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<SEC-DOCUMENT>0000928816-09-001362.txt : 20091230
<SEC-HEADER>0000928816-09-001362.hdr.sgml : 20091230
<ACCEPTANCE-DATETIME>20091230124925
ACCESSION NUMBER:		0000928816-09-001362
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20091031
FILED AS OF DATE:		20091230
DATE AS OF CHANGE:		20091230
EFFECTIVENESS DATE:		20091230

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07626
		FILM NUMBER:		091265680

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

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>a_muniopps.htm
<DESCRIPTION>PUTNAM MUNICIPAL OPPORTUNITIES TRUST
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     <TD colSpan=2 noWrap align=center><FONT size=2 face=sans-serif>UNITED STATES</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=center><FONT size=2 face=sans-serif>SECURITIES AND EXCHANGE COMMISSION</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=center><FONT size=2 face=sans-serif>Washington, D.C. 20549</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=center><B><FONT size=2 face=sans-serif>FORM N-CSR</FONT></B>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=center><B><FONT size=2 face=sans-serif>CERTIFIED SHAREHOLDER REPORT OF REGISTERED</FONT></B>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=center><B><FONT size=2 face=sans-serif>MANAGEMENT INVESTMENT COMPANIES</FONT></B>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Investment Company Act file number: (811-07626)</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Exact name of registrant as specified in charter:</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Municipal Opportunities Trust</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Name and address of agent for service:</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Beth S. Mazor, Vice President</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Boston, Massachusetts 02109</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=center><FONT size=2 face=sans-serif>Copy to:</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>John W. Gerstmayr, Esq.</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Ropes &amp; Gray LLP</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>One International Place</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Boston, Massachusetts 02110</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Registrant&#146;s telephone number, including area code:</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(617) 292-1000</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Date of fiscal year end: April 30, 2010</FONT>&nbsp;</TD>
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     <TD colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Date of reporting period May 1, 2009 &#150; October 31, 2009</FONT>&nbsp;</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><U><FONT size=2 face=sans-serif>Item 1. Report to Stockholders:</FONT></U></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940:</FONT></P>
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<P style="text-align: left;"> <B><FONT size=2 face="sans-serif">A BALANCED APPROACH</FONT></B></P>
<P style="text-align: left;"> <FONT size=2 face="sans-serif">Since 1937, when George Putnam created a diverse mix of stocks and bonds in a single, professionally managed portfolio, Putnam has championed the balanced approach.</FONT></P>
<P style="text-align: left;"> <B><FONT size=2 face="sans-serif">A WORLD OF INVESTING</FONT></B></P>
<P style="text-align: left;"> <FONT size=2 face="sans-serif">Today, we offer investors a world of equity, fixed-income, multi-asset, and absolute-return portfolios to suit a range of financial goals.</FONT></P>
<P style="text-align: left;"> <B><FONT size=2 face="sans-serif">A COMMITMENT TO EXCELLENCE</FONT></B></P>
<P style="text-align: left;"> <FONT size=2 face="sans-serif">Our portfolio managers seek superior results over time, backed by original, fundamental research on a global scale. We believe in the value of experienced financial advice, in providing exemplary service, and in putting clients first in all we do.</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=6 face=sans-serif>Putnam Municipal</FONT></B><BR>
<B><FONT size=6 face=sans-serif>Opportunities</FONT></B><BR>
<B><FONT size=6 face=sans-serif>Trust</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Semiannual report</FONT></B><BR>
<B><FONT size=4 face=sans-serif>10</FONT></B><B><FONT size=5 face=sans-serif>|</FONT></B><B><FONT size=4 face=sans-serif>31</FONT></B><B><FONT size=5 face=sans-serif>|</FONT></B><B><FONT size=4 face=sans-serif>09</FONT></B></P>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Message from the Trustees</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>2</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>About the fund</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>4</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Performance snapshot</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>6</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Interview with your fund&#146;s portfolio manager</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>7</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Performance in depth</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>12</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Terms and definitions</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>14</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Trustee approval of management contract</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>15</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Other information for shareholders</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>19</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Financial statements</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>20</FONT></B>&nbsp;</TD></TR>
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<P style="text-align: left;"> <B><FONT size=5 face="sans-serif">Message from the Trustees</FONT></B></P>
<P style="text-align: left;"> <FONT size=2 face="sans-serif">Dear Fellow Shareholder:</FONT></P>
<P style="text-align: left;"> <FONT size=2 face="sans-serif">The stock market&#146;s performance since March has helped restore investor confidence and rebuild portfolios. While this upward trend is welcome, investors should not be surprised if this rate of appreciation levels off in coming months. Time-tested investment principles, such as diversification, asset allocation, and a long-term perspective, apply now more than ever.</FONT></P>
<P style="text-align: left;"> <FONT size=2 face="sans-serif">In this improved climate, we are pleased to report that many Putnam mutual funds have delivered strong and competitive results over the past year. This performance reflects the intense efforts of an investment team infused with a determination to excel and strengthened by the arrival of several senior portfolio managers, research analysts, and traders.</FONT></P>
<P style="text-align: left;"> <FONT size=2 face="sans-serif">In another development, Charles E. &#147;Ed&#148; Haldeman, Jr. has stepped down as President of the Putnam Funds and as a member of the Board of Trustees of the Funds to become Chief Executive Officer of the Federal Home Loan Mortgage Corporation (FHLMC), also known as Freddie Mac. Effective July 2009, Robert L. Reynolds, President and Chief Executive Officer of Putnam Investments and a Trustee of the Putnam Funds, replaced Mr. Haldeman as President of the Putnam Funds.</FONT></P>
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<P style="text-align: left;"> <FONT size=2 face="sans-serif">We would like to take this opportunity to welcome new shareholders to the fund and to thank all our investors for your continued confidence in Putnam.</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=sans-serif>About </FONT></B><B><FONT size=5 face=sans-serif>the fund</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Potential </FONT></B><B><FONT size=2 face=sans-serif>for </FONT></B><B><FONT size=2 face=sans-serif>income exempt </FONT></B><B><FONT size=2 face=sans-serif>from </FONT></B><B><FONT size=2 face=sans-serif>federal income </FONT></B><B><FONT size=2 face=sans-serif>tax</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Investing </FONT><FONT size=2 face=sans-serif>in </FONT><FONT size=2 face=sans-serif>municipal </FONT><FONT size=2 face=sans-serif>bonds </FONT><FONT size=2 face=sans-serif>through </FONT><FONT size=2 face=sans-serif>a fund such as </FONT><FONT size=2 face=sans-serif>Putnam Municipal Opportunities </FONT><FONT size=2 face=sans-serif>Trust can help </FONT><FONT size=2 face=sans-serif>address </FONT><FONT size=2 face=sans-serif>a significant </FONT><FONT size=2 face=sans-serif>challenge: </FONT><FONT size=2 face=sans-serif>taxes on your </FONT><FONT size=2 face=sans-serif>investment income. </FONT><FONT size=2 face=sans-serif>While the stated yields on </FONT><FONT size=2 face=sans-serif>municipal </FONT><FONT size=2 face=sans-serif>bonds are usually lower than those of </FONT><FONT size=2 face=sans-serif>taxable </FONT><FONT size=2 face=sans-serif>bonds, the </FONT><FONT size=2 face=sans-serif>income </FONT><FONT size=2 face=sans-serif>most of these bon
