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<SEC-DOCUMENT>0000928816-09-000382.txt : 20090401
<SEC-HEADER>0000928816-09-000382.hdr.sgml : 20090401
<ACCEPTANCE-DATETIME>20090401152610
ACCESSION NUMBER:		0000928816-09-000382
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090131
FILED AS OF DATE:		20090401
DATE AS OF CHANGE:		20090401
EFFECTIVENESS DATE:		20090401

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07626
		FILM NUMBER:		09723068

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

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>a_municipalopps.htm
<DESCRIPTION>PUTNAM MUNICIPAL OPPORTUNITIES TRUST
<TEXT>
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     <TD align=center colSpan=4><FONT face=sans-serif size=2>UNITED STATES</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=4><FONT face=sans-serif size=2>SECURITIES AND EXCHANGE COMMISSION</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=4><FONT face=sans-serif size=2>Washington, D.C. 20549</FONT> </TD></TR>
<TR>
     <TD align=center colSpan=4>&nbsp;</TD></TR>
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     <TD align=center colSpan=4><B><FONT face=sans-serif size=2>FORM N-Q</FONT></B> </TD></TR>
<TR>
     <TD noWrap align=center colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center colSpan=4><B><FONT face=sans-serif size=2>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=4><B><FONT face=sans-serif size=2>INVESTMENT COMPANY</FONT></B> </TD></TR>
<TR>
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     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>Investment Company Act file number: (811- </FONT><FONT face=sans-serif size=2>07626</FONT><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
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<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><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>
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     <TD noWrap align=left colSpan=4><FONT face=sans-serif size=2>Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109</FONT>&nbsp; </TD></TR>
<TR>
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     <TD noWrap align=left><FONT face=sans-serif size=2>Name and address of agent for service:</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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 colSpan=2>&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 colSpan=2>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Boston, Massachusetts 02109</FONT>&nbsp; </TD></TR>
<TR>
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     <TD noWrap align=center><FONT face=sans-serif size=2>Copy to:</FONT>&nbsp; </TD>
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     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>John W. Gerstmayr, Esq.</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left colSpan=2>&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 colSpan=2>&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 colSpan=2>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Boston, Massachusetts 02110</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left colSpan=3><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>
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     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Date of fiscal year end: </FONT><FONT face=sans-serif size=2>April 30, 2009</FONT>&nbsp; </TD>
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     <TD noWrap align=left width="27%" colSpan=2><FONT face=sans-serif size=2>Date of reporting period: January 31, 2009</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
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<P align=left><U><FONT face=sans-serif size=2>Item </FONT></U><FONT face=sans-serif size=2><U>1. Schedule of Investments:</U></FONT></P>
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<P align=left><FONT face=sans-serif size=5>Putnam Municipal Opportunities Trust</FONT><BR>
<FONT face=sans-serif size=4>The fund's portfolio</FONT><BR>
<FONT face=sans-serif>1/31/09 (Unaudited)</FONT></P>
<P align=left><FONT face=sans-serif size=2>Key to abbreviations</FONT><BR>
<FONT face=sans-serif size=2>AGO -- Assured Guaranty, Ltd.</FONT><BR>
<FONT face=sans-serif size=2>AMBAC -- AMBAC Indemnity Corporation</FONT><BR>
<FONT face=sans-serif size=2>COP -- Certificate of Participation</FONT><BR>
<FONT face=sans-serif size=2>FGIC -- Financial Guaranty Insurance Company</FONT><BR>
<FONT face=sans-serif size=2>FHA Insd. -- Federal Housing Administration Insured</FONT><BR>
<FONT face=sans-serif size=2>FHLMC Coll. -- Federal Home Loan Mortgage Corporation Collateralized</FONT><BR>
<FONT face=sans-serif size=2>FNMA Coll. -- Federal National Mortgage Association Collateralized</FONT><BR>
<FONT face=sans-serif size=2>FRB -- Floating Rate Bonds</FONT><BR>
<FONT face=sans-serif size=2>FRN -- Floating Rate Notes</FONT><BR>
<FONT face=sans-serif size=2>FSA -- Financial Security Assurance</FONT><BR>
<FONT face=sans-serif size=2>GNMA Coll. -- Government National Mortgage Association Collateralized</FONT><BR>
<FONT face=sans-serif size=2>G.O. Bonds -- General Obligation Bonds</FONT><BR>
<FONT face=sans-serif size=2>MBIA -- MBIA Insurance Company</FONT><BR>
<FONT face=sans-serif size=2>Radian Insd. -- Radian Group Insured</FONT><BR>
<FONT face=sans-serif size=2>U.S. Govt. Coll. -- U.S. Government Collateralized</FONT><BR>
<FONT face=sans-serif size=2>VRDN -- Variable Rate Demand Notes</FONT><BR>
<FONT face=sans-serif size=2>XLCA -- XL Capital Assurance</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
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     <TD width="10%"></TD>
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     <TD noWrap align=left><B><FONT face=sans-serif size=2>MUNICIPAL BONDS AND NOTES (104.9%)(a)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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     <TD noWrap align=left>&nbsp; </TD>
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     <TD noWrap align=right><FONT face=sans-serif size=2>Principal</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
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     <TD noWrap align=left><FONT face=sans-serif size=2>Rating(RAT)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>amount</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>Value</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><B><FONT face=sans-serif size=2>Alabama (0.9%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Courtland, Indl. Dev. Board Env. Impt. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Intl. Paper Co.), Ser. A, 5s, 11/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>$3,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>$2,653,440</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Mobile, Special Care Fac. Fin. Auth. VRDN (Infirmary</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Hlth. Syst.), Ser. A, 1/2s, 2/1/40</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>VMIG1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Sylacauga, Hlth. Care Auth. Rev. Bonds (Coosa Valley</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Med. Ctr.), Ser. A, 6s, 8/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>894,468</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>5,547,908</FONT></B>&nbsp; </TD></TR>
<TR>
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<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
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     <TD noWrap align=left><B><FONT face=sans-serif size=2>Alaska (0.1%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Northern Tobacco Securitization Corp. Rev. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5 1/2s, 6/1/29 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>820,448</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>820,448</FONT></B>&nbsp; </TD></TR>
<TR>
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<HR noShade SIZE=1>
</TD></TR>
<TR>
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     <TD noWrap align=left><B><FONT face=sans-serif size=2>Arizona (2.5%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>AZ Hlth. Fac. Auth. Rev. Bonds (Banner Hlth.), Ser. A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5s, 1/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,816,028</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5s, 1/1/14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,052,320</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>AZ Hlth. Fac. Auth. Hosp. Syst. Rev. Bonds (John C.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Lincoln Hlth. Network), 6 3/8s, 12/1/37 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,466,512</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa Grande</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Regl. Med. Ctr.), Ser. A, 7 5/8s, 12/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,589,840</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Cochise Cnty., Indl. Dev. Auth. Rev. Bonds (Sierra</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Vista Cmnty. Hosp.), Ser. A, 6 3/4s, 12/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>435,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>380,038</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Glendale, Indl. Dev. Auth. Rev. Bonds (Midwestern U.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5s, 5/15/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>800,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>738,048</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Marana, Impt. Dist. Special Assmt. Bonds (Tangerine</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Farms Road), 4.6s, 1/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,051,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,322,608</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Maricopa Cnty., Indl. Dev. Auth. Hlth. Fac. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Catholic Hlth. Care West), Ser. A, 5 1/4s, 7/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>811,770</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Maricopa Cnty., Poll. Control Rev. Bonds (Public</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Service Co. of New Mexico), Ser. A, 6.3s, 12/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,635,072</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Pima Cnty., Indl. Dev. Auth. Rev. Bonds (Horizon</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Cmnty. Learning Ctr.), 5.05s, 6/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,550,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,089,774</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Scottsdale, Indl. Dev. Auth. Hosp. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Scottsdale Hlth. Care), Class A, 5 1/4s, 9/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,235,565</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>15,137,575</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Arkansas (1.1%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baxter Cnty., Hosp. Rev. Bonds, Ser. B, 5 5/8s, 9/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,744,761</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Independence Cnty., Poll. Control Rev. Bonds (Entergy</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>AR, Inc.), 5s, 1/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,727,229</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Little Rock G.O. Bonds (Cap. Impt.), FSA, 3.95s, 4/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>325,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>328,231</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Springdale, Sales &amp; Use Tax Rev. Bonds, FSA, 4.05s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>7/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,396,455</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Washington Cnty., Hosp. Rev. Bonds (Regl. Med. Ctr.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. B, 5s, 2/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,409,153</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>6,605,829</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>California (10.4%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>ABC Unified School Dist. G.O. Bonds, Ser. B, FGIC,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>zero %, 8/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>864,825</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Burbank, Unified School Dist. G.O. Bonds (Election</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>of 1997), Ser. C, FGIC, zero %, 8/1/23</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>459,410</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>CA Edl. Fac. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(U. of the Pacific), 5s, 11/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,466,715</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Loyola-Marymount U.), MBIA, zero %, 10/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>681,304</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>CA Hlth. Fac. Fin. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Sutter Hlth.), Ser. A, MBIA, 5 3/8s, 8/15/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,411,925</FONT>&nbsp; </TD></TR></TABLE><BR>
