. Rev. Bonds (Home Mtge.)</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. E, 4.8s, 8/1/37</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA&#150;</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,505,250</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. K, 4 5/8s, 8/1/26</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aa2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7,450,500</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>CA Poll. Control Fin. Auth. Rev. Bonds (Pacific</FONT> </TD>
     <TD noWrap align=left>&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=1>Gas &amp; Electric Corp.), Class D, FGIC, 4 3/4s,</FONT> </TD>
     <TD noWrap align=left>&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=1>12/1/23</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,890,700</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>CA Poll. Control Fin. Auth. VRDN (Pacific Gas &amp;</FONT> </TD>
     <TD noWrap align=left>&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=1>Electric Corp.), Class C, 1s, 11/1/26</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A&#150;1+</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,300,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,300,000</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>CA Poll. Control Fin. Auth. Solid Waste Disp. FRB</FONT> </TD>
     <TD noWrap align=left>&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=1>(Waste Management, Inc.), Ser. C, 5 1/8s,</FONT> </TD>
     <TD noWrap align=left>&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=1>11/1/23</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>850,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>596,335</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>CA State VRDN (Kindergarten U.), Ser. A-2, 0.7s,</FONT> </TD>
     <TD noWrap align=left>&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=1>5/1/34</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>VMIG1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7,450,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7,450,000</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>CA State Dept. of Wtr. Resources VRDN</FONT> </TD>
     <TD noWrap align=left>&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=1>(Pwr. Supply)</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. B-1, 0.4s, 5/1/22</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>VMIG1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,900,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,900,000</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. F-4, 0.4s, 5/1/22</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>VMIG1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,500,000</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>23</FONT></P>
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     <TD noWrap align=left><FONT face=sans-serif size=1>MUNICIPAL BONDS AND NOTES (178.6%)* </FONT><I><FONT face=sans-serif size=1>cont. </FONT></I></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Rating**</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Principal amount</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT> </TD></TR>
<TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>California </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I> </TD>
     <TD noWrap align=left>&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=1>CA State Econ. Recvy. VRDN</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. C-2, 0.55s, 7/1/23</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>VMIG1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$3,700,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$3,700,000</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. C-4, 0.4s, 7/1/23</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>VMIG1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000,000</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>CA Statewide Cmnty. Dev. Auth. COP (The</FONT> </TD>
     <TD noWrap align=left>&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=1>Internext Group), 5 3/8s, 4/1/30</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,250,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,983,385</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Cathedral City, Impt. Board Act of 1915 Special</FONT> </TD>
     <TD noWrap align=left>&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=1>Assmt. Bonds (Cove Impt. Dist.), Ser. 04-02,</FONT> </TD>
     <TD noWrap align=left>&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=1>5.05s, 9/2/35</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>790,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>545,163</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Chula Vista COP, MBIA, 5s, 8/1/32</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,599,360</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Chula Vista, Indl. Dev. Rev. Bonds (San Diego</FONT> </TD>
     <TD noWrap align=left>&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=1>Gas), Ser. B, 5s, 12/1/27</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,915,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,407,774</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Golden State Tobacco Securitization Corp.</FONT> </TD>
     <TD noWrap align=left>&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=1>Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. 03 A-1, 6 1/4s, 6/1/33 (Prerefunded)</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,025,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,095,008</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. A-1, 5s, 6/1/33</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>950,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>602,566</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Metro. Wtr. Dist. Rev. Bonds (Southern CA Wtr.</FONT> </TD>
     <TD noWrap align=left>&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=1>Wks.), 5 3/4s, 8/10/18</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aa2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,052,560</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Metro. Wtr. Dist. VRDN (Southern CA Wtr. Wks.),</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. B-3, 0.6s, 7/1/35</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>VMIG1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,800,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,800,000</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Orange Cnty., Cmnty. Fac. Dist. Special Tax Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Ladera Ranch No. 02-1), Ser. A, 5.55s, 8/15/33</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>900,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>668,322</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Redwood City, Elementary School Dist. G.O. Bonds,</FONT> </TD>
     <TD noWrap align=left>&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=1>FGIC, zero %, 8/1/21</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,990,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>953,489</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Rocklin, Unified School Dist. G.O. Bonds, FGIC,</FONT> </TD>
     <TD noWrap align=left>&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=1>zero %, 8/1/27</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>627,780</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sacramento, Special Tax (North Natomas Cmnty.</FONT> </TD>
     <TD noWrap align=left>&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=1>Fac.), Ser. 97-01, 5s, 9/1/20</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,200,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,021,968</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sacramento, Special Tax Rev. Bonds (North Natomas</FONT> </TD>
     <TD noWrap align=left>&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=1>Cmnty. Fac.), Ser. 97-01</FONT> </TD>
     <TD noWrap align=left>&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=1>5s, 9/1/29</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,180,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>892,670</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5s, 9/1/18</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,030,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>921,098</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sacramento, Muni. Util. Dist. Fin. Auth. Rev.</FONT> </TD>
     <TD noWrap align=left>&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=1>Bonds (Cosumnes), MBIA, 5s, 7/1/19</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,825,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,605,187</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>San Bernardino Cnty., COP (Med. Ctr. Fin.),</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. A, MBIA, 6 1/2s, 8/1/17</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,658,100</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>San Diego Cnty., COP, AMBAC, 5 5/8s, 9/1/12</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,400,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,565,484</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>San Juan, Unified School Dist. G.O. Bonds, FSA,</FONT> </TD>
     <TD noWrap align=left>&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=1>zero %, 8/1/19</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>566,640</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Silicon Valley, Tobacco Securitization Auth. Rev.</FONT> </TD>
     <TD noWrap align=left>&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=1>Bonds (Santa Clara), Ser. A, zero %, 6/1/36</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+/F</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,700,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>180,036</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sunnyvale, Cmnty. Fac. Dist. Special Tax Rev.</FONT> </TD>
     <TD noWrap align=left>&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=1>Bonds, 7.65s, 8/1/21</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>685,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>660,080</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Vernon, Natural Gas Fin. Auth. Mandatory Put</FONT> </TD>
     <TD noWrap align=left>&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=1>Bonds, Ser. A-4, MBIA, 5s, 8/3/09</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,725,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,704,116</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>90,432,726</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Colorado (4.0%)</FONT> </TD>
     <TD noWrap align=left>&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=1>CO Hlth. Fac. Auth. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Christian Living Cmntys.), Ser. A, 5 3/4s, 1/1/26</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>325,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>245,499</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Evangelical Lutheran), 5 1/4s, 6/1/21</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A3</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,375,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,195,453</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Evangelical Lutheran), 5s, 6/1/29</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A3</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>850,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>638,410</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>CO Hsg. &amp; Fin. Auth. Rev. Bonds (Single Family</FONT> </TD>
     <TD noWrap align=left>&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=1>Mtge.), Ser. A-3, Class III, 5 1/4s, 5/1/33</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,825,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,113,826</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>24</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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     <TD noWrap align=left><FONT face=sans-serif size=1>MUNICIPAL BONDS AND NOTES (178.6%)* </FONT><I><FONT face=sans-serif size=1>cont. </FONT></I></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Rating**</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Principal amount</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Colorado </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I> </TD>
     <TD noWrap align=left>&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=1>CO Pub. Hwy. Auth. Rev. Bonds (E-470 Pub. Hwy.),</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. B, zero %, 9/1/35 (Prerefunded)</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$27,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$3,882,060</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>CO Pub. Hwy. Auth. Rev. Bonds (E-470 Pub. Hwy.),</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. C1, MBIA, 5 1/2s, 9/1/24</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,250,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,176,488</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>CO Springs, Hosp. Rev. Bonds, 6 3/8s, 12/15/30</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A3</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,280,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,991,622</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>CO State Hsg. Fin. Auth. Rev. Bonds (Single Fam.)</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. B-2 , 7s, 5/1/26</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>15,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>15,232</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. B-3, 6.8s, 11/1/28</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9,894</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Denver, City &amp; Cnty. Arpt. Rev. Bonds, Ser. D,</FONT> </TD>
     <TD noWrap align=left>&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=1>AMBAC, 7 3/4s, 11/15/13</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,770,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,895,882</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>17,164,366</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Connecticut (1.9%)</FONT> </TD>
     <TD noWrap align=left>&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=1>CT State Hlth. &amp; Edl. Fac. Auth. VRDN (Yale U.),</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. V-1, 0.7s, 7/1/36</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>VMIG1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8,400,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8,400,000</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>8,400,000</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Delaware (0.4%)</FONT> </TD>
     <TD noWrap align=left>&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=1>DE State Hsg. Auth. Rev. Bonds (Single Family</FONT> </TD>
     <TD noWrap align=left>&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=1>Mtge.), Ser. B, zero %, 1/1/40</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A3</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>12,890,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,153,139</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>New Castle Cnty., Rev. Bonds (Newark Charter</FONT> </TD>
     <TD noWrap align=left>&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=1>School, Inc.), 5s, 9/1/30</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>700,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>482,090</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>1,635,229</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>District of Columbia (1.2%)</FONT> </TD>
     <TD noWrap align=left>&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=1>DC Wtr. &amp; Swr. Auth. Pub. Util. Rev. Bonds, FGIC,</FONT> </TD>
     <TD noWrap align=left>&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=1>5s, 10/1/28</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,550,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,068,149</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>5,068,149</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Florida (6.1%)</FONT> </TD>
     <TD noWrap align=left>&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=1>Escambia Cnty., Env. Impt. Rev. Bonds (Intl.</FONT> </TD>
     <TD noWrap align=left>&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=1>Paper Co.), Ser. A, 5s, 8/1/26</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,571,600</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Escambia Cnty., Hlth. Fac. Auth. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Baptist Hosp. &amp; Baptist Manor), 5 1/8s, 10/1/19</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,395,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,861,917</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>FL Hsg. Fin. Corp. Rev. Bonds (Homeowner Mtge.),</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. 5, 5s, 7/1/34</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aa1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>515,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>513,264</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>FL State Muni. Pwr. Agcy. Rev. Bonds, Ser. A, 5s,</FONT> </TD>
     <TD noWrap align=left>&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=1>10/1/31</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,700,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,583,686</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Halifax, Hosp. Med. Ctr. Rev. Bonds, Ser. A</FONT> </TD>
     <TD noWrap align=left>&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=1>5 1/4s, 6/1/20</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,655,800</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5 1/4s, 6/1/19</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,200,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,857,152</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Hillsborough Cnty., Indl. Dev. Auth. Poll.</FONT> </TD>
     <TD noWrap align=left>&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=1>Control Mandatory Put Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Tampa Elec. Co.), Ser. B, 5.15s, 9/1/13</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>475,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>450,761</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>AMBAC, 5s, 3/15/12</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>625,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>624,769</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Jacksonville, Hlth. Fac. Auth. Rev. Bonds (Brooks</FONT> </TD>
     <TD noWrap align=left>&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=1>Hlth. Syst.), 5s, 11/1/27</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,170,135</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Lakeland, Retirement Cmnty. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(1st Mtge. - Carpenters), 6 3/8s, 1/1/43</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;/F</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>340,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>273,003</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Lee Cnty., Rev. Bonds, XLCA, 5s, 10/1/25</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aa3</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,276,300</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Miami Beach, Hlth. Fac. Auth. Hosp. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Mount Sinai Med. Ctr.)</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. A, 6.8s, 11/15/31</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ba1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>782,140</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5 3/8s, 11/15/28</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,316,320</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Okeechobee Cnty., Solid Waste Mandatory Put</FONT> </TD>
     <TD noWrap align=left>&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=1>Bonds (Waste Mgt./Landfill), Ser. A, 4.2s, 7/1/09</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>750,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>739,748</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>25</FONT></P>
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     <TD noWrap align=left><FONT face=sans-serif size=1>MUNICIPAL BONDS AND NOTES (178.6%)* </FONT><I><FONT face=sans-serif size=1>cont. </FONT></I></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Rating**</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Principal amount</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT> </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Florida </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I> </TD>
     <TD noWrap align=left>&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=1>Orange Cnty., Hlth. Fac. Auth. Rev. Bonds (Hosp.</FONT> </TD>
     <TD noWrap align=left>&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=1>Hlth. Care), Ser. E</FONT> </TD>
     <TD noWrap align=left>&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=1>6s, 10/1/26</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$2,940,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$2,785,562</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>6s, 10/1/26 (Prerefunded)</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>60,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>62,899</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Reunion West, Cmnty. Dev. Dist. Special Assmt.</FONT> </TD>
     <TD noWrap align=left>&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=1>Bonds, 6 1/4s, 5/1/36</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,440,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,727,227</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>South Bay, Cmnty. Dev. Dist. Rev. Bonds,</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. B-1, 5 1/8s, 11/1/09</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,025,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,376,474</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>South Broward, Hosp. Dist. Rev. Bonds, MBIA,</FONT> </TD>
     <TD noWrap align=left>&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=1>4 3/4s, 5/1/28</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,281,720</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Split Pine, Cmnty. Dev. Dist. Special Assmt.</FONT> </TD>
     <TD noWrap align=left>&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=1>Bonds, Ser. A, 5 1/4s, 5/1/39</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>966,120</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Tampa, Hosp. Rev. Bonds (H. Lee Moffit Cancer &amp;</FONT> </TD>
     <TD noWrap align=left>&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=1>Research Inst.), Ser. A, 5 3/4s, 7/1/29</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A3</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>425,440</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds,</FONT> </TD>
     <TD noWrap align=left>&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=1>5.4s, 5/1/37</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>495,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>346,352</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>26,648,389</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Georgia (2.1%)</FONT> </TD>
     <TD noWrap align=left>&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=1>Burke Cnty., Poll. Control Dev. Auth. Mandatory</FONT> </TD>
     <TD noWrap align=left>&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=1>Put Bonds (Oglethorpe Pwr. Corp.), Ser. C-2,</FONT> </TD>
     <TD noWrap align=left>&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=1>AMBAC, 4 5/8s, 4/1/10</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,607,470</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Effingham Cnty., Indl. Dev. Auth. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Pacific Corp.), 6 1/2s, 6/1/31</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>900,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>682,110</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>GA Med. Ctr. Hosp. Auth. Rev. Bonds, MBIA,</FONT> </TD>
     <TD noWrap align=left>&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=1>6.367s, 8/1/10</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,001,360</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Main St. Natural Gas, Inc. Rev. Bonds (GA Gas),</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. A, 5 1/2s, 9/15/23</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>779,100</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Marietta, Dev. Auth. Rev. Bonds (U. Fac. - Life</FONT> </TD>
     <TD noWrap align=left>&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=1>U., Inc.), 7s, 6/15/39</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ba3</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,400,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,148,952</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>9,218,992</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Hawaii (0.1%)</FONT> </TD>
     <TD noWrap align=left>&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=1>HI State Hsg. &amp; Cmnty. Dev. Corp. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Single Fam. Mtge.), Ser. B, 3.2s, 1/1/09</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>345,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>345,738</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>HI State Hsg. Fin. &amp; Dev. Corp. Rev. Bonds,</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. A, FNMA Coll., 5 3/4s, 7/1/30</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>280,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>277,642</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>623,380</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Idaho (0.3%)</FONT> </TD>
     <TD noWrap align=left>&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=1>ID Hsg. &amp; Fin. Assn. Rev. Bonds (Single Fam.</FONT> </TD>
     <TD noWrap align=left>&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=1>Mtge.), Ser. C-2, FHA Insd., 5.15s, 7/1/29</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,460,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,301,064</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>1,301,064</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Illinois (5.0%)</FONT> </TD>
     <TD noWrap align=left>&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=1>Chicago, Single Fam. Mtge. Rev. Bonds, Ser. A,</FONT> </TD>
     <TD noWrap align=left>&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=1>GNMA Coll., FNMA Coll., FHLMC Coll., 5 1/2s,</FONT> </TD>
     <TD noWrap align=left>&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=1>10/1/20</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,145,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,021,329</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Chicago, Waste Wtr. Transmission Rev. Bonds,</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. A, MBIA, zero %, 1/1/24</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,600,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>623,552</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>IL Fin. Auth. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Elmhurst Memorial), Ser. A, 5 5/8s, 1/1/37</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,328,000</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Silver Cross Hosp. &amp; Med.), 5 1/2s, 8/15/30</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,147,720</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Alexian), Ser. A, FSA, 5 1/4s, 1/1/22</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,050,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,767,402</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>IL Fin. Auth. Hosp. Rev. Bonds (Kishhealth</FONT> </TD>
     <TD noWrap align=left>&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=1>Syst.), 5 3/4s, 10/1/35</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A&#150;</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,550,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,240,791</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>26</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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     <TD noWrap align=left><FONT face=sans-serif size=1>MUNICIPAL BONDS AND NOTES (178.6%)* </FONT><I><FONT face=sans-serif size=1>cont. </FONT></I></TD>