ds pay has the </FONT><FONT size=2 face=sans-serif>advantage </FONT><FONT size=2 face=sans-serif>of being </FONT><FONT size=2 face=sans-serif>exempt </FONT><FONT size=2 face=sans-serif>from federal tax.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Municipal </FONT><FONT size=2 face=sans-serif>bonds are </FONT><FONT size=2 face=sans-serif>typically </FONT><FONT size=2 face=sans-serif>issued by states and local </FONT><FONT size=2 face=sans-serif>municipalities </FONT><FONT size=2 face=sans-serif>to raise funds for </FONT><FONT size=2 face=sans-serif>building </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>maintaining </FONT><FONT size=2 face=sans-serif>public </FONT><FONT size=2 face=sans-serif>facilities. </FONT><FONT size=2 face=sans-serif>The bonds are backed by the issuing city or town, by </FONT><FONT size=2 face=sans-serif>revenues collected </FONT><FONT size=2 face=sans-serif>from usage fees, or by state tax </FONT><FONT size=2 face=sans-serif>revenues. Depending </FONT><FONT size=2 face=sans-serif>on the type of </FONT><FONT size=2 face=sans-serif>backing, </FONT><FONT size=2 face=sans-serif>the bonds will have </FONT><FONT size=2 face=sans-serif>varying degree
s </FONT><FONT size=2 face=sans-serif>of credit risk, which is the risk that the issuer will not be able to repay the bond.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Many </FONT><FONT size=2 face=sans-serif>municipal </FONT><FONT size=2 face=sans-serif>bonds are not rated by inde</FONT><FONT size=2 face=sans-serif>pendent </FONT><FONT size=2 face=sans-serif>rating </FONT><FONT size=2 face=sans-serif>agencies </FONT><FONT size=2 face=sans-serif>such as </FONT><FONT size=2 face=sans-serif>Standard </FONT><FONT size=2 face=sans-serif>&amp; Poor&#146;s and </FONT><FONT size=2 face=sans-serif>Moody&#146;s. </FONT><FONT size=2 face=sans-serif>This is </FONT><FONT size=2 face=sans-serif>primarily because </FONT><FONT size=2 face=sans-serif>many issuers decide not to pursue a rating that might be below </FONT><FONT size=2 face=sans-serif>investment </FONT><FONT size=2 face=sans-serif>grade. As a </FONT><FONT size=2 face=sans-serif>result, the </FONT><FONT size=2 face=sans-serif>portfolio managers </FONT><FONT size=2 face=sans-serif>must do additional </FONT><FONT size=2 face=sans-serif>research </FONT><FONT size=2 face=san
s-serif>to </FONT><FONT size=2 face=sans-serif>determine whether </FONT><FONT size=2 face=sans-serif>these bonds are </FONT><FONT size=2 face=sans-serif>prudent investments.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Evaluating </FONT><FONT size=2 face=sans-serif>a bond&#146;s credit risk is an area in which </FONT><FONT size=2 face=sans-serif>Putnam </FONT><FONT size=2 face=sans-serif>has </FONT><FONT size=2 face=sans-serif>expertise. Putnam&#146;s research </FONT><FONT size=2 face=sans-serif>team </FONT><FONT size=2 face=sans-serif>analyzes </FONT><FONT size=2 face=sans-serif>each issue in depth and assigns non-rated bonds an </FONT><FONT size=2 face=sans-serif>agency</FONT><FONT size=2 face=sans-serif>-</FONT><FONT size=2 face=sans-serif>equivalent Putnam </FONT><FONT size=2 face=sans-serif>rating. This </FONT><FONT size=2 face=sans-serif>analysis </FONT><FONT size=2 face=sans-serif>helps the team </FONT><FONT size=2 face=sans-serif>identify </FONT><FONT size=2 face=sans-serif>bonds with </FONT><FONT size=2 face=sans-serif>attractive risk/return </FONT><FONT size=2 face=sans-serif>profiles among bonds not rated by </FONT><FONT size=2 face=sans-serif>agencies.</F
ONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Once the fund has </FONT><FONT size=2 face=sans-serif>invested </FONT><FONT size=2 face=sans-serif>in a bond, the </FONT><FONT size=2 face=sans-serif>portfolio managers continue </FONT><FONT size=2 face=sans-serif>to </FONT><FONT size=2 face=sans-serif>monitor developments </FONT><FONT size=2 face=sans-serif>that affect the overall bond </FONT><FONT size=2 face=sans-serif>market, </FONT><FONT size=2 face=sans-serif>the sector, and the issuer of the bond. </FONT><FONT size=2 face=sans-serif>Typically, </FONT><FONT size=2 face=sans-serif>lower-rated bonds are </FONT><FONT size=2 face=sans-serif>reviewed </FONT><FONT size=2 face=sans-serif>more </FONT><FONT size=2 face=sans-serif>frequently because </FONT><FONT size=2 face=sans-serif>of their greater </FONT><FONT size=2 face=sans-serif>potential </FONT><FONT size=2 face=sans-serif>risk.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The goal of </FONT><FONT size=2 face=sans-serif>research </FONT><FONT size=2 face=sans-serif>and active </FONT><FONT size=2 face=sans-serif>management </FONT><FONT size=2 face=sans-serif>is to stay a step ahead of the </FONT><FONT size=2 face=sans-serif>industry </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>pinpoint opportunities </FONT><FONT size=2 face=sans-serif>to adjust </FONT><FONT size=2 face=sans-serif>holdings </FONT><FONT size=2 face=sans-serif>for the benefit of the fund&#146;s </FONT><FONT size=2 face=sans-serif>shareholders.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Consider </FONT></B><B><FONT size=2 face=sans-serif>these risks before </FONT></B><B><FONT size=2 face=sans-serif>investing:</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Lower-rated bonds may offer higher yields in return for more risk. Capital gains, if any, are </FONT><FONT size=2 face=sans-serif>taxable </FONT><FONT size=2 face=sans-serif>for federal and, in most cases, state </FONT><FONT size=2 face=sans-serif>purposes. </FONT><FONT size=2 face=sans-serif>For some </FONT><FONT size=2 face=sans-serif>investors, investment income </FONT><FONT size=2 face=sans-serif>may be </FONT><FONT size=2 face=sans-serif>subject </FONT><FONT size=2 face=sans-serif>to the federal alternative </FONT><FONT size=2 face=sans-serif>minimum </FONT><FONT size=2 face=sans-serif>tax. </FONT><FONT size=2 face=sans-serif>Income </FONT><FONT size=2 face=sans-serif>from </FONT><FONT size=2 face=sans-serif>federally exempt </FONT><FONT size=2 face=sans-serif>funds may be </FONT><FONT size=2 face=sans-serif>subject </FONT><FONT size=2 face=sans-serif>to state and local taxes. Please </FONT><FONT size=2 face=sans-serif>consult </FONT><FONT size=2 
face=sans-serif>with your tax </FONT><FONT size=2 face=sans-serif>advisor </FONT><FONT size=2 face=sans-serif>for more </FONT><FONT size=2 face=sans-serif>information. </FONT><FONT size=2 face=sans-serif>Mutual funds that invest in bonds are </FONT><FONT size=2 face=sans-serif>subject </FONT><FONT size=2 face=sans-serif>to certain risks, including </FONT><FONT size=2 face=sans-serif>interest</FONT><FONT size=2 face=sans-serif>-rate risk, credit risk, and inflation risk. As </FONT><FONT size=2 face=sans-serif>interest </FONT><FONT size=2 face=sans-serif>rates rise, the prices of bonds fall. Long-term bonds are more </FONT><FONT size=2 face=sans-serif>exposed </FONT><FONT size=2 face=sans-serif>to </FONT><FONT size=2 face=sans-serif>interest</FONT><FONT size=2 face=sans-serif>-rate risk than short-term bonds. Unlike bonds, bond funds have </FONT><FONT size=2 face=sans-serif>ongoing </FONT><FONT size=2 face=sans-serif>fees and </FONT><FONT size=2 face=sans-serif>expenses. </FONT><FONT size=2 face=sans-serif>The
 fund uses </FONT><FONT size=2 face=sans-serif>leverage, </FONT><FONT size=2 face=sans-serif>which </FONT><FONT size=2 face=sans-serif>involves </FONT><FONT size=2 face=sans-serif>risk and may </FONT><FONT size=2 face=sans-serif>increase </FONT><FONT size=2 face=sans-serif>the </FONT><FONT size=2 face=sans-serif>volatility </FONT><FONT size=2 face=sans-serif>of the fund&#146;s net asset value. The fund&#146;s shares trade on a stock </FONT><FONT size=2 face=sans-serif>exchange </FONT><FONT size=2 face=sans-serif>at market prices, which may be higher or lower than the fund&#146;s net asset value.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>How do </FONT></B><B><FONT size=2 face=sans-serif>closed</FONT></B><B><FONT size=2 face=sans-serif>-end funds </FONT></B><B><FONT size=2 face=sans-serif>differ from open-end </FONT></B><B><FONT size=2 face=sans-serif>funds?</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>More assets at work </FONT></B><FONT size=1 face=sans-serif>While open-end funds need to </FONT><FONT size=1 face=sans-serif>maintain </FONT><FONT size=1 face=sans-serif>a cash </FONT><FONT size=1 face=sans-serif>position </FONT><FONT size=1 face=sans-serif>to meet </FONT><FONT size=1 face=sans-serif>redemptions, </FONT><FONT size=1 face=sans-serif>closed-end funds are not </FONT><FONT size=1 face=sans-serif>subject </FONT><FONT size=1 face=sans-serif>to </FONT><FONT size=1 face=sans-serif>redemptions </FONT><FONT size=1 face=sans-serif>and can keep more of their assets </FONT><FONT size=1 face=sans-serif>invested </FONT><FONT size=1 face=sans-serif>in the </FONT><FONT size=1 face=sans-serif>market.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Traded </FONT></B><B><FONT size=1 face=sans-serif>like stocks </FONT></B><FONT size=1 face=sans-serif>Closed-end fund shares are traded on stock </FONT><FONT size=1 face=sans-serif>exchanges, </FONT><FONT size=1 face=sans-serif>and their market prices fl</FONT><FONT size=1 face=sans-serif>uctuate </FONT><FONT size=1 face=sans-serif>in </FONT><FONT size=1 face=sans-serif>response </FONT><FONT size=1 face=sans-serif>to supply and </FONT><FONT size=1 face=sans-serif>demand, </FONT><FONT size=1 face=sans-serif>among other </FONT><FONT size=1 face=sans-serif>factors.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Net asset value vs. </FONT></B><B><FONT size=1 face=sans-serif>market </FONT></B><B><FONT size=1 face=sans-serif>price </FONT></B><FONT size=1 face=sans-serif>Like an open-end fund&#146;s net asset value (NAV) per share, the NAV of a closed-end fund share is equal to the </FONT><FONT size=1 face=sans-serif>current </FONT><FONT size=1 face=sans-serif>value of the fund&#146;s assets, minus its </FONT><FONT size=1 face=sans-serif>liabilities, divided </FONT><FONT size=1 face=sans-serif>by the </FONT><FONT size=1 face=sans-serif>number </FONT><FONT size=1 face=sans-serif>of shares </FONT><FONT size=1 face=sans-serif>outstanding. However, </FONT><FONT size=1 face=sans-serif>when buying or selling closed-end fund shares, the price you pay or receive is the </FONT><FONT size=1 face=sans-serif>market </FONT><FONT size=1 face=sans-serif>price. Market price reflects </FONT><FONT size=1 face=sans-serif>current market </FONT><FONT size=1 face=sans-serif>supply 