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     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>AMBAC, 5.293s, 7/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,410,704</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>CA Hsg. Fin. Agcy. Rev. Bonds (Home Mtge.)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. E, 4.8s, 8/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>5,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,594,450</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. K, 4 5/8s, 8/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>10,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>7,751,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>CA Poll. Control Fin. Auth. Rev. Bonds (Pacific Gas &amp;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Electric Corp.), Class D, FGIC, 4 3/4s, 12/1/23</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,835,424</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>CA Poll. Control Fin. Auth. Solid Waste Disp. FRB</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Waste Management, Inc.), Ser. C, 5 1/8s, 11/1/23</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>850,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>630,394</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>CA Statewide Cmnty. Dev. Auth. COP (The Internext</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Group), 5 3/8s, 4/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>5,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,316,425</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Cathedral City, Impt. Board Act of 1915 Special Assmt.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Bonds (Cove Impt. Dist.), Ser. 04-02, 5.05s, 9/2/35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>790,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>481,434</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Chula Vista COP, MBIA, 5s, 8/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,758,040</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Chula Vista, Indl. Dev. Rev. Bonds (San Diego Gas),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. B, 5s, 12/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,915,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,514,113</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Golden State Tobacco Securitization Corp. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. 03 A-1, 6 1/4s, 6/1/33 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,025,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,131,754</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. A-1, 5s, 6/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>950,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>584,782</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Metro. Wtr. Dist. Rev. Bonds (Southern CA Wtr. Wks.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5 3/4s, 8/10/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>6,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>6,639,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Orange Cnty., Cmnty. Fac. Dist. Special Tax Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Ladera Ranch No. 02-1), Ser. A, 5.55s, 8/15/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>900,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>643,788</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Redwood City, Elementary School Dist. G.O. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>FGIC, zero %, 8/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,990,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,092,311</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Rocklin, Unified School Dist. G.O. Bonds, FGIC, zero</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>%, 8/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>658,380</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Sacramento, Special Tax (North Natomas Cmnty. Fac.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. 97-01, 5s, 9/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>912,636</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Sacramento, Special Tax Rev. Bonds (North Natomas</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Cmnty. Fac.), Ser. 97-01</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5s, 9/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,180,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>757,005</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5s, 9/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,030,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>855,013</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Sacramento, Muni. Util. Dist. Fin. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Cosumnes), MBIA, 5s, 7/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,760,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,711,706</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>San Bernardino Cnty., COP (Med. Ctr. Fin.), Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>MBIA, 6 1/2s, 8/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>5,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>6,077,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>San Diego Cnty., COP, AMBAC, 5 5/8s, 9/1/12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,615,687</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>San Juan, Unified School Dist. G.O. Bonds, FSA, zero</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>%, 8/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>638,640</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Silicon Valley, Tobacco Securitization Auth. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Bonds (Santa Clara), Ser. A, zero %, 6/1/36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB+/F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>165,915</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Sunnyvale, Cmnty. Fac. Dist. Special Tax Rev. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>7.65s, 8/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>685,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>595,190</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Vernon, Natural Gas Fin. Auth. Mandatory Put Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. A-4, MBIA, 5s, 8/3/09</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,725,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,671,465</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>62,927,935</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Colorado (2.9%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>CO Hlth. Fac. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Christian Living Cmntys.), Ser. A, 5 3/4s, 1/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>325,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>218,296</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Evangelical Lutheran), 5 1/4s, 6/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,375,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,194,696</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Evangelical Lutheran), 5s, 6/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>850,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>627,572</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>CO Hsg. &amp; Fin. Auth. Rev. Bonds (Single Family Mtge.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. A-3, Class III, 5 1/4s, 5/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>5,825,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>5,630,212</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>CO Pub. Hwy. Auth. Rev. Bonds (E-470 Pub. Hwy.)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. C1, MBIA, 5 1/2s, 9/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>982,363</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. B, zero %, 9/1/35 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>27,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,008,960</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>CO Springs, Hosp. Rev. Bonds, 6 3/8s, 12/15/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,280,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,897,290</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>CO State Hsg. Fin. Auth. Rev. Bonds (Single Fam.)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. B-2 , 7s, 5/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>15,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>15,281</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. B-3, 6.8s, 11/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>10,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>10,268</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Denver, City &amp; Cnty. Arpt. Rev. Bonds, Ser. D, AMBAC,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>7 3/4s, 11/15/13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,525,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,680,443</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>17,265,381</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Delaware (0.3%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>DE State Hsg. Auth. Rev. Bonds (Single Family Mtge.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. B, zero %, 1/1/40</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>12,890,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,193,098</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>New Castle Cnty., Rev. Bonds (Newark Charter School,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Inc.), 5s, 9/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>456,554</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>1,649,652</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>District of Columbia (0.9%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>DC Wtr. &amp; Swr. Auth. Pub. Util. Rev. Bonds, FGIC, 5s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>10/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>5,550,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>5,225,047</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>5,225,047</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Florida (3.9%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Escambia Cnty., Env. Impt. Rev. Bonds (Intl. Paper</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Co.), Ser. A, 5s, 8/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,419,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Escambia Cnty., Hlth. Fac. Auth. Rev. Bonds (Baptist</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Hosp. &amp; Baptist Manor), 5 1/8s, 10/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,395,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,668,232</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>FL Hsg. Fin. Corp. Rev. Bonds (Homeowner Mtge.), Ser.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5, 5s, 7/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>440,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>429,783</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>FL State Muni. Pwr. Agcy. Rev. Bonds, Ser. A, 5s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>10/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,598,918</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Halifax, Hosp. Med. Ctr. Rev. Bonds, Ser. A, 5 3/8s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>6/1/46</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,765,364</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Hillsborough Cnty., Indl. Dev. Auth. Poll. Control</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR></TABLE><BR>
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     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Mandatory Put Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Tampa Elec. Co.), Ser. B, 5.15s, 9/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>475,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>469,466</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>AMBAC, 5s, 3/15/12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>625,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>627,106</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Jacksonville, Hlth. Fac. Auth. Rev. Bonds (Brooks</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Hlth. Syst.), 5s, 11/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,197,720</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Lakeland, Retirement Cmnty. Rev. Bonds (1st Mtge. -</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Carpenters), 6 3/8s, 1/1/43</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB-/F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>340,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>231,948</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Lee Cnty., Rev. Bonds, XLCA, 5s, 10/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,499,825</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Miami Beach, Hlth. Fac. Auth. Hosp. Rev. Bonds (Mount</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Sinai Med. Ctr.)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. A, 6.8s, 11/15/31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ba1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>623,610</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5 3/8s, 11/15/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,058,640</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Okeechobee Cnty., Solid Waste Mandatory Put Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Waste Mgt./Landfill), Ser. A, 4.2s, 7/1/09</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>744,998</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Orange Cnty., Hlth. Fac. Auth. Rev. Bonds (Hosp. Hlth.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Care), Ser. E</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>6s, 10/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,940,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,686,043</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>6s, 10/1/26 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>60,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>62,714</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Reunion West, Cmnty. Dev. Dist. Special Assmt. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>6 1/4s, 5/1/36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,940,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>951,434</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>South Bay, Cmnty. Dev. Dist. Rev. Bonds, Ser. B-1,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5 1/8s, 11/1/09</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,025,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>810,101</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>South Broward, Hosp. Dist. Rev. Bonds, MBIA, 4 3/4s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,231,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Split Pine, Cmnty. Dev. Dist. Special Assmt. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. A, 5 1/4s, 5/1/39</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>758,715</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Tampa, Hosp. Rev. Bonds (H. Lee Moffit Cancer &amp;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Research Inst.), Ser. A, 5 3/4s, 7/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>420,120</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5.4s, 5/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>495,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>262,895</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>23,518,432</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Georgia (1.3%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Burke Cnty., Poll. Control Dev. Auth. Mandatory Put</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Bonds (Oglethorpe Pwr. Corp.), Ser. C-2, AMBAC,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>4 5/8s, 4/1/10</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>5,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>5,492,025</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Effingham Cnty., Indl. Dev. Auth. Rev. Bonds (Pacific</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Corp.), 6 1/2s, 6/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>B2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>900,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>546,201</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Main St. Natural Gas, Inc. Rev. Bonds (GA Gas), Ser.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>A, 5 1/2s, 9/15/23</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>794,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Marietta, Dev. Auth. Rev. Bonds (U. Fac. - Life U.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Inc.), 7s, 6/15/39</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ba3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>934,318</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>7,767,044</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Hawaii (--%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>HI State Hsg. Fin. &amp; Dev. Corp. Rev. Bonds, Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>FNMA Coll., 5 3/4s, 7/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>280,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>278,726</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>278,726</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Idaho (0.2%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>ID Hsg. &amp; Fin. Assn. Rev. Bonds (Single Fam. Mtge.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. C-2, FHA Insd., 5.15s, 7/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,267,812</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>1,267,812</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Illinois (3.5%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Chicago, Single Fam. Mtge. Rev. Bonds, Ser. A, GNMA</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Coll., FNMA Coll., FHLMC Coll., 5 1/2s, 10/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,145,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,101,089</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Chicago, Waste Wtr. Transmission Rev. Bonds, Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>MBIA, zero %, 1/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>703,328</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>IL Fin. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Elmhurst Memorial), Ser. A, 5 5/8s, 1/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,212,050</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Silver Cross Hosp. &amp; Med.), 5 1/2s, 8/15/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,241,120</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Alexian), Ser. A, FSA, 5 1/4s, 1/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,775,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,818,601</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>IL Fin. Auth. Hosp. Rev. Bonds (Kishhealth Syst.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5 3/4s, 10/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,550,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,306,511</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Kendall &amp; Kane Cntys., Cmnty. United School Dist. G.O.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Bonds (No. 115 Yorkville), FGIC, zero %, 1/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,075,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>621,834</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Lake Cnty., Cmnty. Construction G.O. Bonds (School</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Dist. No. 073 Hawthorn), FGIC, zero %, 12/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,650,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>978,252</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Lake Cnty., Cmnty. School Dist. G.O. Bonds (No. 073</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Hawthorn), Ser. 02, FGIC, zero %, 12/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,950,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,066,631</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Metro. Pier &amp; Exposition Auth. Dedicated State Tax</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Rev. Bonds (McCormick), Ser. A, MBIA, zero %, 12/15/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,262,350</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Metropolitan Pier &amp; Exposition Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(McCormack Place Expansion Project), MBIA, 5s, 12/15/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,770,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,719,962</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Montgomery, Special Assmt. Bonds (Lakewood Creek),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Radian Insd., 4.7s, 3/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,972,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,217,197</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Southern IL U. Rev. Bonds (Hsg. &amp; Auxiliary), Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>MBIA</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>zero %, 4/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,870,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>793,030</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>zero %, 4/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,230,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,279,775</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>21,321,730</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Indiana (2.3%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Anderson, Econ. Dev. Rev. Bonds (Anderson U.), 5s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>10/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB-/F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>390,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>268,574</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>IN Bk. Special Program Gas Rev. Bonds, Ser. A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5 1/4s, 10/15/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>180,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>151,897</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5 1/4s, 10/15/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,800,200</FONT>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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<TR>
     <TD width="59%"></TD>
     <TD width="10%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>IN Hlth. Fac. Fin. Auth. Rev. Bonds (Cmnty. Hosp.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. A, AMBAC, 5s, 5/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,695,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,160,582</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>IN State Dev. Fin. Auth. Env. Impt. Rev. Bonds (USX</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Corp.), 5.6s, 12/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,148,483</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Indianapolis, Arpt. Auth. Rev. Bonds (Federal Express</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Corp.), 5.1s, 1/15/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,130,775</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Jasper Cnty., Indl. Poll. Control Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>AMBAC, 5.7s, 7/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,375,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,378,561</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>MBIA, 5.6s, 11/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,550,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,635,421</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>U. Southern IN Rev. Bonds (Student Fee), Ser. J, AGO,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5 3/4s, 10/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>996,410</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>13,670,903</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Iowa (0.9%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>IA Fin. Auth. Hlth. Care Fac. Rev. Bonds (Care</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Initiatives), 9 1/4s, 7/1/25 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,680,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,419,606</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>IA State Higher Ed. Loan Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5s, 10/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB-/F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>605,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>478,803</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Wartburg), Ser. A, 5s, 10/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB-/F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>605,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>486,511</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>5,384,920</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Kansas (0.1%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>KS State Dev. Fin. Auth. VRDN (Sisters of Charity),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. C, 0.65s, 12/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>VMIG1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>790,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>790,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>790,000</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Kentucky (0.4%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>KY Econ. Dev. Fin. Auth. Hlth. Syst. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Norton Hlth. Care), Ser. A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>6 5/8s, 10/1/28 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,470,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,615,706</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>6 5/8s, 10/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>405,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>375,455</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Louisville/Jefferson Cnty., Metro. Govt. College Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Bonds (Bellarmine U.), Ser. A, 6s, 5/1/38</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>290,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>229,628</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>2,220,789</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Louisiana (1.9%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>LA Local Govt. Env. Fac. Cmnty. Dev. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(St. James Place), Ser. A, 7s, 11/1/20 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>690,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>734,629</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>LA State Office Fac. Corp. Lease Rev. Bonds (Capitol</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Complex), Ser. A, MBIA</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5 1/2s, 3/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,025,740</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5 1/2s, 3/1/12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,440,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,484,892</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Rapides, Fin. Auth. Mandatory Put Bonds (Cleco Pwr.