     <TD noWrap align=left><FONT face=Arial size=1>Rating**</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Principal amount</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT> </TD></TR>
<TR>
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<HR noShade SIZE=1>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Illinois </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I> </TD>
     <TD noWrap align=left>&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=1>Kendall &amp; Kane Cntys., Cmnty. United School Dist.</FONT> </TD>
     <TD noWrap align=left>&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=1>G.O. Bonds (No. 115 Yorkville), FGIC, zero %,</FONT> </TD>
     <TD noWrap align=left>&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=1>1/1/21</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$1,075,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$535,877</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Lake Cnty., Cmnty. Construction G.O. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(School Dist. No. 073 Hawthorn), FGIC, zero %,</FONT> </TD>
     <TD noWrap align=left>&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=1>12/1/20</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA+</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,650,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>827,409</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Lake Cnty., Cmnty. School Dist. G.O. Bonds (No.</FONT> </TD>
     <TD noWrap align=left>&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=1>073 Hawthorn), Ser. 02, FGIC, zero %, 12/1/21</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA+</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,950,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>911,859</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Metro. Pier &amp; Exposition Auth. Dedicated State</FONT> </TD>
     <TD noWrap align=left>&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=1>Tax Rev. Bonds (McCormick), Ser. A, MBIA,</FONT> </TD>
     <TD noWrap align=left>&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=1>zero %, 12/15/22</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,128,025</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Metropolitan Pier &amp; Exposition Auth. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(McCormack Place Expansion Project), MBIA, 5s,</FONT> </TD>
     <TD noWrap align=left>&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=1>12/15/28</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,770,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,692,049</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Montgomery, Special Assmt. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Lakewood Creek), Radian Insd., 4.7s, 3/1/30</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,972,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,558,255</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Southern IL U. Rev. Bonds (Hsg. &amp; Auxiliary),</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. A, MBIA</FONT> </TD>
     <TD noWrap align=left>&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=1>zero %, 4/1/25</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,870,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>706,729</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>zero %, 4/1/21</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,230,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,101,129</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>21,590,126</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Indiana (3.1%)</FONT> </TD>
     <TD noWrap align=left>&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=1>Anderson, Econ. Dev. Rev. Bonds (Anderson U.),</FONT> </TD>
     <TD noWrap align=left>&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=1>5s, 10/1/24</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;/F</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>390,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>284,037</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>IN Bk. Special Program Gas Rev. Bonds, Ser. A</FONT> </TD>
     <TD noWrap align=left>&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=1>5 1/4s, 10/15/21</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aa2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>180,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>151,335</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5 1/4s, 10/15/18</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aa2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,785,880</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>IN Hlth. Fac. Fin. Auth. Rev. Bonds (Cmnty.</FONT> </TD>
     <TD noWrap align=left>&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=1>Hosp.), Ser. A, AMBAC, 5s, 5/1/24</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,695,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,442,694</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>IN State Dev. Fin. Auth. Env. Impt. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(USX Corp.), 5.6s, 12/1/32</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,700,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,754,266</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Indianapolis, Arpt. Auth. Rev. Bonds (Federal</FONT> </TD>
     <TD noWrap align=left>&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=1>Express Corp.), 5.1s, 1/15/17</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,087,400</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Jasper Cnty., Indl. Poll. Control Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>AMBAC, 5.7s, 7/1/17</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,375,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,354,623</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MBIA, 5.6s, 11/1/16</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,550,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,506,321</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>13,366,556</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Iowa (1.2%)</FONT> </TD>
     <TD noWrap align=left>&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=1>IA Fin. Auth. Hlth. Care Fac. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Care Initiatives), 9 1/4s, 7/1/25 (Prerefunded)</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,680,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,269,867</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>IA State Higher Ed. Loan Auth. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>5s, 10/1/22</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;/F</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>605,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>505,611</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Wartburg), Ser. A, 5s, 10/1/21</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;/F</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>605,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>512,381</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>5,287,859</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Kansas (1.4%)</FONT> </TD>
     <TD noWrap align=left>&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=1>Burlington, Env. Impt. Mandatory Put Bonds (Pwr.</FONT> </TD>
     <TD noWrap align=left>&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=1>&amp; Lt.), Ser. A2, FGIC, 5s, 4/10/10</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,250,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,207,055</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>KS State Dev. Fin. Auth. VRDN (Sisters</FONT> </TD>
     <TD noWrap align=left>&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=1>of Charity), Ser. C, 1.25s, 12/1/19</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>VMIG1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>845,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>845,000</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>6,052,055</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>27</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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     <TD noWrap align=left><FONT face=sans-serif size=1>MUNICIPAL BONDS AND NOTES (178.6%)* </FONT><I><FONT face=sans-serif size=1>cont. </FONT></I></TD>
     <TD noWrap align=left><FONT face=Arial size=1>Rating**</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Principal amount</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT> </TD></TR>
<TR>
     <TD noWrap align=left colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Kentucky (0.5%)</FONT> </TD>
     <TD noWrap align=left>&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=1>KY Econ. Dev. Fin. Auth. Hlth. Syst. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Norton Hlth. Care), Ser. A</FONT> </TD>
     <TD noWrap align=left>&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=1>6 5/8s, 10/1/28 (Prerefunded)</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$1,470,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$1,593,833</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>6 5/8s, 10/1/28</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A&#150;/F</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>405,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>374,115</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Louisville/Jefferson Cnty., Metro. Govt. College</FONT> </TD>
     <TD noWrap align=left>&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=1>Rev. Bonds (Bellarmine U.), Ser. A, 6s, 5/1/38</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>290,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>236,576</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>2,204,524</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Louisiana (2.8%)</FONT> </TD>
     <TD noWrap align=left>&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=1>De Soto Parish, Env. Impt. Rev. Bonds (Intl.</FONT> </TD>
     <TD noWrap align=left>&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=1>Paper Co. Projects), Ser. A, 5s, 11/1/18</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,079,370</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>LA Local Govt. Env. Fac. Cmnty. Dev. Auth. Rev.</FONT> </TD>
     <TD noWrap align=left>&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=1>Bonds (St. James Place), Ser. A, 7s, 11/1/20</FONT> </TD>
     <TD noWrap align=left>&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=1>(Prerefunded)</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>690,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>739,639</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>LA State Office Fac. Corp. Lease Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Capitol Complex), Ser. A, MBIA</FONT> </TD>
     <TD noWrap align=left>&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=1>5 1/2s, 3/1/13</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,033,800</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5 1/2s, 3/1/12</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,440,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,500,750</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Rapides, Fin. Auth. Mandatory Put Bonds (Cleco</FONT> </TD>
     <TD noWrap align=left>&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=1>Pwr.), 5 1/4s, 3/1/13</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,250,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,960,725</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>12,314,284</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Maine (0.5%)</FONT> </TD>
     <TD noWrap align=left>&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=1>ME State Hsg. Auth. Rev. Bonds, Ser. D-2-AMT, 5s,</FONT> </TD>
     <TD noWrap align=left>&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=1>11/15/27</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aa1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>760,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>725,215</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Rumford, Solid Waste Disp. Rev. Bonds (Boise</FONT> </TD>
     <TD noWrap align=left>&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=1>Cascade Corp.), 6 7/8s, 10/1/26</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ba3</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,950,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,551,128</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>2,276,343</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Maryland (0.7%)</FONT> </TD>
     <TD noWrap align=left>&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=1>MD State Hlth. &amp; Higher Edl. Fac. Auth. Rev.</FONT> </TD>
     <TD noWrap align=left>&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=1>Bonds (WA Cnty. Hosp.)</FONT> </TD>
     <TD noWrap align=left>&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=1>6s, 1/1/43</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>875,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>631,785</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5 3/4s, 1/1/38</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>550,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>389,477</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MD State Indl. Dev. Fin. Auth. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Synagro-Baltimore), Ser. A, 5 1/2s, 12/1/15</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+/F</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>464,430</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Westminster, Econ. Dev. VRDN (Carroll Lutheran</FONT> </TD>
     <TD noWrap align=left>&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=1>Village), Ser. C, 1s, 5/1/34</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A&#150;1+</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,340,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,340,000</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>2,825,692</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Massachusetts (13.3%)</FONT> </TD>
     <TD noWrap align=left>&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=1>MA State Dev. Fin. Agcy. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(MA Biomedical Research), Ser. C, 6 3/8s, 8/1/17</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aa3</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,785,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,893,615</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(MA Biomedical Research), Ser. C, 6 1/4s, 8/1/20</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aa3</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,850,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,939,804</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Linden Ponds, Inc.), Ser. A, 5 1/2s, 11/15/22</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,360,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,004,102</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MA State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Civic Investments/HPHC), Ser. A, 9s, 12/15/15</FONT> </TD>
     <TD noWrap align=left>&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=1>(Prerefunded)</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,085,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,450,980</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,216,785</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Med. Ctr. of Central MA), AMBAC, 6.55s, 6/23/22</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>27,100,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>27,470,457</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(UMass Memorial), Ser. C, 6 1/2s, 7/1/21</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,875,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,737,638</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Berkshire Hlth. Syst.), Ser. E, 6 1/4s, 10/1/31</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,300,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,109,550</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Quincy Med. Ctr.), Ser. A, 6 1/4s, 1/15/28</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,095,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,658,947</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Hlth. Care Syst.-Covenant Hlth.), 6s, 7/1/31</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,790,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,442,912</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Care Group), Ser. B-2, MBIA, 5 3/8s, 2/1/26</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>700,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>672,203</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Care Group), Ser. B-2, MBIA, 5s, 2/1/25</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>800,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>731,024</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Milford Regl. Med.), Ser. E, 5s, 7/15/22</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,800,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,410,894</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>28</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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     <TD noWrap align=left><FONT face=sans-serif size=1>MUNICIPAL BONDS AND NOTES (178.6%)* </FONT><I><FONT face=sans-serif size=1>cont. </FONT></I></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Rating**</FONT>&nbsp;&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Principal amount</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT> </TD></TR>
<TR>
     <TD noWrap align=left colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Massachusetts </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I> </TD>
     <TD noWrap align=left>&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=1>MA State Hlth. &amp; Edl. Fac. Auth. VRDN</FONT> </TD>
     <TD noWrap align=left>&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=1>(Northeastern U.), Ser. U, 0.65s, 10/1/22</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>VMIG1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$1,300,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$1,300,000</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Harvard U.), Ser. R, 0.4s, 11/1/49</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>VMIG1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,600,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,600,000</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MA State Port Auth. Rev. Bonds, U.S. Govt. Coll.,</FONT> </TD>
     <TD noWrap align=left>&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=1>13s, 7/1/13 (Prerefunded)</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,370,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,987,077</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>57,625,988</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Michigan (4.0%)</FONT> </TD>
     <TD noWrap align=left>&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=1>Detroit, G.O. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. A-1, AMBAC, 5 1/4s, 4/1/24</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,435,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,266,287</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. A, FGIC, 5s, 7/1/30</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,505,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,901,645</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Cap. Impt.), Ser. A-1, 5s, 4/1/15</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,300,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,263,756</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Detroit, City School Dist. G.O. Bonds, Ser. A,</FONT> </TD>
     <TD noWrap align=left>&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=1>FSA, 6s, 5/1/29</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,090,860</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Flint, Hosp. Bldg. Auth. Rev. Bonds (Hurley Med.</FONT> </TD>
     <TD noWrap align=left>&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=1>Ctr.), 6s, 7/1/20</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ba1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>150,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>129,555</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MI Higher Ed. Fac. Auth. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Kalamazoo College), 5 1/2s, 12/1/18</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>512,600</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MI State Hosp. Fin. Auth. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Oakwood Hosp.), Ser. A, 5 3/4s, 4/1/32</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,535,270</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Holland Cmnty. Hosp.), Ser. A, FGIC, 5 3/4s,</FONT> </TD>
     <TD noWrap align=left>&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=1>1/1/21</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A+</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,250,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,235,913</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MI State Hsg. Dev. Auth. Rev. Bonds, Ser. A,</FONT> </TD>
     <TD noWrap align=left>&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=1>3.9s, 6/1/30</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA+</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,210,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,192,408</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MI State Strategic Fund, Ltd. Mandatory Put Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Dow Chemical), 5 1/2s, 6/1/13</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A3</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>481,800</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MI State Strategic Fund, Ltd. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Worthington Armstrong Venture), U.S. Govt.</FONT> </TD>
     <TD noWrap align=left>&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=1>Coll., 5 3/4s, 10/1/22 (Prerefunded)</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,650,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,670,411</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MI Tobacco Settlement Fin. Auth. Rev. Bonds,</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. A, 6s, 6/1/34</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>575,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>419,888</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Monroe Cnty., Hosp. Fin. Auth. Rev. Bonds (Mercy</FONT> </TD>
     <TD noWrap align=left>&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=1>Memorial Hosp. Corp.), 5 3/8s, 6/1/26</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>750,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>546,203</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>17,246,596</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Minnesota (1.1%)</FONT> </TD>
     <TD noWrap align=left>&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=1>Minneapolis, Cmnty. Dev. Agcy. Supported Dev.</FONT> </TD>
     <TD noWrap align=left>&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=1>Rev. Bonds, Ser. G-3, U.S. Govt. Coll., 5.45s,</FONT> </TD>
     <TD noWrap align=left>&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=1>12/1/31 (Prerefunded)</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A+</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,705,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,826,686</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MN State Hsg. Fin. Agcy. Rev. Bonds (Res. Hsg.),</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. M, 5 3/4s, 1/1/37</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aa1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>980,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>945,347</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MN State Hsg. Fin. Agcy. Rev. Bonds (Single Fam.</FONT> </TD>
     <TD noWrap align=left>&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=1>Mtge.), 6.05s, 7/1/31</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aa1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>400,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>343,376</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>North Oaks, Sr. Hsg. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Presbyterian Homes), 6 1/8s, 10/1/39</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>995,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>753,533</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>St. Paul, Hsg. &amp; Redev. Auth. Hosp. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Healtheast), 6s, 11/15/35</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,150,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>938,987</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>4,807,929</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mississippi (2.1%)</FONT> </TD>
     <TD noWrap align=left>&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=1>Lowndes Cnty., Solid Waste Disp. &amp; Poll. Control</FONT> </TD>
     <TD noWrap align=left>&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=1>Rev. Bonds (Weyerhaeuser Co.)</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. A, 6.8s, 4/1/22</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>860,690</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. B, 6.7s, 4/1/22</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,055,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>898,491</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>29</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MUNICIPAL BONDS AND NOTES (178.6%)* </FONT><I><FONT face=sans-serif size=1>cont. </FONT></I></TD>
     <TD noWrap align=left><FONT face=Arial size=1>Rating**</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Principal amount</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT> </TD></TR>
<TR>
     <TD noWrap align=left colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mississippi </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I> </TD>
     <TD noWrap align=left>&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=1>MS Bus. Fin. Corp. Poll. Control Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Syst. Energy Resources, Inc.)</FONT> </TD>
     <TD noWrap align=left>&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=1>5.9s, 5/1/22</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$3,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$2,415,870</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5 7/8s, 4/1/22</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,330,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,873,040</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MS Home Corp. Rev. Bonds (Single Fam. Mtge.)</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. B-2, GNMA Coll., FNMA Coll., 6.45s, 12/1/33</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,280,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,254,579</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. B, GNMA Coll., FNMA Coll., 5 1/2s, 6/1/36</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>355,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>345,774</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Warren Cnty., Gulf Opportunity Zone (Intl.</FONT> </TD>
     <TD noWrap align=left>&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=1>Paper Co.), Ser. A, 6 1/2s, 9/1/32</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,583,800</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>9,232,244</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Missouri (8.1%)</FONT> </TD>
     <TD noWrap align=left>&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=1>Cape Girardeau Cnty., Indl. Dev. Auth. Hlth. Care</FONT> </TD>
     <TD noWrap align=left>&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=1>Fac. Rev. Bonds (St. Francis Med. Ctr.), Ser. A</FONT> </TD>