and </FONT><FONT size=1 face=sans-serif>demand </FONT><FONT size=1 face=sans-serif>and may be higher or lower than the NAV.</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Municipal </FONT></B><B><FONT size=2 face=sans-serif>bonds may finance a range of </FONT></B><B><FONT size=2 face=sans-serif>projects </FONT></B><B><FONT size=2 face=sans-serif>in your<BR>
</FONT></B><B><FONT size=2 face=sans-serif>community </FONT></B><B><FONT size=2 face=sans-serif>and thus play a key role in its </FONT></B><B><FONT size=2 face=sans-serif>development.</FONT></B></P>
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<P style="TEXT-ALIGN: left"><I><FONT size=1 face=sans-serif>Identifi </FONT></I><I><FONT size=1 face=sans-serif>ed project areas are not </FONT></I><I><FONT size=1 face=sans-serif>necessarily represented </FONT></I><I><FONT size=1 face=sans-serif>in your fund&#146;s </FONT></I><I><FONT size=1 face=sans-serif>portfolio </FONT></I><I><FONT size=1 face=sans-serif>as of the date of this report, and your fund may invest in </FONT></I><I><FONT size=1 face=sans-serif>securities representing projects </FONT></I><I><FONT size=1 face=sans-serif>not shown here. Your fund&#146;s </FONT></I><I><FONT size=1 face=sans-serif>holdings </FONT></I><I><FONT size=1 face=sans-serif>will vary over time. For more </FONT></I><I><FONT size=1 face=sans-serif>information </FONT></I><I><FONT size=1 face=sans-serif>on </FONT></I><I><FONT size=1 face=sans-serif>current </FONT></I><I><FONT size=1 face=sans-serif>fund </FONT></I><I><FONT size=1 face=sans-serif>holdings, </FONT></I><I><FONT size=1 face=sans-serif>see pages 21&#150;36.</FONT>
</I></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=sans-serif>Performance</FONT></B><BR>
<B><FONT size=5 face=sans-serif>snapshot</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Average annual total return (%) comparison as of 10/31/09</FONT></B></P>
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<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>Data is historical. Past performance does not guarantee future results. More recent returns may be less or more than those shown. Investment return and net asset value will fluctuate, and you may have a gain or a loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. Fund returns in the bar chart are at NAV. See pages 7 and 12&#150;13 for additional performance information, including </FONT></I></B><B><I><FONT size=1 face=sans-serif>fund returns at market price. Index and Lipper results should be compared to fund performance at NAV. Lipper calculates performance differently than the closed-end funds it ranks, due to varying methods for determining a fund&#146;s monthly reinvestment NAV.</FONT></I></B></P>
<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>* Returns for the six-month period are not annualized, but cumulative.</FONT></I></B></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=sans-serif>Interview with your <BR>
</FONT></B><B><FONT size=5 face=sans-serif>fund&#146;s portfolio manager</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Thalia Meehan</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Thalia, the municipal bond market has experienced significant volatility recently. How did the market and the fund perform over the past six months?</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>For the six months ended October 31, 2009, Putnam Municipal Opportunities Trust returned 16.22%, outperforming the 14.93% average return of its peer group, the Lipper General Municipal Debt Funds (leveraged closed-end). The fund also outperformed its broader benchmark, the Barclays Capital Municipal Bond Index, which returned 4.99% over the same period. Investors should also note that the structural leverage the fund uses through the issue of preferred shares amplifies performance. In what was ultimately a positive </FONT><FONT size=2 face=sans-serif>market for municipal bonds, the fund&#146;s use of leverage boosted returns. I should also note that the fund&#146;s cost of borrowing generally decreased during the period as the interest rate paid on the fund&#146;s preferred shares declined. As a result, the fund was able to pay more income to common shareholders and the distribution rate was increased.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>A number of federal initiatives helped provide the foundation for a more stable market during the past six months. The Fed [Federal Reserve Board] made clear its intent to keep interest rates extremely low into the foreseeable future to support the flow of credit. Meanwhile, since their introduction in April, a number of issues of Build America</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Broad market index and fund performance</FONT></B></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>This comparison shows your fund&#146;s performance in the context of broad market indexes for the six months ended 10/31/09. See page 6 and pages 12&#150;13 for additional fund performance information. Index descriptions can be found on page 14.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Bonds have been brought to market by states and local governments. This has given further support to municipal bond prices. The period did finish on a down note in October, however, as investors sold positions to lock in&nbsp;profits.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>You mentioned the fund increased its dividend. What led to the increase?</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The interest rate paid to the fund&#146;s preferred shareholders periodically changes. During the period, the rate declined, which freed up more income to distribute to common shareholders. In October, the fund increased its distribution rate from $0.0628 to $0.0663 per share.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>What are Build America Bonds, and how did they help the municipal market?</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Build America Bonds, or BABs, are taxable securities issued by state and local governments. Typically, the issuer receives a subsidy direct from the U.S. Treasury to cover 35% of the interest payments. This financing alternative has been quite attractive to </FONT><FONT size=2 face=sans-serif>municipal issuers, allowing states to come to market with new issues with lower coupons. The net effect for the tax-exempt bond market has been positive, as the supply of longer-maturity, high-grade, tax-exempt bonds has decreased. It&#146;s been quite a successful program for states, and as of the beginning of October, there were more than $35 billion worth of BABs on the market.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>What changes did you make to the fund&#146;s positioning during the period?</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>During the fourth quarter of 2008 and the first few months of 2009, investors almost exclusively sought the relative safe haven of higher-quality and shorter-maturity securities. This created a number of attractive buying opportunities in lower-rated municipal bonds. Much of our focus during the early part of the period was on taking advantage of those opportunities. Specifically, we sought to add BBB-rated bonds to the fund, which on the whole were trading at historically cheap levels and offering yields significantly higher than</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Credit qualities are shown as a percentage of portfolio value as of 10/31/09. A bond rated Baa or higher (MIG3/VMIG3 or higher, for short-term debt) is considered investment grade. The chart reflects Moody&#146;s ratings; percentages may include bonds not rated by Moody&#146;s but considered by Putnam Management to be of comparable quality. Ratings will vary over time.</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif><FONT size=3>&#147;</FONT><FONT size=3>Unique opportunities exist in</FONT></FONT></B><BR>