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5 1/4s, 3/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>5,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,980,308</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>11,225,569</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Maine (0.3%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>ME State Hsg. Auth. Rev. Bonds, Ser. D-2-AMT, 5s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>11/15/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>760,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>731,804</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Rumford, Solid Waste Disp. Rev. Bonds (Boise Cascade</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Corp.), 6 7/8s, 10/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ba3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,950,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,033,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>1,765,304</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Maryland (0.4%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>MD State Hlth. &amp; Higher Edl. Fac. Auth. Rev. Bonds (WA</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Cnty. Hosp.), 5 3/4s, 1/1/38</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>550,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>406,934</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>MD State Indl. Dev. Fin. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Synagro-Baltimore), Ser. A, 5 1/2s, 12/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB+/F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>453,935</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Westminster, Econ. Dev. VRDN (Carroll Lutheran</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Village), Ser. C, 1/2s, 5/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A-1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,340,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,340,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>2,200,869</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Massachusetts (8.4%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>MA State Dev. Fin. Agcy. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(MA Biomedical Research), Ser. C, 6 3/8s, 8/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,785,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,941,461</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(MA Biomedical Research), Ser. C, 6 1/4s, 8/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,850,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,970,926</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Linden Ponds, Inc.), Ser. A, 5 1/2s, 11/15/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,360,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>859,506</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>MA State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Civic Investments/HPHC), Ser. A, 9s, 12/15/15</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,985,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,403,041</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,114,035</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Med. Ctr. of Central MA), AMBAC, 6.55s, 6/23/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>27,100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>27,200,541</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(UMass Memorial), Ser. C, 6 1/2s, 7/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,875,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,687,369</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Berkshire Hlth. Syst.), Ser. E, 6 1/4s, 10/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,057,758</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Quincy Med. Ctr.), Ser. A, 6 1/4s, 1/15/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,095,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,589,330</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Hlth. Care Syst.-Covenant Hlth.), 6s, 7/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,790,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,413,918</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Care Group), Ser. B-2, MBIA, 5 3/8s, 2/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>591,927</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Care Group), Ser. B-2, MBIA, 5s, 2/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>800,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>653,536</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Milford Regl. Med.), Ser. E, 5s, 7/15/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,800,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,265,670</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>MA State Port Auth. Rev. Bonds, U.S. Govt. Coll., 13s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>7/1/13 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,370,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,040,141</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>50,789,159</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Michigan (2.6%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Detroit, G.O. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. A-1, AMBAC, 5 1/4s, 4/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,435,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,205,544</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. A, FGIC, 5s, 7/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,505,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,899,303</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Cap. Impt.), Ser. A-1, 5s, 4/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,181,557</FONT>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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<TR>
     <TD width="59%"></TD>
     <TD width="10%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Detroit, City School Dist. G.O. Bonds, Ser. A, FSA,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>6s, 5/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,167,360</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Flint, Hosp. Bldg. Auth. Rev. Bonds (Hurley Med.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ctr.), 6s, 7/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ba1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>150,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>125,343</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>MI Higher Ed. Fac. Auth. Rev. Bonds (Kalamazoo</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>College), 5 1/2s, 12/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>527,595</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>MI State Hosp. Fin. Auth. Rev. Bonds (Oakwood Hosp.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. A, 5 3/4s, 4/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,458,470</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>MI State Hsg. Dev. Auth. Rev. Bonds, Ser. A, 3.9s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>6/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,210,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,140,230</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>MI State Strategic Fund, Ltd. Mandatory Put Bonds (Dow</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Chemical), 5 1/2s, 6/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>448,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>MI State Strategic Fund, Ltd. Rev. Bonds (Worthington</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Armstrong Venture), U.S. Govt. Coll., 5 3/4s, 10/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,650,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,817,805</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>MI Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>6s, 6/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>575,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>369,259</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Monroe Cnty., Hosp. Fin. Auth. Rev. Bonds (Mercy</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Memorial Hosp. Corp.), 5 3/8s, 6/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>507,120</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>15,848,336</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Minnesota (0.5%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>MN State Hsg. Fin. Agcy. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Single Fam. Mtge.), 6.05s, 7/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>350,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>343,249</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Res. Hsg.), Ser. M, 5 3/4s, 1/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>975,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>957,772</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>North Oaks, Sr. Hsg. Rev. Bonds (Presbyterian Homes),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>6 1/8s, 10/1/39</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>995,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>713,982</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>St. Paul, Hsg. &amp; Redev. Auth. Hosp. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Healtheast), 6s, 11/15/35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,150,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>809,462</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>2,824,465</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Mississippi (1.2%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>MS Bus. Fin. Corp. Poll. Control Rev. Bonds (Syst.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Energy Resources, Inc.)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5.9s, 5/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,448,420</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5 7/8s, 4/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,330,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,898,531</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>MS Home Corp. Rev. Bonds (Single Fam. Mtge.)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. B-2, GNMA Coll., FNMA Coll., 6.45s, 12/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,230,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,209,939</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. B, GNMA Coll., FNMA Coll., 5 1/2s, 6/1/36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>335,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>328,421</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Warren Cnty., Gulf Opportunity Zone (Intl. Paper Co.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. A, 6 1/2s, 9/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,419,140</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>7,304,451</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Missouri (3.0%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Cape Girardeau Cnty., Indl. Dev. Auth. Hlth. Care Fac.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Rev. Bonds (St. Francis Med. Ctr.), Ser. A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5 1/2s, 6/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,300,005</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5 1/2s, 6/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,550,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,611,787</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>MO Hsg. Dev. Comm. Rev. Bonds (Home Ownership), Ser.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>B, GNMA Coll., FNMA Coll., 4.4s, 3/1/14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>180,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>172,033</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>MO State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds Ser. 2003A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(St. Luke's Health), 5 1/2s, 11/15/28 (T)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>10,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>10,104,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>MO State Hlth. &amp; Edl. Fac. Auth. VRDN (Washington U.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(The)), Ser. B, 0.55s, 3/1/40</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>VMIG1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,400,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>MO State Hsg. Dev. Comm. Mtge. Rev. Bonds (Single Fam.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Homeowner Loan)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. A, GNMA Coll., FNMA Coll., 7.2s, 9/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>5,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>5,150</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. C-1, GNMA Coll., FNMA Coll., 7.15s, 3/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>470,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>471,725</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>18,065,300</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Nebraska (0.4%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Central Plains, Energy Project Rev. Bonds (NE Gas No.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>1), Ser. A, 5 1/4s, 12/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,424,480</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>2,424,480</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Nevada (7.2%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Clark Cnty., Ltd. Tax Bond, 5s, 6/1/33 (T)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>32,285,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>29,209,216</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Clark Cnty., Arpt. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. A-2, FGIC, 5 1/8s, 7/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>5,105,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,710,435</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. A-1, AMBAC, 5s, 7/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,207,920</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Clark Cnty., Impt. Dist. Special Assmt. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Summerlin No. 151), 5s, 8/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,161,258</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Clark Cnty., Indl. Dev. Rev. Bonds (Southwest Gas</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Corp.), Ser. A, AMBAC</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>6.1s, 12/1/38</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,960,290</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5 1/4s, 7/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,740,240</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Henderson G.O. Bonds (Ltd. Tax -Swr.), FGIC, 5s, 6/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>996,140</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Henderson, Local Impt. Dist. Special Assmt. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(No. T-16), 5 1/8s, 3/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,165,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>540,502</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(No. T-16), 5.1s, 3/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,275,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>590,593</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(No. T-17), 5s, 9/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>615,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>365,058</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>43,481,652</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>New Hampshire (0.2%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>NH Hlth. &amp; Ed. Fac. Auth. Rev. Bonds (Southern NH Med.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ctr.), Ser. A, 5 1/4s, 10/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,315,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,091,989</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>1,091,989</FONT></B>&nbsp; </TD></TR></TABLE><BR>