     <TD noWrap align=left>&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=1>5 1/2s, 6/1/32</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A+</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,239,630</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5 1/2s, 6/1/16</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A+</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,550,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,549,873</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>MO Hsg. Dev. Comm. Rev. Bonds (Home Ownership),</FONT> </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=1>Ser. B, GNMA Coll., FNMA Coll., 4.4s, 3/1/14</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>180,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>166,696</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MO State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. 2003A (St. Luke&#146;s Health), 5 1/2s, 11/15/28 </FONT><B><SUP><FONT face=sans-serif size=1>T</FONT></SUP></B> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9,915,900</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MO State Hlth. &amp; Edl. Fac. Auth. VRDN</FONT> </TD>
     <TD noWrap align=left>&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=1>(Washington U. (The)), Ser. D, 1s, 9/1/30</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>VMIG1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,100,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,100,000</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Washington U. (The)), Ser. B, 0.9s, 3/1/40</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>VMIG1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,400,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,400,000</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Washington U. (The)), Ser. A, 0.9s, 9/1/30</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>VMIG1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,600,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,600,000</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Washington U. (The)), Ser. B, 0.9s, 9/1/30</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>VMIG1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,100,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,100,000</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Sisters of Mercy Hlth.), Ser. A, 0.9s, 6/1/16</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>VMIG1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,000,000</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(St. Louis U.), Ser. A-2, 0.85s, 10/1/35</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>VMIG1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,700,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,700,000</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(St. Louis U.), Ser. B-2, 0.85s, 10/1/35</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>VMIG1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MO State Hsg. Dev. Comm. Mtge. Rev. Bonds (Single</FONT> </TD>
     <TD noWrap align=left>&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=1>Fam. Homeowner Loan)</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. A, GNMA Coll., FNMA Coll., 7.2s, 9/1/26</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>25,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>24,999</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. C-1, GNMA Coll., FNMA Coll., 7.15s, 3/1/32</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>470,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>469,803</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>35,266,901</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Nebraska (0.5%)</FONT> </TD>
     <TD noWrap align=left>&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=1>Central Plains, Energy Project Rev. Bonds (NE Gas</FONT> </TD>
     <TD noWrap align=left>&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=1>No. 1), Ser. A, 5 1/4s, 12/1/18</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aa3</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,358,570</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>2,358,570</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Nevada (10.5%)</FONT> </TD>
     <TD noWrap align=left>&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=1>Clark Cnty., Ltd Tax Bond, 5s, 6/1/33 </FONT><B><SUP><FONT face=sans-serif size=1>T</FONT></SUP></B> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aa1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>32,285,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>30,037,293</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Clark Cnty., Arpt. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. A-2, FGIC, 5 1/8s, 7/1/26</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,105,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,531,504</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. A-1, AMBAC, 5s, 7/1/24</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,600,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,141,646</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Clark Cnty., Impt. Dist. Special Assmt. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Summerlin No. 151), 5s, 8/1/25</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,100,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,471,449</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Clark Cnty., Indl. Dev. Rev. Bonds (Southwest</FONT> </TD>
     <TD noWrap align=left>&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=1>Gas Corp.), Ser. A, AMBAC</FONT> </TD>
     <TD noWrap align=left>&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=1>6.1s, 12/1/38</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,384,190</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5 1/4s, 7/1/34</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,122,290</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Henderson G.O. Bonds (Ltd. Tax -Swr.), FGIC, 5s,</FONT> </TD>
     <TD noWrap align=left>&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=1>6/1/29</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA+</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>955,420</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>30</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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     <TD width="12%"></TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>MUNICIPAL BONDS AND NOTES (178.6%)* </FONT><I><FONT face=sans-serif size=1>cont. </FONT></I></TD>
     <TD noWrap align=left><FONT face=Arial size=1>Rating**</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Principal amount</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT> </TD></TR>
<TR>
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<HR noShade SIZE=1>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Nevada </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I> </TD>
     <TD noWrap align=left>&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=1>Henderson, Local Impt. Dist. Special Assmt. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(No. T-16), 5 1/8s, 3/1/25</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$1,165,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$679,941</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(No. T-16), 5.1s, 3/1/21</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,275,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>778,477</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(No. T-17), 5s, 9/1/25</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>615,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>424,959</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>45,527,169</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>New Hampshire (0.2%)</FONT> </TD>
     <TD noWrap align=left>&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=1>NH Hlth. &amp; Ed. Fac. Auth. Rev. Bonds (Southern NH</FONT> </TD>
     <TD noWrap align=left>&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=1>Med. Ctr.), Ser. A, 5 1/4s, 10/1/28</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A&#150;</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,315,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,045,215</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>1,045,215</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>New Jersey (3.6%)</FONT> </TD>
     <TD noWrap align=left>&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=1>NJ Econ. Dev. Auth. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Cedar Crest Village, Inc.), Ser. A, U.S. Govt.</FONT> </TD>
     <TD noWrap align=left>&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=1>Coll., 7 1/4s, 11/15/31 (Prerefunded)</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA/F</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,300,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,474,694</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(First Mtge. Presbyterian Home), Ser. A, 6 3/8s,</FONT> </TD>
     <TD noWrap align=left>&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=1>11/1/31</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>775,330</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Cigarette Tax), 5 3/4s, 6/15/29</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,940,800</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Cigarette Tax), 5 1/2s, 6/15/24</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,800,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,251,480</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>NJ Hlth. Care Fac. Fin. Auth. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(St. Joseph Hlth. Care Syst.), 6 5/8s, 7/1/38</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,750,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,076,965</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(St. Peters U. Hosp.), 5 1/4s, 7/1/21</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,325,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,926,937</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Hunterdon Med. Ctr.), Ser. B, 5s, 7/1/20</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A&#150;</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>575,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>498,330</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Hunterdon Med. Ctr.), Ser. B, 5s, 7/1/18</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A&#150;</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>520,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>468,614</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>NJ State Edl. Fac. Auth. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Fairleigh Dickinson), Ser. C, 6s, 7/1/20</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;/F</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,300,725</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Tobacco Settlement Fin. Corp. Rev. Bonds,</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. 1A, 5s, 6/1/29</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,350,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>863,595</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>15,577,470</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>New Mexico (0.1%)</FONT> </TD>
     <TD noWrap align=left>&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=1>NM Mtge. Fin. Auth. FRN (Single Fam. Mtge.),</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. C, GNMA Coll., FNMA Coll., FHLMC Coll.,</FONT> </TD>
     <TD noWrap align=left>&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=1>5.82s, 9/1/33</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>555,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>546,325</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>546,325</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>New York (8.7%)</FONT> </TD>
     <TD noWrap align=left>&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=1>Broome Cnty., Indl. Dev. Agcy. Continuing Care</FONT> </TD>
     <TD noWrap align=left>&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=1>Retirement Rev. Bonds (Good Shepard Village),</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. A, 6 7/8s, 7/1/40</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>320,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>258,784</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Buffalo, G.O. Bonds, Ser. D, FGIC, 5 1/2s,</FONT> </TD>
     <TD noWrap align=left>&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=1>12/15/13</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,041,940</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Niagara Cnty., Indl. Dev. Agcy. Mandatory Put</FONT> </TD>
     <TD noWrap align=left>&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=1>Bonds (Solid Waste Disp.), Ser. C, 5 5/8s,</FONT> </TD>
     <TD noWrap align=left>&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=1>11/15/14</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,799,220</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>NY City, City Transitional Fin. Auth. VRDN</FONT> </TD>
     <TD noWrap align=left>&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=1>(NYC Recovery), Ser. 3, 2.78s, 11/1/22</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>VMIG1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7,600,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7,600,000</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>NY City, Hsg. Dev. Corp. Rev. Bonds, Ser. A,</FONT> </TD>
     <TD noWrap align=left>&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=1>FGIC, 5s, 7/1/25</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA+</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,347,900</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>NY City, Indl. Dev. Agcy. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Liberty-7 World Trade Ctr.), Ser. A, 6 1/4s,</FONT> </TD>
     <TD noWrap align=left>&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=1>3/1/15</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,400,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,163,218</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Brooklyn Navy Yard Cogen. Partners), 6.2s,</FONT> </TD>
     <TD noWrap align=left>&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=1>10/1/22</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ba1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>770,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>702,356</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Brooklyn Navy Yard Cogen. Partners), Ser. G,</FONT> </TD>
     <TD noWrap align=left>&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=1>5 3/4s, 10/1/36</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ba1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,549,260</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
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<P align=left><FONT face=sans-serif size=2>31</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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     <TD noWrap align=left><FONT face=sans-serif size=1>MUNICIPAL BONDS AND NOTES (178.6%)* </FONT><I><FONT face=sans-serif size=1>cont. </FONT></I></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Rating**</FONT>&nbsp;&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Principal amount</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT> </TD></TR>
<TR>
     <TD noWrap align=left colSpan=4>
<HR noShade SIZE=1>
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     <TD noWrap align=left><FONT face=sans-serif size=1>New York </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I> </TD>
     <TD noWrap align=left>&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=1>NY City, Indl. Dev. Agcy. Special Arpt. Fac. Rev.</FONT> </TD>
     <TD noWrap align=left>&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=1>Bonds (Airis JFK I, LLC), Ser. A, 5 1/2s, 7/1/28</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$2,100,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$1,475,187</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(JFK Intl. Arpt.), Ser. A, 8s, 8/1/12</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B&#150;</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,700,180</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(British Airways PLC), 5 1/4s, 12/1/32</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ba1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>700,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>388,878</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>NY Cntys., Tobacco Trust III Rev. Bonds</FONT> </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=1>(Tobacco Settlement), 6s, 6/1/43</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,186,440</FONT> </TD></TR>
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     <TD colSpan=4>
<HR noShade SIZE=1>
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     <TD noWrap align=left><FONT face=sans-serif size=1>NY State Dorm. Auth. Rev. Bonds (NY Methodist</FONT> </TD>
     <TD noWrap align=left>&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=1>Hosp.), 5 1/4s, 7/1/15</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>453,780</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>NY State Dorm. Auth. Non-State Supported Debt</FONT> </TD>
     <TD noWrap align=left>&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=1>Rev. Bonds (Orange Regl. Med. Ctr.), 6 1/4s,</FONT> </TD>
     <TD noWrap align=left>&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=1>12/1/37</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ba1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>800,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>636,128</FONT> </TD></TR>
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<HR noShade SIZE=1>
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     <TD noWrap align=left><FONT face=sans-serif size=1>NY State Energy Research &amp; Dev. Auth. Gas Fac.</FONT> </TD>
     <TD noWrap align=left>&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=1>Rev. Bonds (Brooklyn Union Gas), 6.952s, 7/1/26</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A+</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,022,200</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Port Auth. NY &amp; NJ Special Oblig. Rev. Bonds (JFK</FONT> </TD>
     <TD noWrap align=left>&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=1>Intl. Air Term. - 6), MBIA, 5.9s, 12/1/17</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8,522,640</FONT> </TD></TR>
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     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Seneca Cnty., Indl. Dev. Agcy. Solid Waste Disp.</FONT> </TD>
     <TD noWrap align=left>&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=1>Mandatory Put Bonds (Seneca Meadows, Inc.),</FONT> </TD>
     <TD noWrap align=left>&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=1>6 5/8s, 10/1/13</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B+</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>670,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>637,827</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Suffolk Cnty., Indl. Dev. Agcy. Cont. Care</FONT> </TD>
     <TD noWrap align=left>&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=1>Retirement Rev. Bonds (Peconic Landing), Ser. A,</FONT> </TD>
     <TD noWrap align=left>&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=1>8s, 10/1/30</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,300,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,248,143</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>37,734,081</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>North Carolina (3.8%)</FONT> </TD>
     <TD noWrap align=left>&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=1>NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. D, 6 3/4s, 1/1/26</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,005,830</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. A, 5 3/4s, 1/1/26</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,629,880</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. B, 5.65s, 1/1/16</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,009,800</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>NC Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Deerfield), Ser. A, 6s, 11/1/33</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+/F</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,055,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>898,427</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(First Mtge. - Presbyterian Homes), 5 3/8s,</FONT> </TD>
     <TD noWrap align=left>&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=1>10/1/22</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>767,410</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(First Mtge. - Pines at Davidson), Ser. A, 5s,</FONT> </TD>
     <TD noWrap align=left>&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=1>1/1/18</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A&#150;/F</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>335,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>305,674</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Pines at Davidson), Ser. A, 5s, 1/1/15</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A&#150;/F</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>635,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>603,923</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>NC State Muni. Pwr. Agcy. Rev. Bonds (No. 1,</FONT> </TD>
     <TD noWrap align=left>&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=1>Catawba Elec.), Ser. B, 6 1/2s, 1/1/20</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8,101,440</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>16,322,384</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>North Dakota (1.5%)</FONT> </TD>
     <TD noWrap align=left>&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=1>Grand Forks, Hlth. Care Syst. Rev. Bonds (Altru</FONT> </TD>
     <TD noWrap align=left>&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=1>Hlth. Syst. Oblig. Group), 7 1/8s, 8/15/24</FONT> </TD>
     <TD noWrap align=left>&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=1>(Prerefunded)</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,166,820</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>ND State Board of Higher Ed. Rev. Bonds (U. of ND</FONT> </TD>
     <TD noWrap align=left>&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=1>Hsg. &amp; Auxillary Fac.), FSA, 5s, 4/1/19</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>507,705</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>ND State Hsg. Fin. Agcy. Rev. Bonds (Hsg. Fin.),</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. B, 4.8s, 7/1/37</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aa1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,575,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,684,741</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>6,359,266</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>32</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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     <TD noWrap align=left><FONT face=sans-serif size=1>MUNICIPAL BONDS AND NOTES (178.6%)* </FONT><I><FONT face=sans-serif size=1>cont. </FONT></I></TD>
     <TD noWrap align=left><FONT face=Arial size=1>Rating**</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Principal amount</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT> </TD></TR>
<TR>
     <TD noWrap align=left colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Ohio (8.8%)</FONT> </TD>
     <TD noWrap align=left>&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=1>American Muni. Pwr. - Ohio, Inc.</FONT> </TD>
     <TD noWrap align=left>&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=1>Rev. Bonds, 5 1/4s, 2/15/33 </FONT><B><SUP><FONT face=sans-serif size=1>T</FONT></SUP></B> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$10,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$9,411,300</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Buckeye, Tobacco Settlement Fin. Auth. Rev.</FONT> </TD>
     <TD noWrap align=left>&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=1>Bonds, Ser. A-2</FONT> </TD>
     <TD noWrap align=left>&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=1>5 3/4s, 6/1/34</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>14,300,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9,623,471</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5 1/8s, 6/1/24</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,240,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,738,554</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Coshocton Cnty., Env. 144A Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Smurfit-Stone Container Corp.), 5 1/8s, 8/1/13</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B&#150;</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,700,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,118,906</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Hickory Chase, Cmnty. Auth. Infrastructure Impt.</FONT> </TD>
     <TD noWrap align=left>&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=1>Rev. Bonds (Hickory Chase), 7s, 12/1/38</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>700,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>580,699</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Lake Cnty., Hosp. Fac. Rev. Bonds (Lake Hosp.</FONT> </TD>
     <TD noWrap align=left>&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=1>Syst.), Ser. C, 6s, 8/15/43</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,100,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,453,991</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Montgomery Cnty., Rev. Bonds (Catholic Hlth.</FONT> </TD>
     <TD noWrap align=left>&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=1>Initiatives), Ser. A, 5s, 5/1/30</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aa2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,025,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,674,817</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Montgomery Cnty., Hosp. Rev. Bonds (Kettering</FONT> </TD>
     <TD noWrap align=left>&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=1>Med. Ctr.), 6 3/4s, 4/1/22 (Prerefunded)</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,071,150</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>OH State Higher Ed. Fac. Comm. Rev. Bonds (John</FONT> </TD>
     <TD noWrap align=left>&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=1>Carroll U.), 5 1/4s, 11/15/33</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>458,370</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Rickenbacker, Port Auth. Rev. Bonds (OASBO</FONT> </TD>
     <TD noWrap align=left>&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=1>Expanded Asset Pooled), Ser. A, 5 3/8s, 1/1/32</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,835,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,191,348</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Scioto Cnty., Hosp. Rev. Bonds (Southern Med.</FONT> </TD>
     <TD noWrap align=left>&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=1>Ctr.), 5 1/2s, 2/15/28</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,660,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,806,381</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>38,128,987</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Oklahoma (1.5%)</FONT> </TD>
     <TD noWrap align=left>&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=1>Durant, Cmnty. Facs. Auth. G.O. Bonds, XLCA,</FONT> </TD>
     <TD noWrap align=left>&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=1>5 3/4s, 11/1/24</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,730,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,765,932</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Tulsa, Muni. Arpt. Trust Mandatory Put Bonds,</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. B</FONT> </TD>
     <TD noWrap align=left>&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=1>6s, 12/1/08</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B&#150;</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,985,040</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5.65s, 12/1/08</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B&#150;</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,840,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,818,757</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>6,569,729</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Oregon (0.9%)</FONT> </TD>