<B><FONT size=3 face=sans-serif>investment-grade bonds offering</FONT></B><BR>
<B><FONT size=3 face=sans-serif>unusually high </FONT></B><B><FONT size=3 face=sans-serif>yields.</FONT></B><B><FONT size=2 face=sans-serif><FONT size=3>&#148;</FONT><BR>
<BR>
</FONT></B><FONT size=2 face=sans-serif>Thalia Meehan</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>average. This proved to be beneficial, as the BBB-rated segment went on to deliver by far the biggest gains over the past six months, with holdings in that segment driving the bulk of the fund&#146;s returns.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Which holdings helped fund performance?</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Our position in </FONT><B><I><FONT size=2 face=sans-serif>Buckeye Tobacco </FONT></I></B><FONT size=2 face=sans-serif>bonds posted strong returns. To give some background, state tobacco bonds are funded with revenue stemming from a legal agreement that exempted tobacco companies from health-related lawsuits in exchange for annual payments, in perpetuity, to the states to cover tobacco-related health-care costs. Often, these bonds have higher yields than other issues of comparable quality and, in general, tobacco bonds are some of the </FONT><FONT size=2 face=sans-serif>largest and most liquid BBB-rated municipal bonds on the market. When investors sought out high-quality securities earlier in 2009, tobacco bonds were some of the easiest positions to exit, and sold off dramatically. As the market recovered, the fund&#146;s position in Buckeye Tobacco bonds rallied sharply, and was among the top contributors to returns.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Another tobacco-related issue helped performance: the fund&#146;s position in </FONT><B><I><FONT size=2 face=sans-serif>New Jersey Economic Development Cigarette Tax </FONT></I></B><FONT size=2 face=sans-serif>bonds. These bonds, as the name suggests, are backed by cigarette tax revenues, which, as of period-end, were $2.70 a pack, among the highest in the nation. The bonds were rated on the low end of the investment-grade spectrum, in part because of the potential for fluctuations in their underlying revenue source. These bonds had sold off earlier in the year, but as investors re-entered this segment of the market, their prices rallied sharply.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Another positive contributor was our position in </FONT><B><I><FONT size=2 face=sans-serif>California General Obligation </FONT></I></B><FONT size=2 face=sans-serif>bonds. In the</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>This chart shows how the fund&#146;s top weightings have changed over the past six months. Weightings are shown as a percentage of net assets. Holdings will vary over time. Sector concentrations listed after the portfolio schedule in the Financial Statements section of this shareholder report are exclusive of insured or prerefunded status and may differ from the summary information above.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>spring of 2009, California was experiencing significant budget problems and the state&#146;s general obligation bonds &#151; backed by tax revenues, rather than a specific project or entity &#151; were offering yields significantly above their long-term averages. We believed these bonds presented an attractive buying opportunity and in July, after $15 billion of cuts, California finally passed its budget, and the state&#146;s general obligation bonds appreciated&nbsp;substantially.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>IN THE NEWS</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>It is an interest rate for the record </FONT></B><B><FONT size=2 face=sans-serif>books, and may be with us for some </FONT></B><B><FONT size=2 face=sans-serif>time. </FONT></B><FONT size=2 face=sans-serif>The Fed (Federal Reserve Board), responsible for implementing U.S. monetary policy, sets short-term interest rates through changes to the federal funds rate, the interest rate at which banks loan funds to other banks, usually on an overnight basis. Since December 2008, the federal funds rate has been near an all-time low of 0% as the U.S. government works to restore liquidity to the credit market. The federal funds rate began at 1.13% in 1954 and hit a high of 22.36% in 1981. After its most recent meeting in November, the Fed stated that economic conditions &#147;are likely to warrant exceptionally low levels of the federal funds rate for an extended period.&#148;</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Which positions detracted from returns during the period?</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Insured issues were some of the fund&#146;s biggest detractors, as monoline insurers &#151; which guarantee the timely repayment of bond principal and interest when an issuer defaults &#151; were downgraded during the period. Historically, monoline insurance has provided municipal issuers with higher credit ratings and lower interest rates. However, concerns about monoline insurers&#146; exposure to mortgage bonds resulted in the insurers suffering downgrades to their credit quality, and insurance now has much less value than in the past. In fact, there is no longer any bond insurer rated AAA by all three major ratings agencies &#151; Moody&#146;s Investors Service, Fitch Ratings, and Standard &amp; Poor&#146;s. </FONT><B><I><FONT size=2 face=sans-serif>Harris County [Texas] Capital Appreciation </FONT></I></B><FONT size=2 face=sans-serif>bonds, which are insured by monoline insurer National Public Finance Guarantee, were one such example, and declined
 in value after National&#146;s credit was downgraded during the period.</FONT></P>
<P style="TEXT-ALIGN: left"><B><I><FONT size=2 face=sans-serif>Massachusetts Port Revenue </FONT></I></B><FONT size=2 face=sans-serif>bonds were also a drag on relative returns. These particular bonds were prerefunded, meaning the capital used to repay the bonds is held in escrow, typically in U.S. Treasuries. Because the risk of default is virtually nonexistent in prerefunded bonds, they tend to be very high-quality securities. Over the past six months, investors have been selling positions in exactly this type of high-quality bond in favor of more attractively valued issues, particularly in the BBB segment of the market where the opportunities for appreciation appeared greater. Although our position in Massachusetts Port Revenue bonds appreciated during the period, it lagged the overall market.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>What is your outlook for the municipal bond market?</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>My outlook has not changed much since six months ago. The Fed and the U.S. Treasury have taken unprecedented steps to inject</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>liquidity into the credit markets, boost the economy, and help increase the flow of credit. However, it is important to understand that the effects of many of these steps will take time. In our view, markets are likely to remain challenging in the near term, particularly with the lingering concerns over state budgets, the future of bond insurers, and the potential for regulatory changes.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Despite these challenges, as I have mentioned in prior fund commentaries, I see two key benefits that municipal bond funds offer. First, given the likelihood that the Bush administration tax cuts will be allowed to expire in 2010, municipal bonds&#146; tax-free income should become even more attractive compared with taxable fixed income. Second, the overall credit quality of the municipal bond asset class remains high and default rates relative to corporate bonds remain extremely low.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>That said, I do expect the fourth quarter to be somewhat more volatile than recent months. Flows into municipal bonds have slowed recently, which is not surprising given the massive inflows earlier in the year. But, demand in the market is still strong and supply of higher-grade bonds remains light, in part due to the issuance of BABs in the taxable market. We may see a greater discrepancy among the performance of individual securities, and security selection will be the ultimate driver of performance going forward. Attractive valuations continue to exist in many areas of the market, and this has created unique opportunities for the fund to add high-quality bonds offering unusually high yields to the portfolio.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Thank you, Thalia, for your time and insights today.</FONT></B></P>
<P style="TEXT-ALIGN: left"><I><FONT size=2 face=sans-serif>The views expressed in this report are exclusively those of Putnam Management. They are not meant as investment advice.</FONT></I></P>