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     <TD noWrap align=left><B><FONT face=sans-serif size=2>New Jersey (2.5%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>NJ Econ. Dev. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Cedar Crest Village, Inc.), Ser. A, U.S. Govt. Coll.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>7 1/4s, 11/15/31 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA/F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,517,984</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(First Mtge. Presbyterian Home), Ser. A, 6 3/8s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>11/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>698,850</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Cigarette Tax), 5 3/4s, 6/15/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>5,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,735,150</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Cigarette Tax), 5 1/2s, 6/15/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,800,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,143,008</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>NJ Hlth. Care Fac. Fin. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(St. Joseph Hlth. Care Syst.), 6 5/8s, 7/1/38</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,945,543</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(St. Peters U. Hosp.), 5 1/4s, 7/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,325,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,822,940</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Hunterdon Med. Ctr.), Ser. B, 5s, 7/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>475,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>419,525</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Hunterdon Med. Ctr.), Ser. B, 5s, 7/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>520,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>477,183</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>NJ State Edl. Fac. Auth. Rev. Bonds (Fairleigh</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Dickinson), Ser. C, 6s, 7/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB-/F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,242,765</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. 1A, 5s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>6/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,350,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>869,900</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>14,872,848</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>New Mexico (0.1%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>NM Mtge. Fin. Auth. FRN (Single Fam. Mtge.), Ser. C,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>GNMA Coll., FNMA Coll., FHLMC Coll., 5.82s, 9/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>555,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>549,078</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>549,078</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>New York (4.9%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Broome Cnty., Indl. Dev. Agcy. Continuing Care</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Retirement Rev. Bonds (Good Shepard Village), Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>6 7/8s, 7/1/40</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>320,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>236,090</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Buffalo, G.O. Bonds, Ser. D, FGIC, 5 1/2s, 12/15/13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,090,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Niagara Cnty., Indl. Dev. Agcy. Mandatory Put Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Solid Waste Disp.), Ser. C, 5 5/8s, 11/15/14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,838,740</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>NY City, Hsg. Dev. Corp. Rev. Bonds, Ser. A, MBIA,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>FGIC, 5s, 7/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,465,470</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>NY City, Indl. Dev. Agcy. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Liberty-7 World Trade Ctr.), Ser. A, 6 1/4s, 3/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,187,144</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Brooklyn Navy Yard Cogen. Partners), 6.2s, 10/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ba1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>770,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>605,359</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Brooklyn Navy Yard Cogen. Partners), Ser. G, 5 3/4s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>10/1/36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ba1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,299,440</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>NY City, Indl. Dev. Agcy. Special Arpt. Fac. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Bonds (Airis JFK I, LLC), Ser. A, 5 1/2s, 7/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,368,276</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(JFK Intl. Arpt.), Ser. A, 8s, 8/1/12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>B-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,626,900</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(British Airways PLC), 5 1/4s, 12/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ba1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>359,303</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>NY Cntys., Tobacco Trust III Rev. Bonds (Tobacco</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Settlement), 6s, 6/1/43</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,095,780</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>NY State Dorm. Auth. Rev. Bonds (NY Methodist Hosp.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5 1/4s, 7/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>444,474</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>NY State Dorm. Auth. Non-State Supported Debt Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Bonds (Orange Regl. Med. Ctr.), 6 1/4s, 12/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ba1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>800,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>559,560</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>NY State Energy Research &amp; Dev. Auth. Gas Fac. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Bonds (Brooklyn Union Gas), 6.952s, 7/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>6,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>5,946,960</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Port Auth. NY &amp; NJ Special Oblig. Rev. Bonds (JFK</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Intl. Air Term. - 6), MBIA, 5.9s, 12/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>9,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>8,552,880</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Seneca Cnty., Indl. Dev. Agcy. Solid Waste Disp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Mandatory Put Bonds (Seneca Meadows, Inc.), 3.28s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>10/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>B+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>670,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>599,409</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Suffolk Cnty., Indl. Dev. Agcy. Cont. Care Retirement</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Rev. Bonds (Peconic Landing), Ser. A, 8s, 10/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,139,060</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>29,415,045</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>North Carolina (2.5%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. D, 6 3/4s, 1/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>983,120</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. C, 6 3/4s, 1/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,006,370</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. A, 5 3/4s, 1/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,609,910</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. B, 5.65s, 1/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,017,100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>NC Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Deerfield), Ser. A, 6s, 11/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB+/F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>805,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>626,145</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(First Mtge. - Presbyterian Homes), 5 3/8s, 10/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>782,060</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>NC State Muni. Pwr. Agcy. Rev. Bonds (No. 1, Catawba</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Elec.), Ser. B, 6 1/2s, 1/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>8,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>8,200,720</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>15,225,425</FONT></B>&nbsp; </TD></TR>
<TR>
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<HR noShade SIZE=1>
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<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
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     <TD noWrap align=left><B><FONT face=sans-serif size=2>North Dakota (1.2%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Grand Forks, Hlth. Care Syst. Rev. Bonds (Altru Hlth.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Syst. Oblig. Group), 7 1/8s, 8/15/24 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,199,780</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>ND State Board of Higher Ed. Rev. Bonds (U. of ND Hsg.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>&amp; Auxillary Fac.), FSA, 5s, 4/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>548,100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>ND State Hsg. Fin. Agcy. Rev. Bonds (Hsg. Fin.), Ser.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>B, 4.8s, 7/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>5,560,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,226,100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>6,973,980</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Ohio (4.7%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>American Muni. Pwr. - Ohio, Inc. Rev. Bonds, 5 1/4s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>2/15/33 (T)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>10,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>9,365,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. A-2</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5 3/4s, 6/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>14,300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>8,620,897</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5 1/8s, 6/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,220,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,621,666</FONT>&nbsp; </TD></TR></TABLE><BR>