     <TD noWrap align=left>&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=1>Keizer, Special Assmt. Bonds (Keizer Station),</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. A, 5.2s, 6/1/31</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A3</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,235,550</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Terwilliger Plaza), Ser. A, 5 1/4s, 12/1/26</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,040,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>739,596</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>OR State Hsg. &amp; Cmnty. Svcs. Dept. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Single Family Mtge.), Ser. K, 5 5/8s, 7/1/29</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aa2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>895,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>893,434</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>3,868,580</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Pennsylvania (6.8%)</FONT> </TD>
     <TD noWrap align=left>&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=1>Allegheny Cnty., Hosp. Dev. Auth. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Hlth. Syst.-West PA), Ser. A, 5 3/8s, 11/15/40</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>937,080</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bucks Cnty., Indl. Dev. Auth. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(USX Corp.), 5.6s, 3/1/33</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,025,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,635,633</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bucks Cnty., Indl. Dev. Auth. Retirement Cmnty.</FONT> </TD>
     <TD noWrap align=left>&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=1>Rev. Bonds (Ann&#146;s Choice, Inc.), Ser. A</FONT> </TD>
     <TD noWrap align=left>&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=1>5.4s, 1/1/15</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,060,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>932,641</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5.3s, 1/1/14</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>710,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>637,133</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Carbon Cnty., Indl. Dev. Auth. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Panther Creek Partners), 6.65s, 5/1/10</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,715,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,730,246</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Cumberland Cnty., Muni. Auth. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Presbyterian Homes), Ser. A, 5s, 1/1/17</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,320,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,132,085</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>33</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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     <TD noWrap align=left><FONT face=sans-serif size=1>MUNICIPAL BONDS AND NOTES (178.6%)* </FONT><I><FONT face=sans-serif size=1>cont. </FONT></I></TD>
     <TD noWrap align=left><FONT face=Arial size=1>Rating**</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Principal amount</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT> </TD></TR>
<TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Pennsylvania </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I> </TD>
     <TD noWrap align=left>&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=1>Delaware Cnty., College Auth. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Neumann College)</FONT> </TD>
     <TD noWrap align=left>&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=1>6s, 10/1/30</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$675,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$558,083</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>6s, 10/1/25</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>75,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>64,958</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Delaware Cnty., Indl. Dev. Auth. Poll. Control</FONT> </TD>
     <TD noWrap align=left>&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=1>VRDN (Exelon), 1.3s, 4/1/21</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>VMIG1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,530,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,530,000</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Erie, Higher Ed. Bldg. Auth. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Mercyhurst College), 5 1/2s, 3/15/38</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$725,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$521,007</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Lancaster, Higher Ed. Auth. College Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Franklin &amp; Marshall College), 5s, 4/15/29</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>905,610</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>New Morgan, Indl. Dev. Auth. Solid Waste Disp.</FONT> </TD>
     <TD noWrap align=left>&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=1>Rev. Bonds (New Morgan Landfill Co., Inc.),</FONT> </TD>
     <TD noWrap align=left>&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=1>6 1/2s, 4/1/19</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>804,310</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Northampton Cnty., Hosp. Auth. Rev. Bonds (Saint</FONT> </TD>
     <TD noWrap align=left>&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=1>Lukes Hosp.), Ser. A, 5 1/2s, 8/15/40</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,250,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>911,388</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>PA State Econ. Dev. Fin. Auth. Resource Recvy.</FONT> </TD>
     <TD noWrap align=left>&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=1>Rev. Bonds (Northampton Generating), Ser. A</FONT> </TD>
     <TD noWrap align=left>&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=1>6.6s, 1/1/19</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B&#150;</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,850,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,618,325</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>6 1/2s, 1/1/13</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B&#150;</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>944,010</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>PA State Higher Edl. Fac. Auth. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Widener U.), 5 3/8s, 7/15/29</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>750,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>678,165</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Philadelphia U.), 5s, 6/1/30</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,250,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,636,020</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Philadelphia U.), 5s, 6/1/22</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>860,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>701,665</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Philadelphia, Auth. for Indl. Dev. VRDN (Fox</FONT> </TD>
     <TD noWrap align=left>&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=1>Chase Cancer Ctr.), Ser. A, 1.1s, 7/1/31</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>VMIG1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,200,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,200,000</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Philadelphia, Hosp. &amp; Higher Ed. Fac. Auth. Rev.</FONT> </TD>
     <TD noWrap align=left>&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=1>Bonds (Hosp.-Graduate Hlth. Sys.), Ser. A,</FONT> </TD>
     <TD noWrap align=left>&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=1>6 1/4s, 7/1/13 (In default) &#134;</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>D/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,462,206</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>439</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sayre, Hlth. Care Fac. Auth. Rev. Bonds (Guthrie</FONT> </TD>
     <TD noWrap align=left>&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=1>Hlth.), Ser. A, 5 7/8s, 12/1/31</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>580,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>494,549</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Scranton, G.O. Bonds, Ser. C, 7.1s, 9/1/31</FONT> </TD>
     <TD noWrap align=left>&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=1>(Prerefunded)</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,338,910</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Susquehanna, Area Regl. Arpt. Syst. Auth. Rev.</FONT> </TD>
     <TD noWrap align=left>&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=1>Bonds, Ser. A, 6 1/2s, 1/1/38</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>550,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>431,068</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>West Cornwall, Tpk. Muni. Auth. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Elizabethtown College), 6s, 12/15/27</FONT> </TD>
     <TD noWrap align=left>&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=1>(Prerefunded)</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,089,990</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>29,433,315</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Puerto Rico (3.1%)</FONT> </TD>
     <TD noWrap align=left>&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=1>Cmnwlth. of PR, G.O. Bonds, Ser. A</FONT> </TD>
     <TD noWrap align=left>&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=1>FGIC, 5 1/2s, 7/1/16</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,300,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,295,644</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5s, 7/1/16</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,775,300</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Cmnwlth. of PR, Aqueduct &amp; Swr. Auth. Rev. Bonds,</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. A, 6s, 7/1/38</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,125,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,779,325</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Cmnwlth. of PR, Pub. Bldg. Auth. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Govt. Fac.), Ser. M-2, 5 3/4s, 7/1/34</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,750,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,691,218</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>13,541,487</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Rhode Island (&#151;%)</FONT> </TD>
     <TD noWrap align=left>&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=1>Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A,</FONT> </TD>
     <TD noWrap align=left>&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=1>6 1/4s, 6/1/42</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>200,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>143,562</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>143,562</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>34</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>MUNICIPAL BONDS AND NOTES (178.6%)* </FONT><I><FONT face=sans-serif size=1>cont. </FONT></I></TD>
     <TD noWrap align=left><FONT face=Arial size=1>Rating**</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Principal amount</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT> </TD></TR>
<TR>
     <TD noWrap align=left colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>South Carolina (3.8%)</FONT> </TD>
     <TD noWrap align=left>&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=1>Georgetown Cnty., Env. Impt. Rev. Bonds (Intl.</FONT> </TD>
     <TD noWrap align=left>&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=1>Paper Co.), Ser. A, 5.7s, 4/1/14</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$1,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$904,860</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Orangeburg Cnty., Solid Waste Disp. Fac. Rev.</FONT> </TD>
     <TD noWrap align=left>&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=1>Bonds (SC Elec. &amp; Gas), AMBAC, 5.7s, 11/1/24</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,330,800</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>SC Hosp. Auth. Rev. Bonds (Med. U.), Ser. A,</FONT> </TD>
     <TD noWrap align=left>&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=1>6 1/2s, 8/15/32 (Prerefunded)</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,216,440</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>SC Jobs Econ. Dev. Auth. Hosp. Fac. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Palmetto Hlth.)</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. A, 7 3/8s, 12/15/21 (Prerefunded)</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,300,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,447,563</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. C, 6s, 8/1/20 (Prerefunded)</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,445,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,671,676</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. C, 6s, 8/1/20 (Prerefunded)</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>305,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>333,277</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>SC Tobacco Settlement Rev. Mgmt. Auth. Rev.</FONT> </TD>
     <TD noWrap align=left>&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=1>Bonds, Ser. B, 6 3/8s, 5/15/30 (Prerefunded)</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,135,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,356,967</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>SC Trans. Infrastructure Bk. Rev. Bonds, Ser. A,</FONT> </TD>
     <TD noWrap align=left>&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=1>AMBAC, 5s, 10/1/27</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aa3</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,460,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,268,095</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>16,529,678</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>South Dakota (0.9%)</FONT> </TD>
     <TD noWrap align=left>&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=1>SD Edl. Enhancement Funding Corp. SD Tobacco Rev.</FONT> </TD>
     <TD noWrap align=left>&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=1>Bonds, Ser. B, 6 1/2s, 6/1/32</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,450,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,996,383</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>SD Hsg. Dev. Auth. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Home Ownership), Ser. C, 5 3/8s, 5/1/18</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,465,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,371,753</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Home Ownership Mtge.), Ser. J, 4 1/2s, 5/1/17</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>461,395</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>3,829,531</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Tennessee (2.8%)</FONT> </TD>
     <TD noWrap align=left>&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=1>Johnson City, Hlth. &amp; Edl. Fac. Board Hosp. Rev.</FONT> </TD>
     <TD noWrap align=left>&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=1>Bonds (First Mtge. Mountain States Hlth.),</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. A</FONT> </TD>
     <TD noWrap align=left>&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=1>7 1/2s, 7/1/33 (Prerefunded)</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,175,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,643,907</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>7 1/2s, 7/1/25 (Prerefunded)</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,181,220</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Shelby Cnty., Hlth. Edl. &amp; Hsg. Fac. Hosp. Board</FONT> </TD>
     <TD noWrap align=left>&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=1>Rev. Bonds (Methodist Hlth. Care)</FONT> </TD>
     <TD noWrap align=left>&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=1>6 1/2s, 9/1/26 (Prerefunded)</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>630,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>701,322</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>6 1/2s, 9/1/26 (Prerefunded)</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>370,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>411,888</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sullivan Cnty., Hlth. Edl. &amp; Hsg. Hosp. Fac.</FONT> </TD>
     <TD noWrap align=left>&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=1>Board Rev. Bonds (Wellmont Hlth. Syst.), Ser. C</FONT> </TD>
     <TD noWrap align=left>&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=1>5s, 9/1/22</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,100,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,251,282</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5s, 9/1/19</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,460,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,127,091</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>12,316,710</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Texas (17.5%)</FONT> </TD>
     <TD noWrap align=left>&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=1>Abilene, Hlth. Fac. Dev. Corp. Retirement Fac.</FONT> </TD>
     <TD noWrap align=left>&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=1>(Sears Methodist Retirement), 6s, 11/15/29</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,050,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>795,197</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Alliance, Arpt. Auth. Rev. Bonds (Federal</FONT> </TD>
     <TD noWrap align=left>&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=1>Express Corp.), 4.85s, 4/1/21</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,250,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,425,573</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Brazoria Cnty., Brazos River Harbor Naval Dist.</FONT> </TD>
     <TD noWrap align=left>&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=1>(Dow Chemical Co.), Ser. A-3, 5 1/8s, 5/15/33</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A3</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>390,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>267,489</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Brazos River, Auth. Poll. Control Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. D-1, 8 1/4s, 5/1/33</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Caa1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>379,065</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(TXU Energy Co., LLC), 5s, 3/1/41</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Caa1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>249,355</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Brazos, Harbor Indl. Dev. Corp. Env. Fac.</FONT> </TD>
     <TD noWrap align=left>&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=1>Mandatory Put Bonds (Dow Chemical), 5.9s, 5/1/28</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A3</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,850,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,245,743</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Dallas Cnty., Util. &amp; Reclaimation Dist. G.O.</FONT> </TD>
     <TD noWrap align=left>&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=1>Bonds, Ser. B, AMBAC, 5 3/8s, 2/15/29</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,816,800</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Dallas, Area Rapid Transit Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>Sr. Lien, 5s, 12/1/33 </FONT><B><SUP><FONT face=sans-serif size=1>T</FONT></SUP></B> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>20,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>18,776,600</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>35</FONT></P>
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     <TD noWrap align=left><FONT face=sans-serif size=1>MUNICIPAL BONDS AND NOTES (178.6%)* </FONT><I><FONT face=sans-serif size=1>cont. </FONT></I></TD>
     <TD noWrap align=left><FONT face=Arial size=1>Rating**</FONT>&nbsp;&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Principal amount</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT> </TD></TR>
<TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Texas </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I> </TD>
     <TD noWrap align=left>&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=1>Denton, Indpt. School Dist. VRDN, Ser. 05-A,</FONT> </TD>
     <TD noWrap align=left>&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=1>1.85s, 8/1/35</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A&#150;1+</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$2,250,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$2,250,000</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gateway, Pub. Fac. Corp. Mandatory Put Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Stonegate Villas Apt.), FNMA Coll., 4.55s, 7/1/14</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,491,495</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gulf Coast, Waste Disp. Auth. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Valero Energy Corp.), 6.65s, 4/1/32</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>734,050</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. A, 6.1s, 8/1/24</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>550,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>412,643</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Harris Cnty., Cultural Ed. Fac. Fin. Corp. VRDN</FONT> </TD>
     <TD noWrap align=left>&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=1>(Texas Med. Ctr.), Ser. B-1, 1 1/4s, 9/1/31</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>VMIG1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Harris Cnty., Hlth. Fac. Rev. Bonds (Memorial</FONT> </TD>
     <TD noWrap align=left>&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=1>Hermann Hlth. Care), Ser. A, 6 3/8s, 6/1/29</FONT> </TD>
     <TD noWrap align=left>&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=1>(Prerefunded)</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,644,150</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Harris Cnty., Houston Sports Auth. Rev. Bonds,</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. H, MBIA, zero %, 11/15/25</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>11,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,429,800</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Leander, Indpt. School Dist. G.O. Bonds, PSFG,</FONT> </TD>
     <TD noWrap align=left>&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=1>zero %, 8/15/14</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,330,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,390,217</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Lower CO River Auth. Rev. Bonds, 5 3/4s, 5/15/37</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,400,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,277,744</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Matagorda Cnty., Navigation Dist. TX Poll.</FONT> </TD>
     <TD noWrap align=left>&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=1>Control Mandatory Put Bonds (Dist. No. 1 AEP</FONT> </TD>
     <TD noWrap align=left>&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=1>Texas Central Co.), 5 1/8s, 6/1/11</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,494,765</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mission, Econ. Dev. Corp. Solid Waste Disp. Rev.</FONT> </TD>
     <TD noWrap align=left>&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=1>Bonds (Allied Waste N.A. Inc.), Ser. A, 5.2s,</FONT> </TD>
     <TD noWrap align=left>&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=1>4/1/18</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B+</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,200,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>886,656</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>North TX, Thruway Auth. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. A, 6s, 1/1/25</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,300,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,299,870</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. D, AGO, zero %, 1/1/28</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7,800,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,368,392</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>North TX, Thruway Auth. Rev. Bonds (Toll 2nd</FONT> </TD>
     <TD noWrap align=left>&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=1>Tier), Ser. F, 5 3/4s, 1/1/38</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A3</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,687,660</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>North TX, Thruway Auth. stepped-coupon Rev.</FONT> </TD>
     <TD noWrap align=left>&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=1>Bonds, zero %, (6.5s, 1/1/15) 2043 &#134;&#134;</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,463,640</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Port Corpus Christi Indl. Dev. Corp. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Valero), Ser. C, 5.4s, 4/1/18</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,535,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,329,479</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sam Rayburn Muni. Pwr. Agcy. Rev. Bonds, 6s,</FONT> </TD>
     <TD noWrap align=left>&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=1>10/1/21</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,941,800</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>San Antonio Wtr. Rev. Bonds, Ser. A, FSA, 5s,</FONT> </TD>
     <TD noWrap align=left>&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=1>5/15/32</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,904,340</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Tarrant Cnty., Cultural Ed. Fac. Fin. Corp.</FONT> </TD>
     <TD noWrap align=left>&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=1>Retirement Fac. Rev. Bonds (Buckner Retirement</FONT> </TD>
     <TD noWrap align=left>&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=1>Svcs., Inc.), 5 1/4s, 11/15/37</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A&#150;</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,100,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>789,998</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Tomball, Hosp. Auth. Rev. Bonds (Tomball</FONT> </TD>
     <TD noWrap align=left>&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=1>Regl. Hosp.)</FONT> </TD>
     <TD noWrap align=left>&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=1>6s, 7/1/29</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,603,780</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>6s, 7/1/19</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,700,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,503,548</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>TX Muni. Gas Acquisition &amp; Supply Corp. I Rev.</FONT> </TD>
     <TD noWrap align=left>&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=1>Bonds, Ser. A, 5s, 12/15/15</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,562,450</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>TX State Tpk. Auth. Rev. Bonds (Central Texas</FONT> </TD>
     <TD noWrap align=left>&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=1>Tpk. Syst.), Ser. A, AMBAC, 5 1/2s, 8/15/39</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7,440,640</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>75,862,939</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>36</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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     <TD noWrap align=left><FONT face=sans-serif size=1>MUNICIPAL BONDS AND NOTES (178.6%)* </FONT><I><FONT face=sans-serif size=1>cont. </FONT></I></TD>