<P style="TEXT-ALIGN: left"><I><FONT size=2 face=sans-serif>Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the fund&#146;s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk.</FONT></I></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Portfolio Manager </FONT><B><FONT size=2 face=sans-serif>Thalia Meehan </FONT></B><FONT size=2 face=sans-serif>is Team Leader of the Tax Exempt Group at Putnam. She holds a B.A. from Williams College. A CFA charterholder, </FONT><FONT size=2 face=sans-serif>Thalia joined Putnam in 1989 and has been in the investment industry since 1983.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In addition to Thalia, your fund&#146;s portfolio managers are Paul Drury, Brad Libby, and Susan McCormack.</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Your fund&#146;s performance</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>This section shows your fund&#146;s performance, price, and distribution information for periods ended October 31, 2009, the end of the first half of its current fiscal year. In accordance with regulatory requirements for mutual funds, we also include performance as of the most recent calendar quarter-end. Performance should always be considered in light of a fund&#146;s investment strategy. Data represents past performance. Past performance does not guarantee future results. More recent returns may be less or more than those shown. Investment return, net asset value, and market price will fluctuate, and you may have a gain or a loss when you sell your shares.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Fund performance </FONT></B><FONT size=2 face=sans-serif>Total return for periods ended 10/31/09</FONT></P>
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     <TD width="20%" align=center></TD>
     <TD width="20%" align=center></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif>Lipper General</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif>Municipal Debt</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif>Barclays Capital</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif>Funds (leveraged</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif>Municipal Bond</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif>closed-end)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif>NAV</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif>Market price</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif>Index</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif>category average*</FONT></B>&nbsp;</TD></TR>
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     <TD colSpan=5 align=center>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Annual average</FONT>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Life of fund (since 5/28/93)</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>5.72%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>4.90%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>5.59%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>5.61%</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5 align=center>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>10 years</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>77.40</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>70.85</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>73.43</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>79.98</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Annual average</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>5.90</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>5.50</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>5.66</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>6.02</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5 align=center>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>5 years</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>20.65</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>17.44</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>22.57</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>17.91</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Annual average</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>3.83</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>3.27</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>4.15</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>3.31</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5 align=center>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>3 years</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>5.67</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>11.62</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>13.04</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>2.82</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Annual average</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>1.86</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>3.73</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>4.17</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>0.87</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5 align=center>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>1 year</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>24.66</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>26.82</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>13.60</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>25.86</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5 align=center>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>6 months</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>16.22</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>17.18</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>4.99</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>14.93</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5 align=center>
<HR SIZE=1 noShade>
</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Performance assumes reinvestment of distributions and does not account for taxes.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Index and Lipper results should be compared to fund performance at net asset value. Lipper calculates performance differently than the closed-end funds it ranks, due to varying methods for determining a fund&#146;s monthly reinvestment NAV.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>* Over the 6-month, 1-year, 3-year, 5-year, 10-year, and life-of-fund periods ended 10/31/09, there were 56, 56, 56, 55, 41, and 32 funds, respectively, in this Lipper category.</FONT></P>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>12</FONT>&nbsp;</TD></TR></TABLE><BR>
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Fund price and distribution information </FONT></B><FONT size=2 face=sans-serif>For the six-month period ended 10/31/09</FONT></P>
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<TR>
     <TD width="69%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Distributions</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Number</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>6</FONT></TD></TR>
<TR>
     <TD colSpan=3>
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</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Income</FONT><B><SUP><FONT size=1 face=sans-serif>1</FONT></SUP></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>$0.3803</FONT></TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Capital gains</FONT><B><SUP><FONT size=1 face=sans-serif>2</FONT></SUP></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>&#151;</FONT></TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Total</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>$0.3803</FONT></TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Distributions &#151; Preferred shares*</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif>Series B</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif>Series C</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Income</FONT><B><SUP><FONT size=1 face=sans-serif>1</FONT></SUP></B>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>$64.08</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>$62.77</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Capital gains</FONT><B><SUP><FONT size=1 face=sans-serif>2</FONT></SUP></B>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Total</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>$64.08</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>$62.77</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Share value</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif>NAV</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif>Market price</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>4/30/09</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>$10.47</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>$9.73</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>10/31/09</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>11.74</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>11.00</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Current yield (end of period)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Current dividend rate</FONT><B><SUP><FONT size=1 face=sans-serif>3</FONT></SUP></B>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>6.78%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>7.23%</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Taxable equivalent</FONT><B><SUP><FONT size=1 face=sans-serif>4</FONT></SUP></B>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>10.43%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>11.12%</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The classification of distributions, if any, is an estimate. Final distribution information will appear on your year-end tax forms.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>* For further information on the preferred shares outstanding during the period, please refer to Note 4: Preferred shares on page 43.</FONT></P>