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     <TD noWrap align=left><FONT face=sans-serif size=2>Coshocton Cnty., Env. 144A Rev. Bonds (Smurfit-Stone</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Container Corp.), 5 1/8s, 8/1/13 (In default)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>D</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>221,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Hickory Chase, Cmnty. Auth. Infrastructure Impt. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Bonds (Hickory Chase), 7s, 12/1/38</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>496,874</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Lake Cnty., Hosp. Fac. Rev. Bonds (Lake Hosp. Syst.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. C, 6s, 8/15/43</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,561,530</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Montgomery Cnty., Hosp. Rev. Bonds (Kettering Med.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ctr.), 6 3/4s, 4/1/22 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,073,860</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>OH State Higher Ed. Fac. Comm. Rev. Bonds (John</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Carroll U.), 5 1/4s, 11/15/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>455,580</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Scioto Cnty., Hosp. Rev. Bonds (Southern Med. Ctr.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5 1/2s, 2/15/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,660,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,979,593</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>28,396,200</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Oklahoma (0.3%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Durant, Cmnty. Facs. Auth. G.O. Bonds, XLCA, 5 3/4s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>11/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,730,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,801,795</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>1,801,795</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Oregon (0.6%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Keizer, Special Assmt. Bonds (Keizer Station), Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5.2s, 6/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,289,925</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Terwilliger Plaza), Ser. A, 5 1/4s, 12/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,040,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>671,310</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>OR State Hsg. &amp; Cmnty. Svcs. Dept. Rev. Bonds (Single</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Family Mtge.), Ser. K, 5 5/8s, 7/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>895,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>880,510</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>3,841,745</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
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<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Pennsylvania (4.2%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Allegheny Cnty., Hosp. Dev. Auth. Rev. Bonds (Hlth.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Syst.-West PA), Ser. A, 5 3/8s, 11/15/40</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>774,390</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Bucks Cnty., Indl. Dev. Auth. Rev. Bonds (USX Corp.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5.6s, 3/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,025,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,353,166</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Bucks Cnty., Indl. Dev. Auth. Retirement Cmnty. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Bonds (Ann's Choice, Inc.), Ser. A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5.4s, 1/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,060,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>887,517</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5.3s, 1/1/14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>710,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>611,069</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Carbon Cnty., Indl. Dev. Auth. Rev. Bonds (Panther</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Creek Partners), 6.65s, 5/1/10</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,715,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,720,797</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Cumberland Cnty., Muni. Auth. Rev. Bonds (Presbyterian</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Homes), Ser. A, 5s, 1/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,320,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,113,790</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Delaware Cnty., College Auth. Rev. Bonds (Neumann</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>College)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>6s, 10/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>675,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>522,781</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>6s, 10/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>75,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>60,785</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Erie, Higher Ed. Bldg. Auth. Rev. Bonds (Mercyhurst</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>College), 5 1/2s, 3/15/38</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>725,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>485,554</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Lancaster, Higher Ed. Auth. College Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Franklin &amp; Marshall College), 5s, 4/15/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>937,880</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>New Morgan, Indl. Dev. Auth. Solid Waste Disp. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Bonds (New Morgan Landfill Co., Inc.), 6 1/2s, 4/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>928,310</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Northampton Cnty., Hosp. Auth. Rev. Bonds (Saint Lukes</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Hosp.), Ser. A, 5 1/2s, 8/15/40</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>942,175</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>PA State Econ. Dev. Fin. Auth. Resource Recvy. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Bonds (Northampton Generating), Ser. A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>6.6s, 1/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>B-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,850,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,241,535</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>6 1/2s, 1/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>B-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>698,350</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>PA State Higher Edl. Fac. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Widener U.), 5 3/8s, 7/15/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>555,773</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Philadelphia U.), 5s, 6/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,529,910</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Philadelphia U.), 5s, 6/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>860,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>665,537</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Philadelphia, Auth. for Indl. Dev. VRDN (Fox Chase</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Cancer Ctr.), Ser. A, 1/2s, 7/1/31 (Citizens Bank</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>of PA (LOC))</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>VMIG1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,700,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Philadelphia, Hosp. &amp; Higher Ed. Fac. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Hosp.-Graduate Hlth. Sys.), Ser. A, 6 1/4s, 7/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(In default) (NON)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>D/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,462,206</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>439</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Sayre, Hlth. Care Fac. Auth. Rev. Bonds (Guthrie</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Hlth.), Ser. A, 5 7/8s, 12/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>580,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>515,806</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Scranton, G.O. Bonds, Ser. C, 7.1s, 9/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,412,109</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Susquehanna, Area Regl. Arpt. Syst. Auth. Rev. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. A, 6 1/2s, 1/1/38</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>550,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>396,808</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>West Cornwall, Tpk. Muni. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Elizabethtown College), 6s, 12/15/27 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,132,290</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>25,186,771</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Puerto Rico (1.7%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Cmnwlth. of PR, G.O. Bonds, Ser. A, 5s, 7/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>5,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,724,100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Cmnwlth. of PR, Aqueduct &amp; Swr. Auth. Rev. Bonds, Ser.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>A, 6s, 7/1/38</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,125,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,634,496</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Cmnwlth. of PR, Pub. Bldg. Auth. Mandatory Put Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Govt. Fac.), Ser. M-2, 5 3/4s, 7/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,602,195</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>9,960,791</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Rhode Island (--%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>6 1/4s, 6/1/42</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>133,768</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>133,768</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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     <TD noWrap align=left><B><FONT face=sans-serif size=2>South Carolina (2.1%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Georgetown Cnty., Env. Impt. Rev. Bonds (Intl. Paper</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Co.), Ser. A, 5.7s, 4/1/14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>916,450</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Orangeburg Cnty., Solid Waste Disp. Fac. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(SC Elec. &amp; Gas), AMBAC, 5.7s, 11/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,242,375</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>SC Hosp. Auth. Rev. Bonds (Med. U.), Ser. A, 6 1/2s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>8/15/32 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,338,840</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>SC Jobs Econ. Dev. Auth. Hosp. Fac. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Palmetto Hlth.)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. A, 7 3/8s, 12/15/21 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,471,093</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. C, 6s, 8/1/20 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,445,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,882,704</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. C, 6s, 8/1/20 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>305,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>359,601</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>SC Trans. Infrastructure Bk. Rev. Bonds, Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>AMBAC, 5s, 10/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,460,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,404,404</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>12,615,467</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>South Dakota (0.6%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>SD Edl. Enhancement Funding Corp. SD Tobacco Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Bonds, Ser. B, 6 1/2s, 6/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,450,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,755,719</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>SD Hsg. Dev. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Home Ownership), Ser. C, 5 3/8s, 5/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,455,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,433,451</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Home Ownership Mtge.), Ser. J, 4 1/2s, 5/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>495,220</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>3,684,390</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Tennessee (1.1%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Chattanooga, Hlth. Edl. &amp; Hsg. Fac. Board VRDN</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Catholic Hlth. Initiatives), Ser. C, 0.2s, 5/1/39</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>VMIG1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>800,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>800,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Johnson City, Hlth. &amp; Edl. Fac. Board Hosp. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(First Mtge. Mountain States Hlth.), Ser. A, 7 1/2s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>7/1/25 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,309,340</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Sullivan Cnty., Hlth. Edl. &amp; Hsg. Hosp. Fac. Board</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Rev. Bonds (Wellmont Hlth. Syst.), Ser. C</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5s, 9/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,142,782</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5s, 9/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,460,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,084,678</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>6,336,800</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Texas (11.4%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Abilene, Hlth. Fac. Dev. Corp. Retirement Fac. (Sears</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Methodist Retirement), 6s, 11/15/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,050,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>688,391</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Alliance, Arpt. Auth. Rev. Bonds (Federal Express</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Corp.), 4.85s, 4/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,460,965</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Brazoria Cnty., Brazos River Harbor Naval Dist. (Dow</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Chemical Co.), Ser. A-3, 5 1/8s, 5/15/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>390,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>228,719</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Brazos River, Auth. Poll. Control Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. D-1, 8 1/4s, 5/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Caa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>276,720</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(TXU Energy Co., LLC), 5s, 3/1/41</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Caa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>201,560</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Brazos, Harbor Indl. Dev. Corp. Env. Fac. Mandatory</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Put Bonds (Dow Chemical), 5.9s, 5/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,850,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,891,859</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Dallas Cnty., Util. &amp; Reclaimation Dist. G.O. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. B, AMBAC, 5 3/8s, 2/15/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,411,320</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Dallas, Area Rapid Transit Rev. Bonds Sr. Lien, 5s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>12/1/33 (T)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>20,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>19,608,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Denton, Indpt. School Dist. VRDN, Ser. 05-A, 0.45s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>8/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A-1+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,250,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Gateway, Pub. Fac. Corp. Mandatory Put Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Stonegate Villas Apt.), FNMA Coll., 4.55s, 7/1/14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,533,270</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Gulf Coast, Waste Disp. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Valero Energy Corp.), 6.65s, 4/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>712,070</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. A, 6.1s, 8/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>550,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>372,405</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Harris Cnty., Houston Sports Auth. Rev. Bonds, Ser. H,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>MBIA, zero %, 11/15/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>11,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,461,809</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Lower CO River Auth. Rev. Bonds, 5 3/4s, 5/15/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,363,496</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Matagorda Cnty., Navigation Dist. TX Poll. Control</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Mandatory Put Bonds (Dist. No. 1 AEP Texas Central</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Co.), 5 1/8s, 6/1/11</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,505,265</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Mission, Econ. Dev. Corp. Solid Waste Disp. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Allied Waste N.A. Inc.), Ser. A, 5.2s, 4/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,025,076</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>North TX Thruway Auth. Rev. Bonds, Ser. D, AGO, zero</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>%, 1/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>7,800,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,378,844</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>North TX, Thruway Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. A, 6s, 1/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,346,150</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Toll 2nd Tier), Ser. F, 5 3/4s, 1/1/38</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,756,020</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>North TX, Thruway Auth. stepped-coupon Rev. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>zero %, 1/1/43 (6.5s, 1/1/15) 2043 (STP)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,299,880</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Port Corpus Christi Indl. Dev. Corp. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Valero), Ser. C, 5.4s, 4/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,535,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,201,444</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Sam Rayburn Muni. Pwr. Agcy. Rev. Bonds, 6s, 10/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,696,880</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>San Antonio Wtr. Rev. Bonds, Ser. A, FSA, 5s, 5/15/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,983,540</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Retirement</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Fac. Rev. Bonds (Buckner Retirement Svcs., Inc.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5 1/4s, 11/15/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>827,046</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Tomball, Hosp. Auth. Rev. Bonds (Tomball Regl. Hosp.)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>6s, 7/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,497,440</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>6s, 7/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,433,967</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>TX Muni. Gas Acquisition &amp; Supply Corp. I Rev. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. A, 5s, 12/15/15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,600,010</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>TX State Tpk. Auth. Rev. Bonds (Central Texas Tpk.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Syst.), Ser. A, AMBAC, 5 1/2s, 8/15/39</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>8,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>6,632,960</FONT>&nbsp; </TD></TR></TABLE><BR>
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<TR>
     <TD width="59%"></TD>
     <TD width="10%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>68,645,506</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Utah (2.4%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Intermountain Pwr. Agcy. Rev. Bonds, Ser. A, MBIA,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>U.S. Govt. Coll., 6.15s, 7/1/14 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>8,165,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>8,165,897</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Murray City, Hosp. Rev. VRDN (IHC Hlth. Svcs., Inc.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. B, 0.65s, 5/15/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>VMIG1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,500,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Salt Lake City, Hosp. Rev. Bonds, AMBAC, 6 3/4s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5/15/20 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,000,060</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>14,665,957</FONT></B>&nbsp; </TD></TR>
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     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Vermont (0.2%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>VT Hsg. Fin. Agcy. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Single Fam.), Ser. 23, FSA, 5s, 5/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>185,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>177,942</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ser. 19A, FSA, 4.62s, 5/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>860,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>836,565</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>1,014,507</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Virginia (1.3%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Fredericksburg, Indl. Dev. Auth. Rev. Bonds (Medicorp</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Hlth. Syst.), Ser. B, 5 1/8s, 6/15/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>403,435</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Henrico Cnty., Econ. Dev. Auth. Res. Care Fac. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Bonds (United Methodist), Ser. A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>6.7s, 6/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>735,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>596,247</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>6.7s, 6/1/27 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>265,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>307,183</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Prince William Cnty., Indl. Dev. Auth. Hosp. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Bonds (Potomac Hosp. Corp.), 5.35s, 10/1/36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,986,550</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>VA State Hsg. Dev. Auth. Rev. Bonds, Ser. A-5, 4.2s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>7/1/14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,890,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,784,131</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>8,077,546</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Washington (2.0%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Chelan Cnty. Dev. Corp. Rev. Bonds (Alcoa), 5.85s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>12/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,227,960</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Everett, Pub. Fac. Dist. Ltd. Sales Tax &amp; Interlocal</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Rev. Bonds, Ser. A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5s, 12/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>940,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>949,964</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5s, 12/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>940,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>963,528</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Port of Seattle Rev. Bonds, Ser. B, MBIA, 5.8s, 2/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Aa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,004,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Tobacco Settlement Auth. of WA Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>6 5/8s, 6/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>900,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>656,406</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>6 1/2s, 6/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>5,400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>4,780,727</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>WA State Hlth. Care Fac. Auth. Rev. Bonds, Ser. C,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Radian Insd., 5 3/8s, 8/15/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>900,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>634,194</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>12,217,579</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>West Virginia (0.8%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Harrison Cnty., Cmnty. Solid Waste Disp. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Allegheny Energy), Ser. D, 5 1/2s, 10/15/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,450,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,188,438</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Mason Cnty., Poll. Control Mandatory Put Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Appalachian Pwr. Co. Project), Ser. L, 5 1/2s, 10/1/11</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>652,605</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Princeton, Hosp. Rev. Bonds (Cmnty. Hosp. Assn.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Inc.), 6.1s, 5/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,025,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,423,089</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>WV State Hosp. Fin. Auth. Rev. Bonds (Thomas Hlth.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Syst.), 6 3/4s, 10/1/43</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>935,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>706,738</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>4,970,870</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Wisconsin (2.2%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Badger, Tobacco Settlement Asset Securitization Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>7s, 6/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>7,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>6,225,520</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>6 3/8s, 6/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>8,600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>6,915,088</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>13,140,608</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Wyoming (0.3%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>WY Muni. Pwr. Agcy. Rev. Bonds (Pwr. Supply), Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>5 1/2s, 1/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>950,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>882,370</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>WY Muni. Pwr. Agcy. Pwr. Supply Rev. Bonds (Pwr.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Supply), Ser. A, 5 1/2s, 1/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>967,160</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>1,849,530</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>TOTAL INVESTMENTS</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Total investments (cost $711,251,567)(b)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>$631,997,911</FONT></B>&nbsp; </TD></TR></TABLE><BR>