     <TD noWrap align=left><FONT face=Arial size=1>Rating**</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Principal amount</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT> </TD></TR>
<TR>
     <TD noWrap align=left colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Utah (4.9%)</FONT> </TD>
     <TD noWrap align=left>&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=1>Intermountain Pwr. Agcy. Rev. Bonds, Ser. A,</FONT> </TD>
     <TD noWrap align=left>&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=1>MBIA, U.S. Govt. Coll., 6.15s, 7/1/14</FONT> </TD>
     <TD noWrap align=left>&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=1>(Prerefunded)</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$8,165,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$8,181,330</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Murray City, Hosp. Rev. VRDN (IHC Hlth.</FONT> </TD>
     <TD noWrap align=left>&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=1>Svcs., Inc.)</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. B, 0.9s, 5/15/37</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>VMIG1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,500,000</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. C, 0.9s, 5/15/36</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A&#150;1+</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,800,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,800,000</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Salt Lake City, Hosp. Rev. Bonds, AMBAC, 6 3/4s,</FONT> </TD>
     <TD noWrap align=left>&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=1>5/15/20 (Prerefunded)</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,002,540</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>21,483,870</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Vermont (0.2%)</FONT> </TD>
     <TD noWrap align=left>&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=1>VT Hsg. Fin. Agcy. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Single Fam.), Ser. 23, FSA, 5s, 5/1/34</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>185,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>176,398</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. 19A, FSA, 4.62s, 5/1/29</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>860,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>829,771</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>1,006,169</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Virginia (1.8%)</FONT> </TD>
     <TD noWrap align=left>&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=1>Fredericksburg, Indl. Dev. Auth. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Medicorp Hlth. Syst.), Ser. B, 5 1/8s, 6/15/33</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A3</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>374,015</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Henrico Cnty., Econ. Dev. Auth. Res. Care Fac.</FONT> </TD>
     <TD noWrap align=left>&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=1>Rev. Bonds (United Methodist), Ser. A</FONT> </TD>
     <TD noWrap align=left>&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=1>6.7s, 6/1/27</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>735,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>625,764</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>6.7s, 6/1/27 (Prerefunded)</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>265,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>295,875</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Prince William Cnty., Indl. Dev. Auth. Hosp. Rev.</FONT> </TD>
     <TD noWrap align=left>&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=1>Bonds (Potomac Hosp. Corp.), 5.35s, 10/1/36</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A3</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,500,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,905,950</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>VA State Hsg. Dev. Auth. Rev. Bonds, Ser. A-5,</FONT> </TD>
     <TD noWrap align=left>&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=1>4.2s, 7/1/14</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,890,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,484,277</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>7,685,881</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Washington (3.0%)</FONT> </TD>
     <TD noWrap align=left>&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=1>Chelan Cnty. Dev. Corp. Rev. Bonds (Alcoa),</FONT> </TD>
     <TD noWrap align=left>&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=1>5.85s, 12/1/31</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,410,880</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Everett, Pub. Fac. Dist. Ltd. Sales Tax &amp;</FONT> </TD>
     <TD noWrap align=left>&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=1>Interlocal Rev. Bonds, Ser. A</FONT> </TD>
     <TD noWrap align=left>&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=1>5s, 12/1/22</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>940,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>879,201</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5s, 12/1/21</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>940,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>892,549</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Port of Seattle Rev. Bonds, Ser. B, MBIA, 5.8s,</FONT> </TD>
     <TD noWrap align=left>&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=1>2/1/20</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aa2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>975,740</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Tobacco Settlement Auth. of WA Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>6 5/8s, 6/1/32</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>900,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>729,828</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>6 1/2s, 6/1/26</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,405,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,864,554</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>WA State Hlth. Care Fac. Auth. Rev. Bonds,</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. C, Radian Insd., 5 3/8s, 8/15/28</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A3</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>900,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>784,233</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>WA State Hsg. Fin. Comm. VRDN (Local 82 &#151; JATC</FONT> </TD>
     <TD noWrap align=left>&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=1>Edl. Dev. Trust), 1.81s, 11/1/25</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A&#150;1+</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>700,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>700,000</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>13,236,985</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>West Virginia (1.2%)</FONT> </TD>
     <TD noWrap align=left>&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=1>Harrison Cnty., Cmnty. Solid Waste Disp. Rev.</FONT> </TD>
     <TD noWrap align=left>&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=1>Bonds (Allegheny Energy), Ser. D, 5 1/2s,</FONT> </TD>
     <TD noWrap align=left>&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=1>10/15/37</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,450,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,388,159</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mason Cnty., Poll. Control Mandatory Put Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>(Appalachian Pwr. Co. Project), Ser. L, 5 1/2s,</FONT> </TD>
     <TD noWrap align=left>&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=1>10/1/11</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>750,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>667,643</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>37</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_39"></A>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="63%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MUNICIPAL BONDS AND NOTES (178.6%)* </FONT><I><FONT face=sans-serif size=1>cont. </FONT></I></TD>
     <TD noWrap align=left><FONT face=Arial size=1>Rating**</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Principal amount</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT> </TD></TR>
<TR>
     <TD noWrap align=left colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>West Virginia </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I> </TD>
     <TD noWrap align=left>&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=1>Princeton, Hosp. Rev. Bonds (Cmnty. Hosp.</FONT> </TD>
     <TD noWrap align=left>&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=1>Assn., Inc.), 6.1s, 5/1/29</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$2,025,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$1,538,028</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>WV State Hosp. Fin. Auth. Rev. Bonds (Thomas</FONT> </TD>
     <TD noWrap align=left>&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=1>Hlth. Syst.), 6 3/4s, 10/1/43</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B/P</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>935,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>720,633</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>5,314,463</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Wisconsin (3.5%)</FONT> </TD>
     <TD noWrap align=left>&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=1>Badger, Tobacco Settlement Asset</FONT> </TD>
     <TD noWrap align=left>&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=1>Securitization Corp. Rev. Bonds</FONT> </TD>
     <TD noWrap align=left>&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=1>7s, 6/1/28</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,926,010</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>6 3/8s, 6/1/32</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8,600,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7,710,760</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>U. of WI Hosp. &amp; Clinic Auth. VRDN, Ser. B, 1.2s,</FONT> </TD>
     <TD noWrap align=left>&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=1>4/1/34</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>VMIG1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>400,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>400,000</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>15,036,770</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Wyoming (0.7%)</FONT> </TD>
     <TD noWrap align=left>&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=1>Sweetwater Cnty., Poll. Control VRDN</FONT> </TD>
     <TD noWrap align=left>&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=1>(Pacificorp.), Ser. B, 1.15s, 1/1/14</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>P&#150;1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,300,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,300,000</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>WY Muni. Pwr. Agcy. Rev. Bonds (Pwr. Supply),</FONT> </TD>
     <TD noWrap align=left>&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=1>Ser. A</FONT> </TD>
     <TD noWrap align=left>&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=1>5 1/2s, 1/1/33</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>950,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>865,944</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5 1/2s, 1/1/28</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>944,410</FONT> </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>3,110,354</FONT> </TD></TR>
<TR>
     <TD colSpan=4></TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>TOTAL INVESTMENTS</FONT> </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Total investments (cost $846,293,660)</FONT> </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$775,873,272</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>&nbsp; * Percentages indicated are based on net assets of $434,315,499.</FONT></P>
<P align=left><FONT face=sans-serif size=1>** The Moody&#146;s, Standard &amp; Poor&#146;s or Fitch ratings indicated are believed to be the most recent ratings available at October 31, 2008 for the securities listed. Ratings are generally ascribed to securities at the time of issuance. </FONT><FONT face=sans-serif size=1>While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at October 31, 2008. Securities rated by Putnam are indicated by &#147;/P.&#148; Securities rated by Fitch are indicated by &#147;/F.&#148; The rating of an insured security represents what is believed to be the most recent rating of the insurer&#146;s claims-paying ability available at October 31, 2008 and does not reflect any subsequent changes.</FONT></P>
<P align=left><FONT face=sans-serif size=1>&nbsp; &#134; Non-income-producing security.</FONT></P>
<P align=left><FONT face=sans-serif size=1><FONT face=sans-serif size=1>&#134;</FONT><FONT face=sans-serif size=1>&#134; </FONT>The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate.</FONT></P>
<P align=left><B><SUP><FONT face=sans-serif size=1>&nbsp;&nbsp; T </FONT></SUP></B><FONT face=sans-serif size=1>Underlying security in a tender option bond transaction. The security has been segregated as collateral for financing transactions.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Debt obligations are considered secured unless otherwise indicated.</FONT></P>
<P align=left><FONT face=sans-serif size=1>144A after the name of an issuer represents securities exempt from registration under Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.</FONT></P>
<P align=left><FONT face=sans-serif size=1>The rates shown on VRDN, Mandatory Put Bonds, FRB and FRN are the current interest rates at October 31, 2008.</FONT></P>
<P align=left><FONT face=sans-serif size=1>The dates shown on Mandatory Put Bonds are the next mandatory put dates.</FONT></P>
<P align=left><FONT face=sans-serif size=1>The dates shown on debt obligations other than Mandatory Put Bonds are the original maturity dates.</FONT></P>
<P align=left><FONT face=sans-serif size=2>38</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_40"></A>
<P align=left><FONT face=sans-serif size=1>The fund had the following sector concentrations greater than 10% at October 31, 2008 (as a percentage of net assets):</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="33%"></TD>
     <TD width="33%"></TD>
     <TD width="33%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Health care</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>51.1%</FONT> </TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Utilities</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>30.3</FONT> </TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Local government</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>13.7</FONT> </TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Industrial/commodity</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>11.9</FONT> </TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Education</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>11.0</FONT> </TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Tobacco</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10.0</FONT> </TD>
     <TD noWrap align=right></TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>The fund had the following insurance concentrations greater than 10% at October 31, 2008 (as a percentage of net assets):</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="33%"></TD>
     <TD width="33%"></TD>
     <TD width="33%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>AMBAC</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>16.6%</FONT> </TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MBIA</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>13.3</FONT> </TD>
     <TD noWrap align=right></TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157). SFAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. While the adoption of SFAS 157 does not have a material effect on the fund&#146;s net asset value, it does require additional disclosures about fair value measurements. The Standard establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund&#146;s investments. The three levels are defined as follows:</FONT></P>
<P align=left><FONT face=sans-serif size=1>Level 1 &#150; Valuations based on quoted prices for identical securities in active markets.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Level 2 &#150; Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Level 3 &#150; Valuations based on inputs that are unobservable and significant to the fair value measurement.</FONT></P>
<P align=left><FONT face=sans-serif size=1>The following is a summary of the inputs used to value the fund&#146;s net assets as of October 31, 2008:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="33%"></TD>
     <TD width="33%"></TD>
     <TD width="33%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=1>Valuation inputs</FONT></I> </TD>
     <TD noWrap align=right><I><FONT face=sans-serif size=1>Investments in securities</FONT></I> </TD>
     <TD noWrap align=right><I><FONT face=sans-serif size=1>Other financial instruments</FONT></I> </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Level 1</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1><FONT face="Times New Roman" size=3>&nbsp;</FONT>$&#151;</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$&#151;</FONT> </TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Level 2</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>775,873,272</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT> </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Level 3</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT> </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Total</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$775,873,272</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$&#151;</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>Other financial instruments include futures, written options, TBA sale commitments, swaps and forward contracts which are valued at the unrealized appreciation/(depreciation) on the instrument.</FONT></P>
<P align=left><FONT face=sans-serif size=1>The accompanying notes are an integral part of these financial statements.</FONT></P>
<P align=left><FONT face=sans-serif size=2>39</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_41"></A>
<P align=left><B><FONT face=sans-serif size=2>Statement of assets and liabilities </FONT></B><FONT face=sans-serif size=2>10/31/08 (Unaudited)</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="84%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>ASSETS</FONT> </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Investment in securities, at value (Note 1):</FONT> </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Unaffiliated issuers (identified cost $846,293,660)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$775,873,272</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Cash</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>18,004,332</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Interest and other receivables</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>11,899,708</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Receivable for securities sold</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,353,125</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Receivable from Manager (Note 2)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>86,560</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Total assets</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>810,216,997</FONT> </TD></TR>
<TR>
     <TD colSpan=2></TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>LIABILITIES</FONT> </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Distributions payable to shareholders</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,591,047</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Distributions payable to preferred shareholders (Note 1)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>516,605</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Payable for compensation of Manager (Note 2)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,188,419</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Payable for investor servicing fees (Note 2)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>20,648</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Payable for Trustee compensation and expenses (Note 2)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>194,693</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Payable for administrative services (Note 2)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,424</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Payable for floating rate notes issued (Note 1)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>36,140,000</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Other accrued expenses</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>346,662</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Total liabilities</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>41,001,498</FONT> </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Series A remarketed preferred shares: (3,842 shares</FONT> </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>authorized and issued at $25,000 per share) (Note 4)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>96,050,000</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Series B remarketed preferred shares: (3,417 shares</FONT> </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>authorized and issued at $25,000 per share) (Note 4)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>85,425,000</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Series C remarketed preferred shares: (6,137 shares</FONT> </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>authorized and issued at $25,000 per share) (Note 4)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>153,425,000</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net assets</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$434,315,499</FONT> </TD></TR>
<TR>
     <TD colSpan=2></TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>REPRESENTED BY</FONT> </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Paid-in capital &#151; common shares (Unlimited shares authorized) (Notes 1 and 5)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$567,486,072</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Distributions in excess of net investment income (Note 1)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(443,115)</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Accumulated net realized loss on investments (Note 1)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(62,307,070)</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net unrealized depreciation of investments</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(70,420,388)</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Total &#151; Representing net assets applicable to common shares outstanding</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$434,315,499</FONT> </TD></TR>
<TR>
     <TD colSpan=2></TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>COMPUTATION OF NET ASSET VALUE</FONT> </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net asset value per common share </FONT><FONT face=sans-serif size=1>($434,315,499 divided by 42,871,374 shares)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$10.13</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>The accompanying notes are an integral part of these financial statements.</FONT></P>
<P align=left><FONT face=sans-serif size=2>40</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_42"></A>
<P align=left><B><FONT face=sans-serif size=2>Statement of operations </FONT></B><FONT face=sans-serif size=2>Six months ended 10/31/08 (Unaudited)</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="84%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>INTEREST INCOME</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$24,130,004</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>EXPENSES</FONT> </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Compensation of Manager (Note 2)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,483,879</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Investor servicing fees (Note 2)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>129,703</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Custodian fees (Note 2)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9,165</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Trustee compensation and expenses (Note 2)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>19,802</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Administrative services (Note 2)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10,543</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Interest and fee expense (Note 1)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>385,843</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Legal expense</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>213,489</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Preferred share remarketing agent fees</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>474,306</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Other</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>325,538</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Total expenses</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,052,268</FONT> </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Expense reduction (Note 2)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(59,384)</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net expenses</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,992,884</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net investment income</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>20,137,120</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net realized loss on investments (Notes 1 and 3)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(12,918,554)</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net realized loss on futures contracts (Note 1)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(646,082)</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net unrealized depreciation of investments and futures contracts during the period</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(83,509,558)</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net loss on investments</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(97,074,194)</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net decrease in net assets resulting from operations</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$(76,937,074)</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>DISTRIBUTIONS TO SERIES A, B, AND C REMARKETED PREFERRED SHAREHOLDERS (NOTE 1):</FONT> </TD></TR>
<TR>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>From tax exempt net investment income</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(6,732,157)</FONT> </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net decrease in net assets resulting from operations (applicable to common shareholders)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$(83,669,231)</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>The accompanying notes are an integral part of these financial statements.</FONT></P>
<P align=left><FONT face=sans-serif size=2>41</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_43"></A>
<P align=left><B><FONT face=sans-serif size=2>Statement of changes in net assets</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="69%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>INCREASE (DECREASE) IN NET ASSETS</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Six months ended 10/31/08*</FONT></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Year ended 4/30/08</FONT> </TD></TR>