<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>1 </FONT></SUP></B><FONT size=1 face=sans-serif>For some investors, investment income may be subject to the federal alternative minimum tax. Income from federally exempt funds may be subject to state and local taxes.</FONT></P>
<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>2 </FONT></SUP></B><FONT size=1 face=sans-serif>Capital gains, if any, are taxable for federal and, in most cases, state purposes.</FONT></P>
<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>3 </FONT></SUP></B><FONT size=1 face=sans-serif>Most recent distribution, excluding capital gains, annualized and divided by NAV or market price at end of period.</FONT></P>
<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>4 </FONT></SUP></B><FONT size=1 face=sans-serif>Assumes maximum 35% federal tax rate for 2009. Results for investors subject to lower tax rates would not be as&nbsp;advantageous.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Fund performance as of most recent calendar quarter</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Total return for periods ended 9/30/09</FONT></P>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="59%"></TD>
     <TD width="20%" align=center></TD>
     <TD width="20%" align=center></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif>NAV</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif>Market price</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Annual average</FONT>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Life of fund (since 5/28/93)</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>5.93%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>5.16%</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>10 years</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>78.27</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>71.40</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Annual average</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>5.95</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>5.54</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>5 years</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>25.68</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>21.48</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Annual average</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>4.68</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>3.97</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>3 years</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>9.65</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>17.56</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Annual average</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>3.12</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>5.54</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>1 year</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>19.09</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>19.36</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>6 months</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>24.02</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>27.18</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>13</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
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<A name="page_15"></A><BR>
<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Terms and definitions</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Important terms</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Total return </FONT></B><FONT size=2 face=sans-serif>shows how the value of the fund&#146;s shares changed over time, assuming you held the shares through the entire period and reinvested all distributions in the fund.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Net asset value (NAV) </FONT></B><FONT size=2 face=sans-serif>is the value of all your fund&#146;s assets, minus any liabilities and the net assets allocated to any outstanding preferred shares, divided by the number of outstanding common shares.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Market price </FONT></B><FONT size=2 face=sans-serif>is the current trading price of one share of the fund. Market prices are set by transactions between buyers and sellers on exchanges such as the New York Stock Exchange.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Current yield </FONT></B><FONT size=2 face=sans-serif>is the annual rate of return earned from dividends or interest of an investment. Current yield is expressed as a percentage of the price of a security, fund share, or principal investment.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Comparative indexes</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Barclays Capital Aggregate Bond Index </FONT></B><FONT size=2 face=sans-serif>is an unmanaged index of U.S. investment-grade fixed-income securities.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Barclays Capital Municipal Bond Index </FONT></B><FONT size=2 face=sans-serif>is an unmanaged index of long-term fixed-rate investment-grade tax-exempt bonds.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>BofA Merrill Lynch U.S. 3-Month Treasury Bill Index </FONT></B><FONT size=2 face=sans-serif>is an unmanaged index that seeks to measure the performance of U.S. Treasury bills available in the marketplace.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>S&amp;P 500 Index </FONT></B><FONT size=2 face=sans-serif>is an unmanaged index of common stock performance.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Indexes assume reinvestment of all distributions and do not account for fees. Securities and performance of a fund and an index will differ. You cannot invest directly in an index.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Lipper </FONT></B><FONT size=2 face=sans-serif>is a third-party industry-ranking entity that ranks mutual funds. Its rankings do not reflect sales charges. Lipper rankings are based on total return at net asset value relative to other funds that have similar current investment styles or objectives as determined by Lipper. Lipper may change a fund&#146;s category assignment at its discretion. Lipper category averages reflect performance trends for funds within a category.</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Trustee approval of management contract</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>General conclusions</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Board of Trustees of the Putnam funds oversees the management of each fund and, as required by law, determines annually whether to approve the continuance of your fund&#146;s management contract with Putnam Investment Management (&#147;Putnam Management&#148;).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In this regard, the Board of Trustees, with the assistance of its Contract Committee consisting solely of Trustees who are not &#147;interested persons&#148; (as such term is defined in the Investment Company Act of 1940, as amended) of the Putnam funds (the &#147;Independent Trustees&#148;), requests and evaluates all information it deems reasonably necessary under the circumstances. Over the course of several months ending in June 2009, the Contract Committee met several times to consider the information provided by Putnam Management and other information developed with the assistance of the Board&#146;s independent counsel and independent staff. The Contract Committee reviewed and discussed key aspects of this information with all of the Independent Trustees. At the Trustees&#146; June 12, 2009 meeting, the Contract Committee recommended, and the Independent Trustees approved, the continuance of your fund&#146;s management contract, effective July 1