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<A name="page_10"></A><FONT face=sans-serif size=2>NOTES</FONT>
<P align=left><FONT face=sans-serif size=2>(a) Percentages indicated are based on net assets of $</FONT><FONT face=sans-serif size=2>602,681,423.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(RAT) The Moody's, Standard &amp; Poor's or Fitch ratings indicated are believed to be the most recent ratings available at January 31, 2009 for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at January 31, 2009. Securities rated by Putnam are indicated by "/P." Securities rated by Fitch are indicated by "/F." The rating of an insured security represents what is believed to be the most recent rating of the insurer's claims-paying ability available at January 31, 2009 and does not reflect any subsequent changes.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(b) The aggregate identified cost on a tax basis is $711,259,240, resulting in gross unrealized appreciation and depreciation of $9,892,309 and $89,153,638, respectively, or net unrealized depreciation of $79,261,329.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(NON) Non-income-producing security.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(STP) 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><FONT face=sans-serif size=2>(T) 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=2>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=2>The rates shown on VRDN, Mandatory Put Bonds, FRB and FRN are the current interest rates at January 31, 2009.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The dates shown on Mandatory Put Bonds are the next mandatory put dates.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The dates shown on debt obligations other than Mandatory Put Bonds are the original maturity dates.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The dates shown on debt obligations are the original maturity dates.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The fund had the following sector concentrations greater than 10% at January 31, 2009 (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=2>Healthcare</FONT><FONT size=2>&nbsp; </FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>30.6%</FONT><FONT size=2>&nbsp; </FONT></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Utilities</FONT><FONT size=2>&nbsp; </FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>19.0</FONT><FONT size=2>&nbsp; </FONT></TD>
     <TD noWrap align=right></TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>The fund had the following insurance concentrations greater than 10% at January 31, 2009 (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=2>AMBAC</FONT><FONT size=2>&nbsp; </FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>11.5%</FONT><FONT size=2>&nbsp; </FONT></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>MBIA</FONT><FONT size=2>&nbsp; </FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>10.4</FONT><FONT size=2>&nbsp; </FONT></TD>
     <TD noWrap align=right></TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>Security valuation </FONT></B><FONT face=sans-serif size=2>Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. Certain investments and derivatives are also valued at fair value following procedures approved by the Trustees. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security at a given point in time and does not reflect an actual market price, which may be different 
by a material amount.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Tender offer bond transactions </FONT></B><FONT face=sans-serif size=2>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 liabi
lity in the Statement of assets and liabilities. At January 31, 2009, the fund&#146;s investments with a value of $68,287,416 were held by the TOB trust and served as collateral for $36,140,000 in floating-rate bonds outstanding. During the period ended January 31, 2009, the fund incurred interest expense of $118,048 for these investments based on an average interest rate of 1.39%.</FONT></P>
<P align=left><FONT face=sans-serif size=2>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=2>Level 1 &#150; Valuations based on quoted prices for identical securities in active markets.</FONT></P>
<P align=left><FONT face=sans-serif size=2>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=2>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=2>The following is a summary of the inputs used to value the fund&#146;s net assets as of January 31, 2009:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="39%"></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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Valuation inputs</FONT></B><FONT size=2>&nbsp; </FONT></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right colSpan=2><B><FONT face=sans-serif size=2>Investments in securities</FONT></B><FONT size=2>&nbsp; </FONT></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right colSpan=2><B><FONT face=sans-serif size=2>Other financial instruments*</FONT></B><FONT size=2>&nbsp; </FONT></TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Level 1</FONT><FONT size=2>&nbsp; </FONT></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>$--</FONT><FONT size=2>&nbsp; </FONT></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>$--</FONT><FONT size=2>&nbsp; </FONT></TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Level 2</FONT><FONT size=2>&nbsp; </FONT></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>631,997,911</FONT><FONT size=2>&nbsp; </FONT></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>--</FONT><FONT size=2>&nbsp; </FONT></TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Level 3</FONT><FONT size=2>&nbsp; </FONT></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>--</FONT><FONT size=2>&nbsp; </FONT></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>--</FONT><FONT size=2>&nbsp; </FONT></TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Total</FONT></B><FONT size=2>&nbsp; </FONT></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>$631,997,911</FONT><FONT size=2>&nbsp; </FONT></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>$--</FONT><FONT size=2>&nbsp; </FONT></TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>* 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=2>For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com</FONT></P>
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<P align=left><U><FONT face=sans-serif size=2>Item </FONT></U><FONT face=sans-serif size=2><U>2. Controls and Procedures:</U></FONT></P>
<P align=left><FONT face=sans-serif size=2>(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(b) Changes in internal control over financial reporting: Not applicable</FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Item </FONT></U><FONT face=sans-serif size=2><U>3. Exhibits:</U></FONT></P>
<P align=left><FONT face=sans-serif size=2>Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.</FONT></P>
<P align=left><U><FONT face=sans-serif size=2>SIGNATURES</FONT></U></P>
<P align=left><FONT face=sans-serif size=2>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Putnam </FONT></U><FONT face=sans-serif size=2><U>Municipal Opportunities Trust</U></FONT></P>
<P align=left><FONT face=sans-serif size=2>By (Signature and Title):</FONT></P>
<P align=left><U><FONT face=sans-serif size=2>/s/ </FONT></U><FONT face=sans-serif size=2><U>Janet C. Smith</U></FONT><BR>
<FONT face=sans-serif size=2>Janet C. Smith</FONT><BR>
<FONT face=sans-serif size=2>Principal Accounting Officer</FONT><BR>
<FONT face=sans-serif size=2>Date: April 1, 2009</FONT></P>
<P align=left><FONT face=sans-serif size=2>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</FONT></P>
<P align=left><FONT face=sans-serif size=2>By (Signature and Title):</FONT></P>
<P align=left><U><FONT face=sans-serif size=2>/s/ </FONT></U><FONT face=sans-serif size=2><U>Charles E. Porter</U></FONT><BR>
<FONT face=sans-serif size=2>Charles E. Porter</FONT><BR>
<FONT face=sans-serif size=2>Principal Executive Officer</FONT><BR>
<FONT face=sans-serif size=2>Date: April 1, 2009</FONT><BR>
<BR>
<FONT face=sans-serif size=2>By (Signature and Title):</FONT><BR>
<BR>
<U><FONT face=sans-serif size=2>/s/ </FONT></U><FONT face=sans-serif size=2><U>Steven D. Krichmar</U></FONT><BR>
<FONT face=sans-serif size=2>Steven D. Krichmar</FONT><BR>
<FONT face=sans-serif size=2>Principal Financial Officer</FONT><BR>
<FONT face=sans-serif size=2>Date: April 1, 2009</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-Q of the funds listed on Attachment A:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by each report;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is
filed;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">c) evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report, based on such evaluation; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">d) disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is
reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">5. The registrant&#146;s other certifying officer and I have disclosed to each registrant&#146;s auditors and the audit committee of each registrant&#146;s board of directors (or persons performing the equivalent
functions):</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant&#146;s ability to record,
process, summarize, and report financial information; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant&#146;s internal control over financial reporting.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">/s/ Charles E. Porter</FONT><BR>
<FONT size=2 face="sans-serif">_____________________________</FONT><BR>
<FONT size=2 face="sans-serif">Date: March 30, 2009</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-Q of the funds listed on Attachment A:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by each report;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is
filed;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">c) evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report, based on such evaluation; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">d) disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is
reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">5. The registrant&#146;s other certifying officer and I have disclosed to each registrant&#146;s auditors and the audit committee of each registrant&#146;s board of directors (or persons performing the equivalent
functions):</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant&#146;s ability to record,
process, summarize, and report financial information; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant&#146;s internal control over financial reporting.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">/s/ Steven D. Krichmar</FONT><BR>
<FONT size=2 face="sans-serif">_______________________________</FONT><BR>
<FONT size=2 face="sans-serif">Date: March 30, 2009</FONT><BR>
<FONT size=2 face="sans-serif">Steven D. Krichmar</FONT><BR>
<FONT size=2 face="sans-serif">Principal Financial Officer</FONT></P>

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<TR>
     <TD colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face=sans-serif size=2>Attachment A</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face=sans-serif size=2>NQ</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face=sans-serif size=2>Period (s) ended January 31, 2009</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Putnam Mid-Cap Value Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>The Putnam Fund for Growth and Income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Putnam Capital Opportunities Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Putnam Global Utilities Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Putnam Global Equity Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Putnam Convertible Income-Growth Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Putnam Managed Municipal Income Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Putnam Municipal Opportunities Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Putnam Income Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Putnam Global Income Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Putnam Absolute Return 100 Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Putnam Absolute Return 300 Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Putnam Absolute Return 500 Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Putnam Absolute Return 700 Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Putnam Absolute Return 1000 Fund</FONT>&nbsp; </TD></TR></TABLE><BR>
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