<TR>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Operations:</FONT> </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=1>Net investment income</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$20,137,120</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$18,117,735</FONT> </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net realized loss on investments</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(13,564,636)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(1,738,260)</FONT> </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net unrealized depreciation of investments</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(83,509,558)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(14,806,638)</FONT> </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net increase (decrease) in net assets resulting from operations</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(76,937,074)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,572,837</FONT> </TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>DISTRIBUTIONS TO SERIES A, B, AND C REMARKETED PREFERRED SHAREHOLDERS (NOTE 1):</FONT> </TD></TR>
<TR>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>From ordinary income</FONT> </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Taxable net investment income</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(3,110)</FONT> </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>From tax exempt net investment income</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(6,732,157)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(6,433,786)</FONT> </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net decrease in net assets resulting from operations</FONT> </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=1>(applicable to common shareholders)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(83,669,231)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(4,864,059)</FONT> </TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>DISTRIBUTIONS TO COMMON SHAREHOLDERS (NOTE 1):</FONT> </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>From ordinary income</FONT> </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Taxable net investment income</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(6,759)</FONT> </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>From tax exempt net investment income</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(14,519,130)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(10,801,015)</FONT> </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Increase from issuance of common shares in connection with</FONT> </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=1>the merger of Putnam Municipal Bond Fund (Note 6)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>193,245,081</FONT> </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Increase from issuance of common shares in connection with</FONT> </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=1>the merger of Putnam Investment Grade Municipal Trust (Note 6)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>186,555,544</FONT> </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Decrease from shares repurchased (Note 5)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(4,924,517)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(26,876,245)</FONT> </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Total increase (decrease) in net assets</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(103,112,878)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>337,252,547</FONT> </TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>NET ASSETS</FONT> </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Beginning of period</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>537,428,377</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>200,175,830</FONT> </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>End of period </FONT><FONT face=sans-serif size=1>(including distributions in excess of net investment</FONT> </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=1>income of $443,115 and undistributed net investment income of</FONT> </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=1>$671,052, respectively)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$434,315,499</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$537,428,377</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>(Continued on next page)</FONT></P>
<P align=left><FONT face=sans-serif size=1>The accompanying notes are an integral part of these financial statements.</FONT></P>
<P align=left><FONT face=sans-serif size=2>42</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_44"></A>
<P align=left><B><FONT face=sans-serif size=2>Statement of changes in net assets </FONT></B><FONT face=sans-serif size=2>(Continued)</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="69%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>NUMBER OF FUND SHARES</FONT> </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Common shares outstanding at beginning of period</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>43,318,703</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>15,172,510</FONT> </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Shares repurchased (Note 5)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(447,329)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(2,219,661)</FONT> </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Shares issued in connection with the merger of Putnam</FONT> </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=1>Municipal Bond Fund (Note 6)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>15,451,020</FONT> </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Shares issued in connection with the merger of Putnam</FONT> </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=1>Investment Grade Municipal Trust (Note 6)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>14,916,168</FONT> </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Retirement of shares held by the fund</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(1,334)</FONT> </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Common shares outstanding at end of period</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>42,871,374</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>43,318,703</FONT> </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Remarketed preferred shares outstanding at beginning of period</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>15,760</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,004</FONT> </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Preferred shares issued in connection with the merger of</FONT> </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=1>Putnam Municipal Bond Fund (Note 6)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,320</FONT> </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Preferred shares issued in connection with the merger of</FONT> </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=1>Putnam Investment Grade Municipal Trust (Note 6)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,600</FONT> </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Preferred shares issued &#151; Series A (Note 4)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>800</FONT> </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Preferred shares redeemed &#151; Series A (Note 4)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(678)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT> </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Preferred shares redeemed &#151; Series B (Note 4)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(603)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT> </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Preferred shares redeemed &#151; Series C (Note 4)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(1,083)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT> </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Remarketed preferred shares outstanding at end of period</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>13,396</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>15,760</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>* Unaudited</FONT></P>
<P align=left><FONT face=sans-serif size=1>The accompanying notes are an integral part of these financial statements.</FONT></P>
<P align=left><FONT face=sans-serif size=2>43</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_45"></A>
<P align=left><B><FONT face=sans-serif size=2>Financial highlights </FONT></B><FONT face=sans-serif size=2>(For a common share outstanding throughout the period)</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="7%"></TD>
     <TD width="7%"></TD>
     <TD width="15%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD colSpan=2></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>PER-SHARE OPERATING PERFORMANCE</FONT> </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=8></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center></TD>
     <TD noWrap align=center colSpan=3><FONT face=Arial size=1>Six months ended**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center colSpan=2><FONT face=sans-serif size=1>Year ended&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10/31/08</FONT> </TD>
     <TD noWrap align=right colSpan=2><FONT face=sans-serif size=1>4/30/08</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4/30/07</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4/30/06</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4/30/05</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4/30/04</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net asset value, beginning of period</FONT> </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(common shares)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$12.41</FONT> </TD>
     <TD noWrap align=right colSpan=2><FONT face=sans-serif size=1>$13.19</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$12.85</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$13.15</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$12.72</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$12.98</FONT> </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=1>Investment operations:</FONT></I> </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net investment income </FONT><B><SUP><FONT face=sans-serif size=1>a</FONT></SUP></B> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>.47</FONT> </TD>
     <TD noWrap align=right colSpan=2><FONT face=sans-serif size=1>.93 </FONT><B><SUP><FONT face=sans-serif size=1>e</FONT></SUP></B> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>.89</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>.86</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>.91</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.00</FONT> </TD></TR>
<TR>
     <TD colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net realized and unrealized</FONT> </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>gain (loss) on investments</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(2.26)</FONT> </TD>
     <TD noWrap align=right colSpan=2><FONT face=sans-serif size=1>(.88)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>.23</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(.30)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>.51</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(.24)</FONT> </TD></TR>
<TR>
     <TD colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Total from investment operations</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(1.79)</FONT> </TD>
     <TD noWrap align=right colSpan=2><FONT face=sans-serif size=1>.05</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.12</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>.56</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.42</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>.76</FONT> </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=1>Distributions to preferred shareholders:</FONT></I> </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>From net investment income</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(.16)</FONT> </TD>
     <TD noWrap align=right colSpan=2><FONT face=sans-serif size=1>(.33)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(.28)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(.21)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(.12)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(.07)</FONT> </TD></TR>
<TR>
     <TD colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Total from investment operations</FONT> </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(applicable to common shareholders)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(1.95)</FONT> </TD>
     <TD noWrap align=right colSpan=2><FONT face=sans-serif size=1>(.28)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>.84</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>.35</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.30</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>.69</FONT> </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=1>Distributions to common shareholders:</FONT></I> </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>From net investment income</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(.34)</FONT> </TD>
     <TD noWrap align=right colSpan=2><FONT face=sans-serif size=1>(.57)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(.57)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(.68)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(.87)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(.95)</FONT> </TD></TR>
<TR>
     <TD colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Total distributions</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(.34)</FONT> </TD>
     <TD noWrap align=right colSpan=2><FONT face=sans-serif size=1>(.57)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(.57)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(.68)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(.87)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(.95)</FONT> </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right colSpan=2></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Increase from shares repurchased</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>.01</FONT> </TD>
     <TD noWrap align=right colSpan=2><FONT face=sans-serif size=1>.07</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>.07</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>.03</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT> </TD></TR>
<TR>
     <TD colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net asset value, end of period</FONT> </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(common shares)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$10.13</FONT> </TD>
     <TD noWrap align=right colSpan=2><FONT face=sans-serif size=1>$12.41</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$13.19</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$12.85</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$13.15</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$12.72</FONT> </TD></TR>
<TR>
     <TD colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Market price, end of period</FONT> </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(common shares)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$9.33</FONT> </TD>
     <TD noWrap align=right colSpan=2><FONT face=sans-serif size=1>$11.13</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$12.20</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$11.68</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$11.72</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$12.47</FONT> </TD></TR>
<TR>
     <TD colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Total return at market price (%)</FONT> </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(common shares) </FONT><B><SUP><FONT face=sans-serif size=1>b</FONT></SUP></B> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(13.44)*</FONT> </TD>
     <TD noWrap align=right colSpan=2><FONT face=sans-serif size=1>(4.09)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9.64</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5.61</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>.82</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.49</FONT> </TD></TR>
<TR>
     <TD colSpan=8>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>RATIOS AND SUPPLEMENTAL DATA</FONT> </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net assets, end of period</FONT> </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(common shares) (in thousands)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$434,315</FONT> </TD>
     <TD noWrap align=right colSpan=2><FONT face=sans-serif size=1>$537,428</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$200,176</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$203,548</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$212,505</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$205,571</FONT> </TD></TR>
<TR>
     <TD colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ratio of expenses to</FONT> </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>average net assets (%) </FONT><B><SUP><FONT face=sans-serif size=1>c,d</FONT></SUP></B> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>.80 * </FONT><B><SUP><FONT face=sans-serif size=1>f</FONT></SUP></B> </TD>
     <TD noWrap align=right colSpan=2><FONT face=sans-serif size=1>1.44 </FONT><B><SUP><FONT face=sans-serif size=1>e</FONT></SUP></B> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.28</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.37</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.40</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.37</FONT> </TD></TR>
<TR>
     <TD colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ratio of net investment income</FONT> </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>to average net assets (%) </FONT><B><SUP><FONT face=sans-serif size=1>d</FONT></SUP></B> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2.63 *</FONT> </TD>
     <TD noWrap align=right colSpan=2><FONT face=sans-serif size=1>4.86 </FONT><B><SUP><FONT face=sans-serif size=1>e</FONT></SUP></B> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4.61</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4.92</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.15</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.05</FONT> </TD></TR>
<TR>
     <TD colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Portfolio turnover (%)</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>23.40 *</FONT> </TD>
     <TD noWrap align=right colSpan=2><FONT face=sans-serif size=1>44.85</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>12.60</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10.74</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>29.51</FONT> </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>19.19</FONT> </TD></TR>
<TR>
     <TD colSpan=8>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><B><SUP><FONT face=sans-serif size=1>* </FONT></SUP></B><FONT face=sans-serif size=1>Not annualized.</FONT></P>
<P align=left><B><SUP><FONT face=sans-serif size=1>** </FONT></SUP></B><FONT face=sans-serif size=1>Unaudited.</FONT></P>
<P align=left><B><SUP><FONT face=sans-serif size=1>a </FONT></SUP></B><FONT face=sans-serif size=1>Per share net investment income has been determined on the basis of the weighted average number of shares outstanding during the period.</FONT></P>
<P align=left><B><SUP><FONT face=sans-serif size=1>b </FONT></SUP></B><FONT face=sans-serif size=1>Total return assumes dividend reinvestment.</FONT></P>
<P align=left><B><SUP><FONT face=sans-serif size=1>c </FONT></SUP></B><FONT face=sans-serif size=1>Includes amounts paid through expense offset arrangements (Note 2).</FONT></P>
<P align=left><B><SUP><FONT face=sans-serif size=1>d </FONT></SUP></B><FONT face=sans-serif size=1>Ratios reflect net assets available to common shares only: net investment income ratio also reflects reduction for dividend payments to preferred shareholders.</FONT></P>
<P align=left><B><SUP><FONT face=sans-serif size=1>e </FONT></SUP></B><FONT face=sans-serif size=1>Reflects waiver of certain fund expenses in connection with the fund&#146;s remarketed preferred shares during the period. As a result of such waivers, the expenses of the fund for the period ended April 30, 2008 reflect a reduction of less than 0.01% of average net assets (Note 2).</FONT></P>
<P align=left><B><SUP><FONT face=sans-serif size=1>f </FONT></SUP></B><FONT face=sans-serif size=1>Includes interest and fee expense associated with borrowings which amounted to 0.08% for the period ended October 31, 2008 (Note 1).</FONT></P>
<P align=left><FONT face=sans-serif size=1>The accompanying notes are an integral part of these financial statements.</FONT></P>
<P align=left><FONT face=sans-serif size=2>44</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2>Notes to financial statements </FONT></B><FONT face=sans-serif size=2>10/31/08 (Unaudited)</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 1: Significant accounting policies</FONT></B></P>
<P align=left><FONT face=sans-serif size=1>Putnam Municipal Opportunities Trust (the &#147;fund&#148;) is registered under the Investment Company Act of 1940, as amended, as a non-diversified, closed-end management investment company.The fund&#146;s investment objective is to seek as high a level of current income exempt from federal income tax as Putnam Investment Management, LLC (&#147;Putnam Management&#148;), the fund&#146;s manager, a wholly-owned subsidiary of Putnam Investments, LLC, believes is consistent with the preservation of capital. The fund intends to achieve its objective by investing in a portfolio of investment grade and some below investment-grade municipal bonds selected by Putnam Management.</FONT></P>
<P align=left><FONT face=sans-serif size=1>In the normal course of business, the fund enters into contracts that may include agreements to indemnify another party under given circumstances. The fund&#146;s maximum exposure under these arrangements is unknown as this would involve future claims that may be, but have not yet been, made against the fund. However, the fund&#146;s management team expects the risk of material loss to be remote.</FONT></P>
<P align=left><FONT face=sans-serif size=1>The following is a summary of significant accounting policies consistently followed by the fund in the preparation of its financial statements. The preparation of financial statements is in conformity with accounting principles generally accepted in the United States of America and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.</FONT></P>
<P align=left><FONT face=sans-serif size=1><B>A) Security valuation </B></FONT><FONT face=sans-serif size=1>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 </FONT><FONT face=sans-serif size=1>in time and does not reflect an actua
l market price, which may be different by a material amount.</FONT></P>
<P align=left><FONT face=sans-serif size=1><B>B) Security transactions and related investment income </B></FONT><FONT face=sans-serif size=1>Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Gains or losses on securities sold are determined on the identified cost basis. Interest income is recorded on the accrual basis. All premiums/discounts are amortized/accreted on a yield-to-maturity basis. The premium in excess of the call price, if any, is amortized to the call date; thereafter, any remaining premium is amortized to maturity.</FONT></P>
<P align=left><FONT face=sans-serif size=1><B>C) Tender option bonds </B></FONT><FONT face=sans-serif size=1>The fund may participate in transactions whereby a fixed-rate bond is transferred to a tender option bond trust (&#147;TOB trust&#148;) sponsored by a broker. The TOB trust funds the purchase of the fixed rate bonds by issuing floating-rate bonds issued to third parties and allowing the fund to retain the residual interest in the TOB trust&#146;s assets and cash flows, which are in the form of inverse floating rate bonds. The inverse floating rate bonds held by the fund give the fund the right to (1) cause the holders of the floating rate bonds to tender their notes at par, and (2) to have the fixed-rate bond held by the TOB trust transferred to the fund, causing the TOB trust to collapse. The fund accounts for the transfer of the fixed-rate bond to the TOB trust as a secured borrowing by including the fixed-rate bond in the fund&#146;s portfolio and including the floating rate bond as a liability in 
the Statement of assets and liabilities. At October 31, 2008, the fund&#146;s investments with a value of $68,141,093 were held by the TOB trust and served as collateral for $36,140,000 in floating-rate bonds outstanding. During the period ended October 31, 2008, the fund incurred interest expense of $337,626 for these investments based on an average interest rate of 3.12% .</FONT></P>
<P align=left><FONT face=sans-serif size=1><B>D) Futures and options contracts </B></FONT><FONT face=sans-serif size=1>The fund may use futures and options contracts to hedge against changes in the values of securities the fund owns, owned or expects to purchase, or for other investment purposes. The fund may also write options on swaps or securities it owns or in which it may invest to increase its current returns.</FONT></P>
<P align=left><FONT face=sans-serif size=1>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</FONT></P>
<P align=left><FONT face=sans-serif size=2>45</FONT></P>
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<A name="page_47"></A>
<P align=left><FONT face=sans-serif size=1>market for the contracts, or if the counterparty to the contract is unable to perform. Risks may exceed amounts recognized on the Statement of assets and liabilities.When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Realized gains and losses on purchased options are included in realized gains and losses on investment securities. If a written call option is exercised, the premium originally received is recorded as an addition to sales proceeds. If a written put option is exercised, the premium originally received is recorded as a reduction to the cost of investments.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as &#147;variation margin.&#148; Exchange traded options are valued at the last sale price or, if no sales are reported, the last bid price for purchased options and the last ask price for written options. Options traded over-the-counter are valued using prices supplied by dealers. Futures and written option contracts outstanding at period end, if any, are listed after the fund&#146;s portfolio.</FONT></P>
<P align=left><FONT face=sans-serif size=1><B>E) Federal taxes </B></FONT><FONT face=sans-serif size=1>It is the policy of the fund to distribute all of its income within the prescribed time and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), applicable to regulated investment companies. It is also the intention of the fund to distribute an amount sufficient to avoid imposition of any excise tax under Section 4982 of the Code. The fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The fund did not have any unrecognized tax benefits in the accompanying financial statements. Therefore, no provision has been made for federal taxes on income, capital gains or unrealized appreciation on securities held nor for excise tax on income an
d capital gains. Each of the fund&#146;s federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.</FONT></P>
<P align=left><FONT face=sans-serif size=1>At April 30, 2008 the fund had a capital loss carryover of $46,202,236 available to the extent allowed by the Code to offset future net capital gain, if any. The amount of the carryover and the expiration dates are:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD align=left width="12%"></TD>
     <TD width="42%"></TD>
     <TD width="20%"></TD>