, 2009. In addition, at the Trustees&#146; September 11, 2009 meeting, the Contract Committee recommended, and the Independent Trustees approved, a sub-management contract with respect to your fund between Putnam Management and its affiliate, Putnam Investments Limited (&#147;PIL&#148;), effective September 14, 2009. (Because PIL is an affiliate of Putnam Management and Putnam Management remains fully responsible for all services provided by PIL, the Trustees have not evaluated PIL as a separate entity, and all subsequent references to Putnam Management below </FONT><FONT size=2 face=sans-serif>should be deemed to include reference to PIL as necessary or appropriate in the context.) </FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Independent Trustees&#146; approval was based on the following conclusions: </FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; </FONT><FONT size=2 face=sans-serif>That the fee schedule in effect for your fund represented reasonable compensation in light of the nature and quality of the services being provided to the fund, the fees paid by competitive funds and the costs incurred by Putnam Management in providing such services, and </FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; </FONT><FONT size=2 face=sans-serif>That such fee schedule represented an appropriate sharing between fund shareholders and Putnam Management of such economies of scale as may exist in the management of the fund at current asset levels.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>These conclusions were based on a comprehensive consideration of all information provided to the Trustees and were not the result of any single factor. Some of the factors that figured particularly in the Trustees&#146; deliberations and how the Trustees considered these factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors. It is also important to recognize that the fee arrangements for your fund and the other Putnam funds are the result of many years of review and discussion between the Independent Trustees and Putnam Management, that certain aspects of the arrangements may receive greater scrutiny in some years than others, and that the Trustees&#146; conclusions may be based, in part, on their consideration of these same arrangements in prior years.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Management fee schedules and categories; total expenses</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Trustees reviewed the management fee schedules in effect for all Putnam funds, including fee levels and breakpoints, and the assignment of funds to particular fee categories. The general</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>fee structure has been carefully developed over the years and re-examined on many occasions and adjusted where appropriate. In this regard, the Trustees noted that shareholders of all funds voted by overwhelming majorities in 2007 to approve new management contracts containing identical fee schedules.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In reviewing fees and expenses, the Trustees generally focused their attention on material changes in circumstances &#151; for example, changes in a fund&#146;s size or investment style, changes in Putnam Management&#146;s operating costs, or changes in competitive practices in the mutual fund industry &#151; that suggest that consideration of fee changes might be warranted. The Trustees concluded that the circumstances did not warrant changes to the management fee structure of your fund. The Trustees focused on two areas of particular interest, as discussed further below:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; </FONT><B><FONT size=2 face=sans-serif>Competitiveness. </FONT></B><FONT size=2 face=sans-serif>The Trustees reviewed comparative fee and expense information for competitive funds, which indicated that, in a custom peer group of competitive funds selected by Lipper Inc., your fund ranked in the 50th percentile in management fees and in the 57th percentile in total expenses as of December 31, 2008 (the first percentile being the least expensive funds and the 100th percentile being the most expensive funds).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Trustees noted that expense ratios for a number of Putnam funds, which show the percentage of fund assets used to pay for management and administrative services, distribution (12b-1) fees (as applicable) and other expenses, had been increasing recently as a result of declining net assets and the natural operation of fee breakpoints. The Trustees expressed their intention to monitor the funds&#146; percentile rankings in management fees and in total expenses to ensure that fees and expenses of the funds continue to meet evolving competitive standards.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; </FONT><B><FONT size=2 face=sans-serif>Economies of scale. </FONT></B><FONT size=2 face=sans-serif>Your fund currently has the benefit of breakpoints in its management fee that provide shareholders with significant economies of scale, which means that the effective management fee rate of the fund (as a percentage of fund assets) declines as the fund grows in size and crosses specified asset thresholds. Conversely, as the fund shrinks in size &#151; as has been the case for many Putnam funds in recent years &#151; these breakpoints result in increasing fee levels. In recent years, the Trustees have examined the operation of the existing breakpoint structure during periods of both growth and decline in asset levels. The Trustees concluded that the fee schedule in effect for your fund represented an appropriate sharing of economies of scale at that time.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In connection with their review of the management fees and total expenses of the Putnam funds, the Trustees also reviewed the costs of the services provided and profits realized by Putnam Management and its affiliates from their contractual relationships with the funds. This information included trends in revenues, expenses and profitability of Putnam Management and its affiliates relating to the investment management and distribution services provided to the funds. In this regard, the Trustees also reviewed an analysis of Putnam Management&#146;s revenues, expenses and profitability with respect to the funds&#146; management contracts, allocated on a fund-by-fund basis.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Investment performance</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The quality of the investment process provided by Putnam Management represented a major factor in the Trustees&#146; evaluation of the quality of services provided by Putnam Management under your fund&#146;s management contract. The Trustees were assisted in their review of the Putnam funds&#146; investment process and performance by the work of the Investment Oversight Coordinating Committee of the Trustees and the Investment Oversight Committees of the</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Trustees, which had met on a regular monthly basis with the funds&#146; portfolio teams throughout the year. The Trustees concluded that Putnam Management generally provides a high-quality investment process &#151; as measured by the experience and skills of the individuals assigned to the management of fund portfolios, the resources made available to such personnel, and in general the ability of Putnam Management to attract and retain high-quality personnel &#151; but also recognized that this does not guarantee favorable investment results for every fund in every time period. The Trustees considered the investment performance of each fund over multiple time periods and considered information comparing each fund&#146;s performance with various benchmarks and with the performance of competitive funds.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Trustees noted the disappointing investment performance of many of the funds for periods ended March 31, 2009. They discussed with senior management of Putnam Management the factors contributing to such underperformance and the actions being taken to improve performance. The Trustees recognized that, in recent years, Putnam Management has taken steps to strengthen its investment personnel and processes to address areas of underperformance, including Putnam Management&#146;s continuing efforts to strengthen the equity research function, recent changes in portfolio managers including increased accountability of individual managers rather than teams, recent changes in Putnam Management&#146;s approach to incentive compensation, including emphasis on top quartile performance over a rolling three-year period, and the recent arrival of a new chief investment officer. The Trustees also recognized the substantial improvement in performance of many funds si
nce the implementation of those changes. The Trustees indicated their intention to continue to monitor performance trends to assess the effectiveness of these efforts and to evaluate </FONT><FONT size=2 face=sans-serif>whether additional changes to address areas of underperformance are warranted.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In the case of your fund, the Trustees considered that your fund&#146;s common share cumulative total return performance at net asset value was in the following percentiles of its Lipper Inc. peer group (Lipper General Municipal Debt Funds (leveraged closed-end)) (compared using tax-adjusted performance to recognize the different federal income tax treatment for capital gains distributions and exempt-interest distributions) for the one-year, three-year and five-year periods ended March 31, 2009 (the first percentile being the best-performing funds and the 100th percentile being the worst-performing funds):</FONT></P>
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     <TD noWrap align=right><FONT size=1 face=sans-serif>65th</FONT>&nbsp;</TD>