     <TD width="25%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Loss Carryover</FONT> </TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Expiration</FONT> </TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>$ 4,828,051</FONT> </TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>April 30, 2009</FONT> </TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD align=left colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>15,740,029</FONT> </TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>April 30, 2010</FONT> </TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD align=left colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>10,138,476</FONT> </TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>April 30, 2011</FONT> </TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD align=left colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>9,779,755</FONT> </TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>April 30, 2012</FONT> </TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD align=left colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>2,388,286</FONT> </TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>April 30, 2013</FONT> </TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD align=left colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>897,370</FONT> </TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>April 30, 2014</FONT> </TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD align=left colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>1,545,945</FONT> </TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>April 30, 2015</FONT> </TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD align=left colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>884,324</FONT> </TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>April 30, 2016</FONT> </TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD align=left colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD></TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>As a result of the February 25, 2008 merger of Putnam Investment Grade Municipal Trust into the fund, the fund acquired $15,032,305 in capital loss carryovers which are subject to limitations imposed by the Code. The acquired capital loss carryover and the expiration dates are:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD align=left width="12%"></TD>
     <TD width="42%"></TD>
     <TD width="20%"></TD>
     <TD width="25%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Loss Carryover</FONT> </TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Expiration</FONT> </TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>$ 1,282,640</FONT> </TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>April 30, 2009</FONT> </TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD align=left colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>12,371,356</FONT> </TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>April 30, 2010</FONT> </TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD align=left colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>894,377</FONT> </TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>April 30, 2012</FONT> </TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD align=left colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>483,932</FONT> </TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>April 30, 2014</FONT> </TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD align=left colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD></TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>As a result of the February 25, 2008 merger of Putnam Municipal Bond Fund into the fund, the fund acquired $11,332,686 in capital loss carryovers which are subject to limitations imposed by the Code. The acquired capital loss carryover and the expiration dates are:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD align=left width="12%"></TD>
     <TD width="42%"></TD>
     <TD width="20%"></TD>
     <TD width="25%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Loss Carryover</FONT> </TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Expiration</FONT> </TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>$2,042,384</FONT> </TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>April 30, 2009</FONT> </TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD align=left colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>1,125,104</FONT> </TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>April 30, 2010</FONT> </TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD align=left colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>6,550,467</FONT> </TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>April 30, 2011</FONT> </TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD align=left colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>413,438</FONT> </TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>April 30, 2014</FONT> </TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD align=left colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>1,201,293</FONT> </TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>April 30, 2015</FONT> </TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD align=left colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD></TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>Pursuant to federal income tax regulations applicable to regulated investment companies, the fund has elected to defer to its fiscal year ending April 30, 2009 $1,717,285 of losses recognized during the period November 1, 2007 to April 30, 2008 a portion of which could be limited by Section 381 of the Code.</FONT></P>
<P align=left><FONT face=sans-serif size=1>The aggregate identified cost on a tax basis is $846,301,333, resulting in gross unrealized appreciation and depreciation of $8,651,664 and $79,079,725, respectively, or net unrealized depreciation of $70,428,061.</FONT></P>
<P align=left><FONT face=sans-serif size=1><B>F) Distributions to shareholders </B></FONT><FONT face=sans-serif size=1>Distributions to common and preferred shareholders from net investment income are recorded by the fund on the ex-dividend date.</FONT></P>
<P align=left><FONT face=sans-serif size=2>46</FONT></P>
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<P align=left><FONT face=sans-serif size=1>Distributions from capital gains, if any, are recorded on the ex-dividend date and paid at least annually. Dividends on remarketed preferred shares become payable when, as and if declared by the Trustees. Each dividend period for the remarketed preferred shares is generally a 28-day period for Series A and a 7-day period for Series B and Series C. The applicable dividend rate for the remarketed preferred shares on October 31, 2008 was 7.16% for Series A, 3.47% for Series B and 3.63% for Series C. The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Dividend sources are estimated at the time of declaration. Actual results may vary. Any non-taxable return of capital cannot be determined until final tax calculations are completed after the end of the fund&#146;s fiscal year. Reclassifications are made to the fund&#146;s capital accounts to
 reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations.</FONT></P>
<P align=left><FONT face=sans-serif size=1><B>G) Determination of net asset value </B></FONT><FONT face=sans-serif size=1>Net asset value of the common shares is determined by dividing the value of all assets of the fund, less all liabilities and the liquidation preference of any outstanding remarketed preferred shares, by the total number of common shares outstanding as of period end.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 2: Management fee, administrative</FONT></B><BR>
<B><FONT face=sans-serif size=2>services and other transactions</FONT></B></P>
<P align=left><FONT face=sans-serif size=1>Putnam Management is paid for management and investment advisory services quarterly based on the average net assets of the fund. Such fee is based on the lesser of (i) an annual rate of 0.55% of the average net assets of the fund attributable to common and preferred shares outstanding or (ii) the following annual rates expressed as a percentage of the fund&#146;s average weekly net assets attributable to common and preferred shares outstanding: 0.65% of the first $500 million and 0.55% of the next $500 million, with additional breakpoints at higher asset levels.</FONT></P>
<P align=left><FONT face=sans-serif size=1>If dividends payable on remarketed preferred shares during any dividend payment period plus any expenses attributable to remarketed preferred shares for that period exceed the fund&#146;s gross income attributable to the proceeds of the remarketed preferred shares during that period, then the fee payable to Putnam Management for that period will be reduced by the amount of the excess (but not more than the effective management and administrative service fees rate under the contracts multiplied by the liquidation preference of the remarketed preferred shares outstanding during the period).</FONT></P>
<P align=left><FONT face=sans-serif size=1>The fund reimburses Putnam Management an allocated amount for the compensation and related expenses of certain officers of the fund and their staff who provide administrative services to the fund. The aggregate amount of all such reimbursements is determined annually by theTrustees.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Custodial functions for the fund&#146;s assets were provided by State Street Bank andTrust Company (&#147;State Street&#148;). Custody fees are based on the fund&#146;s asset level, the number of its security holdings and transaction volumes.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Putnam Investor Services, a division of Putnam Fiduciary Trust Company (&#147;PFTC&#148;), which is an affiliate of Putnam Management, provided investor servicing agent functions to the fund. Putnam Investor Services was paid a monthly fee for investor servicing at an annual rate of 0.05% of the fund&#146;s average net assets. During the period ended October 31, 2008, the fund incurred $129,703 for investor servicing agent functions provided by PFTC.</FONT></P>
<P align=left><FONT face=sans-serif size=1>The fund has entered into expense offset arrangements with PFTC and State Street whereby PFTC&#146;s and State Street&#146;s fees are reduced by credits allowed on cash balances. For the six months ended October 31, 2008, the fund&#146;s expenses were reduced by $59,384 under the expense offset arrangements.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Each independent Trustee of the fund receives an annual Trustee fee, of which $422, as a quarterly retainer, has been allocated to the fund, and an additional fee for each Trustees meeting attended. Trustees receive additional fees for attendance at certain committee meetings and industry seminars and for certain compliance-related matters. Trustees also are reimbursed for expenses they incur relating to their services as Trustees.</FONT></P>
<P align=left><FONT face=sans-serif size=1>The fund has adopted a Trustee Fee Deferral Plan (the &#147;Deferral Plan&#148;) which allows the Trustees to defer the receipt of all or a portion of Trustees fees payable on or after July 1, 1995. The deferred fees remain invested in certain Putnam funds until distribution in accordance with the Deferral Plan.</FONT></P>
<P align=left><FONT face=sans-serif size=1>The fund has adopted an unfunded noncontributory defined benefit pension plan (the &#147;Pension Plan&#148;) covering all Trustees of the fund who have served as a Trustee for at least five years and were first elected prior to 2004. Benefits under the Pension Plan are equal to 50% of the Trustee&#146;s average annual attendance and retainer fees for the three years ended December 31, 2005. The retirement benefit is payable during a Trustee&#146;s lifetime, beginning the year following retirement, for the number of years of service through</FONT></P>
<P align=left><FONT face=sans-serif size=2>47</FONT></P>
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<P align=left><FONT face=sans-serif size=1>December 31, 2006. Pension expense for the fund is included in Trustee compensation and expenses in the Statement of operations. Accrued pension liability is included in Payable for Trustee compensation and expenses in the Statement of assets and liabilities. The Trustees have terminated the Pension Plan with respect to any Trustee first elected after 2003.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 3: Purchases and sales of securities</FONT></B></P>
<P align=left><FONT face=sans-serif size=1>During the six months ended October 31, 2008, cost of purchases and proceeds from sales of investment securities other than short-term investments aggregated $194,232,723 and $370,904,601, respectively.There were no purchases or sales of U.S. government securities.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 4: Preferred shares</FONT></B></P>
<P align=left><FONT face=sans-serif size=1>On February 25, 2008, Putnam Investment Grade Municipal Trust and Putnam Municipal Bond Fund merged with and into Putnam Municipal Opportunities Trust. A related two-for-one stock split of Series A remarketed preferred shares of Putnam Municipal Opportunities Trust, which reduced the liquidation preference of these shares from $50,000 per share to $25,000 per share, took effect on February 22, 2008. The stock split was necessary to accommodate the different per-share liquidation preference of preferred shares of the merging series, and did not affect the aggregate liquidation preference of preferred shares held by any shareholder.</FONT></P>
<P align=left><FONT face=sans-serif size=1>The Series A, Series B and Series C Remarketed Preferred shares are redeemable at the option of the fund on any dividend payment date at a redemption price of $25,000 per share, plus an amount equal to any dividends accumulated on a daily basis but unpaid through the redemption date (whether or not such dividends have been declared) and, in certain circumstances, a call premium.</FONT></P>
<P align=left><FONT face=sans-serif size=1>It is anticipated that dividends paid to holders of remarketed preferred shares will be considered tax-exempt dividends under the Internal Revenue Code of 1986. To the extent that the fund earns taxable income and capital gains by the conclusion of a fiscal year, it may be required to apportion to the holders of the remarketed preferred shares throughout that year additional dividends as necessary to result in an after-tax equivalent to the applicable dividend rate for the period.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Under the Investment Company Act of 1940, the fund is required to maintain asset coverage of at least 200% with respect to the remarketed preferred shares.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Additionally, the fund&#146;s bylaws impose more stringent asset coverage requirements and restrictions relating to the rating of the remarketed preferred shares by the shares&#146; rating agencies. Should these requirements not be met, or should dividends accrued on the remarketed preferred shares not be paid, the fund may be restricted in its ability to declare dividends to common shareholders or may be required to redeem certain of the remarketed preferred shares. At October 31, 2008, no such restrictions have been placed on the fund.</FONT></P>
<P align=left><FONT face=sans-serif size=1>In August 2008, the fund redeemed 678 Series A, 603 Series B and 1,083 Series C Remarketed Preferred shares. The redemption price was equal to the liquidation preference per share ($25,000) of each series of preferred shares, plus accumulated but unpaid dividends as of the following redemption dates: August 18, 2008 for Series A, August 19, 2008 for Series B and August 22, 2008 for Series C Remarketed Preferred shares.The August 2008 preferred share redemptions represented 15% of the fund&#146;s $394,000,000 in outstanding preferred shares.</FONT></P>
<P align=left><FONT face=sans-serif size=1>On November 21, 2008, the fund redeemed an additional 800 Series C Remarketed Preferred shares; this redemption represented approximately 6% of the fund&#146;s $334,900,000 (following the August 2008 redemptions) in outstanding preferred shares.</FONT></P>
<P align=left><FONT face=sans-serif size=1>On December 8, 2008 the fund redeemed the remaining 3,842 Series A Remarketed Preferred shares; this redemption represented approximately 30.5% of the fund&#146;s $314,900,000 (following the November 2008 redemptions) in outstanding preferred shares.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Following the December 2008 redemption the fund&#146;s outstanding preferred shares amounted to $218,850,000.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 5: Share repurchase program</FONT></B></P>
<P align=left><FONT face=sans-serif size=1>In September 2008, theTrustees approved the renewal of the repurchase program to allow the fund to repurchase up to 10% of its outstanding common shares over the 12 month period ending October 7, 2009 (based on shares outstanding as of October 7, 2008). Prior to this renewal, the Trustees had approved a repurchase program to allow the fund to repurchase up to 10% of its outstanding common shares over the 12 month period ending October 7, 2008 (based on shares outstanding as of October 5, 2007). Repurchases are made when the fund&#146;s shares are trading at less than net asset value and in accordance with procedures approved by the fund&#146;s Trustees.</FONT></P>
<P align=left><FONT face=sans-serif size=1>For the six-months ended October 31, 2008, the fund repurchased 447,329 common shares for an</FONT></P>
<P align=left><FONT face=sans-serif size=2>48</FONT></P>
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<P align=left><FONT face=sans-serif size=1>aggregate purchase price of $4,924,517, which reflects a weighted-average discount from net asset value per share of 10.17%</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 6: Acquisition of Putnam Investment</FONT></B><BR>
<B><FONT face=sans-serif size=2>Grade MunicipalTrust and Putnam</FONT></B><BR>
<B><FONT face=sans-serif size=2>Municipal Bond Fund</FONT></B></P>
<P align=left><FONT face=sans-serif size=1>On February 25, 2008, the fund issued 15,451,020 common shares in exchange for 14,811,985 common shares of Putnam Municipal Bond Fund to acquire that fund&#146;s net assets in a tax-free exchange approved by the shareholders. The common net assets of the fund and Putnam Municipal Bond Fund on February 22, 2008, were $166,915,403 and $193,245,081, respectively. On February 22, 2008, Putnam Municipal Bond Fund had distributions in excess of net investment income of $718,301, accumulated net realized loss of $15,283,441 and unrealized appreciation of $5,964,062.</FONT></P>
<P align=left><FONT face=sans-serif size=1>On February 25, 2008, the fund also issued 2,920 Series A remarketed preferred shares in exchange for 2,920 Series A auction rate municipal preferred shares of Putnam Municipal Bond Fund and issued 2,400 Series B remarketed preferred shares in exchange for 2,400 Series B auction rate municipal preferred shares of Putnam Municipal Bond Fund. The liquidation preference of these shares is valued at $133,000,000.</FONT></P>
<P align=left><FONT face=sans-serif size=1>On February 25, 2008, the fund issued 14,916,168 common shares in exchange for 17,829,274 common shares of Putnam Investment Grade Municipal Trust to acquire that fund&#146;s common net assets in a tax-free exchange approved by the shareholders. The common net assets of the fund and Putnam Investment Grade MunicipalTrust on February 22, 2008, were $166,915,403 and $186,555,544, respectively. On February 22, 2008, Putnam Investment Grade Municipal Trust had distributions in excess of net investment income of $33,508, accumulated net realized loss of $15,757,303 and unrealized appreciation of $6,669,652.</FONT></P>
<P align=left><FONT face=sans-serif size=1>On February 25, 2008, the fund issued 5,600 Series C remarketed preferred shares in exchange for 1,400 Series A remarketed preferred shares of Putnam Investment Grade Municipal Trust. The liquidation preference of these shares is valued at $140,000,000.</FONT></P>
<P align=left><FONT face=sans-serif size=1>The aggregate common net assets of the fund immediately following the acquisition of both funds were $546,716,028. Following the acquisition of both funds the liquidation preference of preferred shares was $394,000,000.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Information presented in the Statement of operations and changes in net assets reflect only the operations of Putnam Municipal Opportunities Trust.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 7: Regulatory matters and litigation</FONT></B></P>
<P align=left><FONT face=sans-serif size=1>In late 2003 and 2004, Putnam Management settled charges brought by the Securities and Exchange Commission and the Massachusetts Securities Division in connection with excessive short-term trading in Putnam funds. Distribution of payments from Putnam Management to certain open-end Putnam funds and their shareholders is expected to be completed in the next several months. These allegations and related matters have served as the general basis for certain lawsuits, including purported class action lawsuits against Putnam Management and, in a limited number of cases, some Putnam funds. Putnam Management believes that these lawsuits will have no material adverse effect on the funds or on Putnam Management&#146;s ability to provide investment management services. In addition, Putnam Management has agreed to bear any costs incurred by the Putnam funds as a result of these matters.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 8: New accounting pronouncement</FONT></B></P>
<P align=left><FONT face=sans-serif size=1>In March 2008, Statement of Financial Accounting Standards No. 161, </FONT><I><FONT face=sans-serif size=1>Disclosures about Derivative Instruments and Hedging Activities </FONT></I><FONT face=sans-serif size=1>(&#147;SFAS 161&#148;) &#151; an amendment of FASB Statement No. 133, was issued and is effective for fiscal years beginning after November 15, 2008. SFAS 161 requires enhanced disclosures about how and why an entity uses derivative instruments and how derivative instruments affect an entity&#146;s financial position. Putnam Management is currently evaluating the impact the adoption of SFAS 161 will have on the fund&#146;s financial statement disclosures.</FONT></P>
<P align=left><FONT face=sans-serif size=1>In September 2008, FASB Staff Position FAS 133-1 and FIN 45-4, </FONT><I><FONT face=sans-serif size=1>&#147;Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161&#148; </FONT></I><FONT face=sans-serif size=1>(&#147;Amendment&#148;) was issued and is effective for annual and interim reporting periods ending after November 15, 2008. The Amendment requires enhanced disclosures regarding a fund&#146;s credit derivatives holdings and hybrid financial instruments containing embedded credit derivatives. Management is currently evaluating the impact the adoption of the Amendment will have on the fund&#146;s financial statement disclosures.</FONT></P>
<P align=left><FONT face=sans-serif size=2>49</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2>Note 9: Actions by trustees</FONT></B></P>
<P align=left><FONT face=sans-serif size=1>The Trustees of the Putnam Funds have approved a plan to merge the fund into Putnam Tax Exempt Income Fund. The transaction is scheduled to occur in 2009. It is subject to a number of conditions, including approval of a majority of the outstanding shareholders of the fund, and there is no guarantee it will occur.</FONT></P>
<P align=left><FONT face=sans-serif size=2>50</FONT></P>
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<P align=left><FONT face=sans-serif size=5>Shareholder meeting results (unaudited)</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>May 8, 2008 annual meeting</FONT></B><BR>
<FONT face=sans-serif size=1>At the meeting, each of the nominees for Trustees was elected, as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="20%"></TD>
     <TD width="20%"></TD>
     <TD width="20%"></TD>
     <TD width="20%"></TD>
     <TD width="20%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Votes for</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Votes withheld</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Abstentions</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Broker non votes</FONT> </TD></TR>
<TR>
     <TD noWrap align=left colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Jameson A. Baxter</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>36,406,224</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>3,236,302</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>11,368</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>&#151;</FONT> </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Charles B. Curtis</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>36,414,538</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>3,227,988</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>11,368</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>&#151;</FONT> </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Robert J. Darretta</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>36,436,198</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>3,206,328</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>11,368</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>&#151;</FONT> </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Myra R. Drucker</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>36,425,056</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>3,217,470</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>11,368</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>&#151;</FONT> </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Charles E. Haldeman, Jr.</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>36,428,458</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>3,214,068</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>11,368</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>&#151;</FONT> </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Paul L. Joskow</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>36,431,319</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>3,211,207</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>11,368</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>&#151;</FONT> </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Elizabeth T. Kennan</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>36,400,792</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>3,241,734</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>11,368</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>&#151;</FONT> </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Kenneth R. Leibler</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>36,433,737</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>3,208,789</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>11,368</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>&#151;</FONT> </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>George Putnam, III</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>36,414,481</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>3,228,045</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>11,368</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>&#151;</FONT> </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Richard B. Worley</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>36,427,595</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>3,214,931</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>11,368</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>&#151;</FONT> </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Votes for</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Votes withheld</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Abstentions</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Broker non votes</FONT> </TD></TR>
<TR>
     <TD noWrap align=left colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>John A. Hill</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>13,932</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>1,409</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>&#151;</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>&#151;</FONT> </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Robert E. Patterson</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>13,933</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>1,404</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>&#151;</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>&#151;</FONT> </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>All tabulations are rounded to the nearest whole number.</FONT></P>
<P align=left><FONT face=sans-serif size=2>51</FONT></P>
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<P align=left><FONT face=sans-serif size=5>Putnam puts your interests first</FONT></P>
<P align=left><FONT face=serif size=2>Putnam has introduced a number of voluntary initiatives designed to reduce fund expenses, provide investors with more useful information, and help safeguard the interests of all Putnam investors. Visit the Individual Investors section at www.putnam.com for details.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Cost-cutting initiatives</FONT></B></P>
<P align=left><B><FONT face=serif size=2>Ongoing expenses will be limited </FONT></B><FONT face=serif size=2>Through calendar 2008, total ongoing expenses, including management fees for all funds, will be maintained at or below the average of each fund&#146;s industry peers in its Lipper load-fund universe. For more information, please see the Statement of Additional information.</FONT></P>
<P align=left><B><FONT face=serif size=2>Lower class B purchase limit </FONT></B><FONT face=serif size=2>To help ensure that investors are in the most cost-effective share class, the maximum amount that can be invested in class B shares has been reduced to $100,000. (Larger trades or accumulated amounts will be refused.)</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Improved disclosure</FONT></B></P>
<P align=left><FONT face=serif size=2>Putnam fund prospectuses and shareholder reports have been revised to disclose additional information that will help shareholders compare funds and weigh their costs and risks along with their potential benefits. Shareholders will find easy-to-understand information about fund expense ratios, portfolio manager compensation, risk comparisons, turnover comparisons, brokerage commissions, and employee and trustee ownership of Putnam funds. Disclosure of breakpoint discounts has also been enhanced to alert investors to potential cost savings.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Protecting investors&#146; interests</FONT></B></P>
<P align=left><B><FONT face=serif size=2>Short-term trading fee introduced </FONT></B><FONT face=serif size=2>To discourage short-term trading, which can interfere with a fund&#146;s long-term strategy, a 1% short-term trading fee may be imposed on any Putnam fund shares (other than money market funds) redeemed or exchanged within 7 calendar days of purchase (for certain funds, this fee applies for 90 days).</FONT></P>
<P align=left><FONT face=sans-serif size=2>52</FONT></P>
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<P align=left><FONT face=sans-serif size=5>Fund information</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>About Putnam Investments</FONT></B></P>
<P align=left><FONT face=serif size=2>Founded over 70 years ago, Putnam Investments was built around the concept that a balance between risk and reward is the hallmark of a well-rounded financial program. We manage nearly 100 mutual funds in growth, value, blend, fixed income, and international.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="33%"></TD>
     <TD width="33%"></TD>
     <TD width="17%"></TD>
     <TD width="16%"></TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2><B>Investment Manager</B></FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2><B>Officers</B></FONT> </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Francis J. McNamara, III</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Investment</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Charles E. Haldeman, Jr.</FONT> </TD>
     <TD noWrap align=left colSpan=2><I><FONT face=sans-serif size=2>Vice President and Chief</FONT></I> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Management, LLC</FONT> </TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>President</FONT></I> </TD>
     <TD noWrap align=left colSpan=2><I><FONT face=sans-serif size=2>Legal Officer</FONT></I> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>One Post Office Square</FONT> </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Boston, MA 02109</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Charles E. Porter</FONT> </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Robert R. Leveille</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;&nbsp; </TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Executive Vice President,</FONT></I> </TD>
     <TD noWrap align=left colSpan=2><I><FONT face=sans-serif size=2>Vice President and Chief</FONT></I> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2><B>Marketing Services</B></FONT></TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Principal Executive Officer,</FONT></I> </TD>
     <TD noWrap align=left colSpan=2><I><FONT face=sans-serif size=2>Compliance Officer</FONT></I> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Retail Management</FONT> </TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Associate Treasurer and</FONT></I> </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>One Post Office Square</FONT>&nbsp; </TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Compliance Liaison</FONT></I>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Mark C. Trenchard</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Boston, MA 02109</FONT>&nbsp;&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><I><FONT face=sans-serif size=2>Vice President and BSA</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Jonathan S. Horwitz</FONT> </TD>
     <TD noWrap align=left colSpan=2><I><FONT face=sans-serif size=2>Compliance Officer</FONT></I> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2><B>Custodian</B></FONT> </TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Senior Vice President</FONT></I> </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>State Street Bank and</FONT>&nbsp; </TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>and Treasurer</FONT></I>&nbsp;&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Judith Cohen</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Trust Company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><I><FONT face=sans-serif size=2>Vice President, Clerk and</FONT></I> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Steven D. Krichmar</FONT> </TD>
     <TD noWrap align=left colSpan=2><I><FONT face=sans-serif size=2>Assistant Treasurer</FONT></I> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2><B>Legal Counsel</B></FONT> </TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Vice President and Principal</FONT></I> </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ropes &amp; Gray LLP</FONT>&nbsp; </TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Financial Officer</FONT></I>&nbsp;&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Wanda M. McManus</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><I><FONT face=sans-serif size=2>Vice President, Senior Associate</FONT></I> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2><B>Trustees</B></FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Janet C. Smith</FONT> </TD>
     <TD noWrap align=left colSpan=2><I><FONT face=sans-serif size=2>Treasurer and Assistant Clerk</FONT></I> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>John A. Hill, </FONT><I><FONT face=sans-serif size=2>Chairman</FONT></I> </TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Vice President, Principal</FONT></I> </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Jameson A. Baxter,</FONT>&nbsp; </TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Accounting Officer and</FONT></I>&nbsp;&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Nancy E. Florek</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Vice Chairman</FONT></I>&nbsp;&nbsp; </TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Assistant Treasurer</FONT></I>&nbsp;&nbsp; </TD>
     <TD noWrap align=left colSpan=2><I><FONT face=sans-serif size=2>Vice President, Assistant Clerk,</FONT></I> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Charles B. Curtis</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2><I><FONT face=sans-serif size=2>Assistant Treasurer and</FONT></I>&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Robert J. Darretta</FONT>&nbsp;&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Susan G. Malloy</FONT> </TD>
     <TD noWrap align=left colSpan=2><I><FONT face=sans-serif size=2>Proxy Manager</FONT></I> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Myra R. Drucker</FONT>&nbsp;&nbsp; </TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Vice President and</FONT></I> </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Charles E. Haldeman, Jr.</FONT>&nbsp;&nbsp; </TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Assistant Treasurer</FONT></I> </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Paul L. Joskow</FONT></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD></TR>
<TR>
     <TD><FONT face=sans-serif size=2>Elizabeth T. Kennan</FONT>&nbsp; </TD>
     <TD><FONT face=sans-serif size=2>Beth S. Mazor</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Kenneth R. Leibler</FONT>&nbsp;&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Vice President</FONT></I> </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Robert E. Patterson</FONT></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>George Putnam, III</FONT>&nbsp;&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>James P. Pappas</FONT> </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Robert L. Reynolds</FONT>&nbsp;&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Vice President</FONT></I>&nbsp;&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Richard B. Worley</FONT>&nbsp;&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>Call 1-800-225-1581 weekdays between 8:30 a.m. and 8:00 p.m. or on Saturday between 9:00 a.m. and 5:00 p.m. Eastern Time, or visit our Web site (www.putnam.com) anytime for up-to-date information about the fund&#146;s NAV.</FONT></P>
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<P align=left><U><FONT face=sans-serif size=2>Item 2. Code of Ethics:</FONT></U></P>
<P align=left><FONT face=sans-serif size=2>Not Applicable</FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Item 3. Audit Committee Financial Expert: </FONT></U></P>
<P align=left><FONT face=sans-serif size=2>Not Applicable </FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Item 4. Principal Accountant Fees and Services: </FONT></U></P>
<P align=left><FONT face=sans-serif size=2>Not Applicable</FONT></P>
<P align=left><FONT face=sans-serif size=2>&nbsp;</FONT><U><FONT face=sans-serif size=2>Item 5. Audit Committee </FONT></U></P>
<P align=left><FONT face=sans-serif size=2>Not Applicable</FONT></P>
<P align=left><FONT face=sans-serif size=2>&nbsp;</FONT><U><FONT face=sans-serif size=2>Item 6. Schedule of Investments:</FONT></U></P>
<P align=left><FONT face=sans-serif size=2>The registrant&#146;s schedule of investments in unaffiliated issuers is included in the report to shareholders in Item 1 above.</FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Item 7. Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies:</FONT></U></P>
<P align=left><FONT face=sans-serif size=2>Not applicable</FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Item 8. Portfolio Managers of Closed-End Management Investment Companies</FONT></U></P>
<P align=left><FONT face=sans-serif size=2>(a) Not applicable</FONT></P>
<P align=left><FONT face=sans-serif size=2>(b) There have been no changes to the list of the registrant&#146;s identified portfolio managers included in the registrant&#146;s report on Form N-CSR for the most recent completed fiscal year.</FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers:</FONT></U></P>
<P align=left><FONT face=sans-serif size=2>Registrant Purchase of Equity Securities</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="20%"></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD>
     <TD width="20%"></TD></TR>
<TR>
     <TD></TD>
     <TD colSpan=2></TD>
     <TD colSpan=2></TD>
     <TD colSpan=2></TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Maximum</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Total Number</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Number (or</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>of Shares</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Approximate</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Purchased</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Dollar Value )</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>as Part</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>of Shares</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>of Publicly</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>that May Yet Be</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Total Number</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Average</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Announced</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Purchased</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>of Shares</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Price Paid</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Plans or</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>under the Plans</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Period</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Purchased</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>per Share</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Programs*</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>or Programs**</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=8>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>May 1 -</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>May 31, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>146,916</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>$11.23</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>146,916</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>3,075,238</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>June 1 -</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>June 30, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>33,231</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>$11.00</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>33,231</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>3,042,007</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>July 1 -</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>July 31, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>267,182</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>$10.89</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>267,182</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>2,774,825</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>August 1 -</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>-</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>-</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>-</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>2,774,825</FONT>&nbsp; </TD></TR></TABLE><BR>
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<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="20%"></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD>
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     <TD colSpan=2></TD>
     <TD colSpan=2></TD>
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     <TD noWrap align=left><FONT face=sans-serif size=2>August 31, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>September 1 -</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>September 30, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>- </FONT></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center><FONT face=Arial size=2>-</FONT>&nbsp; </TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center><FONT face=Arial size=2>-</FONT></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>2,774,825</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>October 1 -</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>October 7, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>-&nbsp;</FONT> </TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center><FONT face=Arial size=2>-</FONT>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center><FONT face=Arial size=2>- </FONT></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>2,774,825</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>October 8 -</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>October 31, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>-&nbsp;</FONT>&nbsp; </TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center><FONT face=Arial size=2>-</FONT></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center><FONT face=Arial size=2>- </FONT></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>4,287,137</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>*The Board of Trustees announced a repurchase plan on October 7, 2005 for which </FONT><B><FONT face=sans-serif size=2>807,855 </FONT></B><FONT face=sans-serif size=2>shares were approved for repurchase by the fund. The repurchase plan was approved through October 6, 2006. On March 10, 2006, the Trustees announced that the repurchase program was increased to allow repurchases of up to a total of 1,615,709 shares over the original term of the program. On September 15, 2006, the Trustees voted to extend the term of the repurchase program through October 6, 2007. </FONT><FONT face=sans-serif size=2>In September 2007, the Trustees announced that the repurchase program was increased to allow repurchases up to a total 1,360,966 shares through October 7, 2008. </FONT><FONT face=sans-serif size=2>. </FONT><FONT face=sans-serif size=2>In September 2008, the Trustees announced that the repurchase program was increased to allow repurchases up to a total 4,287,137 shares throug
h October 7, 2009.</FONT></P>
<P align=left><FONT face=sans-serif size=2>**Information prior to October 7, 2008 is based on the total number of shares eligible for repurchase under the program, as amended through September 2007. Information from October 8, 2008 forward is based on the total number of shares eligible for repurchase under the program, as amended through September 2008.</FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Item 10. Submission of Matters to a Vote of Security Holders: </FONT></U></P>
<P align=left><FONT face=sans-serif size=2>Not applicable </FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Item 11. Controls and Procedures:</FONT></U></P>
<P align=left><FONT face=sans-serif size=2>(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(b) Changes in internal control over financial reporting: Not applicable </FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Item 12. Exhibits: </FONT></U></P>
<P align=left><FONT face=sans-serif size=2>(a)(1) Not applicable</FONT></P>
<P align=left><FONT face=sans-serif size=2>(a)(2) Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(b) The certifications required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, are filed herewith.</FONT></P>
<P align=left><U><FONT face=sans-serif size=2>SIGNATURES</FONT></U></P>
<P align=left><FONT face=sans-serif size=2>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</FONT></P>
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<P align="left">
<U><FONT size=2 face="sans-serif">Putnam Municipal Opportunities Trust</FONT></U><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><BR>
<FONT size=2 face="sans-serif">Janet C. Smith</FONT><BR>
<FONT size=2 face="sans-serif">Principal Accounting Officer</FONT><BR>
<BR>
<FONT size=2 face="sans-serif">Date: December 29, 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></P>
<P align="left">
<U><FONT size=2 face="sans-serif">/s/Charles E. Porter</FONT></U><BR>
<FONT size=2 face="sans-serif">Charles E. Porter</FONT><BR>
<FONT size=2 face="sans-serif">Principal Executive Officer</FONT><BR>
<BR>
<FONT size=2 face="sans-serif">Date: December 29, 2008</FONT><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><BR>
<FONT size=2 face="sans-serif">Steven D. Krichmar</FONT><BR>
<FONT size=2 face="sans-serif">Principal Financial Officer</FONT><BR>
<BR>
<FONT size=2 face="sans-serif">Date: December 29, 2008</FONT></P>

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<P align="left">
<U><FONT size=2 face="sans-serif">Certifications</FONT></U></P>
<P align="left">
<FONT size=2 face="sans-serif">I, Charles E. Porter, the Principal Executive Officer of the funds listed on Attachment A, certify that:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by each report;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">3. Based on my knowledge, the financial statements, and other financial information included in each report, fairly present in all material respects the financial condition, results of operations, changes in net
assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in each report;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within
90 days prior to the filing date of each report based on such evaluation; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">d) disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is
reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent
functions):</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant's ability to record,
process, summarize, and report financial information; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Date: December 29, 2008</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">Charles E. Porter</FONT><BR>
<FONT size=2 face="sans-serif">Principal Executive Officer</FONT></P>

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<P align="left">
<U><FONT size=2 face="sans-serif">Certifications</FONT></U></P>
<P align="left">
<FONT size=2 face="sans-serif">I, Steven D. Krichmar, the Principal Financial Officer of the funds listed on Attachment A, certify that:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by each report;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">3. Based on my knowledge, the financial statements, and other financial information included in each report, fairly present in all material respects the financial condition, results of operations, changes in net
assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in each report;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within
90 days prior to the filing date of each report based on such evaluation; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">d) disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is
reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent
functions):</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant's ability to record,
process, summarize, and report financial information; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant&#146;s internal control over financial reporting.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Date: December 29, 2008</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">Steven D. Krichmar</FONT><BR>
<FONT size=2 face="sans-serif">Principal Financial Officer</FONT></P>

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


<!--$$/page=-->
<A name="page_3"></A>
<P align=center><FONT face=sans-serif size=2>Attachment A</FONT><BR>
<FONT face=sans-serif size=2>N-CSR</FONT><BR>
<FONT face=sans-serif size=2>October 31, 2008</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="6%"></TD>
     <TD width="93%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>052</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Managed Municipal Income Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>582</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Municipal Opportunities Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>2OV</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Mid Cap Value Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>002</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>The Putnam Fund for Growth and Income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>2II</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Capital Opportunities Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>840</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Utilities Growth &amp; Income Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>004</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Income Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>041</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Global Income Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>005</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Global Equity Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>008</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Convertible Income-Growth Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>2MI</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Tax Smart Equity Fund</FONT>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

</BODY>

</HTML>

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

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

<BODY bgcolor="#ffffff">

<!--$$/page=-->
<A name="page_1"></A>
<P align=left><U><FONT face=sans-serif size=2>Section 906 Certifications</FONT></U></P>
<P align=left><FONT face=sans-serif size=2>I, Charles E. Porter, the Principal Executive Officer of the Funds listed on Attachment A, certify that, to my knowledge:</FONT></P>
<P align=left><FONT face=sans-serif size=2>1. The form N-CSR of the Funds listed on Attachment A for the period ended October 31, 2008 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</FONT></P>
<P align=left><FONT face=sans-serif size=2>2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended October 31, 2008 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Date: December 29, 2008</FONT></P>
<P align=left><FONT face=sans-serif size=2>/s/ Charles E. Porter</FONT><BR>
<FONT face=sans-serif size=2>______________________</FONT><BR>
<FONT face=sans-serif size=2>Charles E. Porter</FONT><BR>
<FONT face=sans-serif size=2>Principal Executive Officer</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


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

<P align="left">
<U><FONT size=2 face="sans-serif">Section 906 Certifications</FONT></U></P>
<P align="left">
<FONT size=2 face="sans-serif">I, Steven D. Krichmar, the Principal Financial Officer of the Funds listed on Attachment A, certify that, to my knowledge:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">1. The form N-CSR of the Funds listed on Attachment A for the period ended October 31, 2008 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended October 31, 2008 fairly presents, in all material respects, the financial condition and results of operations of
the Funds listed on Attachment A.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Date: December 29, 2008</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">Steven D. Krichmar</FONT><BR>
<FONT size=2 face="sans-serif">Principal Financial Officer</FONT></P>

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


<!--$$/page=-->
<A name="page_3"></A>
<P align=center><FONT face=sans-serif size=2>Attachment A</FONT><BR>
<FONT face=sans-serif size=2>N-CSR</FONT><BR>
<FONT face=sans-serif>October 31, 2008</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="6%"></TD>
     <TD width="93%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>052</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Managed Municipal Income Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>582</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Municipal Opportunities Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>2OV</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Mid Cap Value Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>002</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>The Putnam Fund for Growth and Income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>2II</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Capital Opportunities Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>840</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Utilities Growth &amp; Income Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>004</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Income Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>041</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Global Income Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>005</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Global Equity Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>008</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Convertible Income-Growth Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>2MI</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Tax Smart Equity Fund</FONT>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>munioppstrustx55x1.jpg
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