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     <TD noWrap align=right><FONT size=1 face=sans-serif>61st</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>Five-year period</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>66th</FONT>&nbsp;</TD>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Over the one-year, three-year and five-year periods ended March 31, 2009, there were 59, 59 and 58 funds, respectively, in your fund&#146;s Lipper peer group. Past performance is no guarantee of future results.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>As a general matter, the Trustees believe that cooperative efforts between the Trustees and Putnam Management represent the most effective way to address investment performance problems. The Trustees noted that investors in the Putnam funds have, in effect, placed their trust in the Putnam organization, under the oversight of the funds&#146; Trustees, to make appropriate decisions regarding the management of the funds. Based on the responsiveness of Putnam Management in the recent past to Trustee concerns about investment performance, the Trustees concluded that it is preferable to seek change within Putnam Management to address performance shortcomings. In the Trustees&#146; view, the alternative of engaging a new investment adviser for an underperforming fund would entail significant disruptions and would not provide any greater assurance of improved investment performance.</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Brokerage and soft-dollar allocations; other benefits</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Trustees considered various potential benefits that Putnam Management may receive in connection with the services it provides under the management contract with your fund. These include benefits related to brokerage and soft-dollar allocations, whereby a portion of the commissions paid by a fund for brokerage may be used to acquire research services that may be useful to Putnam Management in managing the assets of the fund and of other clients. The Trustees considered a change made, at Putnam Management&#146;s request, to the Putnam funds&#146; brokerage allocation policy commencing in 2009, which increased the permitted soft dollar allocation to third-party services over what had been authorized in previous years. The Trustees noted that a portion of available soft dollars continue to be allocated to the payment of fund expenses, although the amount allocated for this purpose has declined in recent years. The Trustees indicated their continued int
ent to monitor regulatory developments in this area with the assistance of their Brokerage Committee and also indicated their continued intent to monitor the potential benefits associated with the allocation of fund brokerage and trends in industry practice to ensure that the principle of seeking best price and execution remains paramount in the portfolio trading process.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Trustees&#146; annual review of your fund&#146;s management contract also included the review of the investor servicing agreement with Putnam Fiduciary Trust Company, which </FONT><FONT size=2 face=sans-serif>agreement provides benefits to an affiliate of Putnam Management.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Comparison of retail and institutional fee schedules</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The information examined by the Trustees as part of their annual contract review has included for many years information regarding fees charged by Putnam Management and its affiliates to institutional clients such as defined benefit pension plans, college endowments, etc. This information included comparisons of such fees with fees charged to the funds, as well as a detailed assessment of the differences in the services provided to these two types of clients. The Trustees observed, in this regard, that the differences in fee rates between institutional clients and mutual funds are by no means uniform when examined by individual asset sectors, suggesting that differences in the pricing of investment management services to these types of clients reflect to a substantial degree historical competitive forces operating in separate market places. The Trustees considered the fact that fee rates across different asset classes are typically higher on average fo
r mutual funds than for institutional clients, as well as the differences between the services that Putnam Management provides to the Putnam funds and those that it provides to institutional clients of the firm, but did not rely on such comparisons to any significant extent in concluding that the management fees paid by your fund are reasonable.</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Other information for shareholders</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Important notice regarding share repurchase program</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In September 2009, the Trustees of your fund approved the renewal of a share repurchase program that had been in effect since 2005. This renewal will allow your fund to repurchase, in the 12 months beginning October 8, 2009, up to 10% of the fund&#146;s common shares outstanding as of October 7, 2009.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Important notice regarding delivery of shareholder documents</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In accordance with SEC regulations, Putnam sends a single copy of annual and semiannual shareholder reports, prospectuses, and proxy statements to Putnam shareholders who share the same address, unless a shareholder requests otherwise. If you prefer to receive your own copy of these documents, please call Putnam at 1-800-225-1581, and Putnam will begin sending individual copies within&nbsp;30&nbsp;days.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Proxy voting</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Putnam is committed to managing our mutual funds in the best interests of our shareholders. The Putnam funds&#146; proxy voting guidelines and procedures, as well as information regarding how your fund voted proxies relating to portfolio securities during the 12-month period ended June 30, 2009, are available in the Individual Investors section of putnam.com, and on the SEC&#146;s Web site, www.sec.gov. If you have </FONT><FONT size=2 face=sans-serif>questions about finding forms on the SEC&#146;s Web site, you may call the SEC at 1-800-SEC-0330. You may also obtain the Putnam funds&#146; proxy voting guidelines and procedures at no charge by calling Putnam&#146;s Shareholder Services at 1-800-225-1581.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Fund portfolio holdings</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The fund will file a complete schedule of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Shareholders may obtain the fund&#146;s Forms N-Q on the SEC&#146;s Web site at www.sec.gov. In addition, the fund&#146;s Forms N-Q may be reviewed and copied at the SEC&#146;s Public Reference Room in Washington, D.C. You may call the SEC at 1-800-SEC-0330 for information about the SEC&#146;s Web site or the operation of the Public Reference Room.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Trustee and employee fund ownership</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Putnam employees and members of the Board of Trustees place their faith, confidence, and, most importantly, investment dollars in Putnam mutual funds. As of October 31, 2009, Putnam employees had approximately $303,000,000 and the Trustees had approximately $40,000,000 invested in Putnam mutual funds. These amounts include investments by the Trustees&#146; and employees&#146; immediate family members as well as investments through retirement and deferred compensation plans.</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Financial statements</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>A guide to financial statements</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>These sections of the report, as well as the accompanying Notes, constitute the fund&#146;s financial statements.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>The fund&#146;s portfolio </FONT></B><FONT size=2 face=sans-serif>lists all the fund&#146;s investments and their values as of the last day of the reporting period. Holdings are organized by asset type and industry sector, country, or state to show areas of concentration and diversification.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Statement of assets and liabilities </FONT></B><FONT size=2 face=sans-serif>shows how the fund&#146;s net assets and share price are determined. All investment and noninvestment assets are added together. Any unpaid expenses and other liabilities are subtracted from this total. The result is divided by the number of shares to determine the net asset value per share. (For funds with preferred shares, the amount subtracted from total assets includes the liquidation preference of preferred shares.)</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Statement of operations </FONT></B><FONT size=2 face=sans-serif>shows the fund&#146;s net investment gain or loss. This is done by first adding up all the fund&#146;s earnings &#151; from dividends and interest income &#151; and subtracting its operating expenses to determine net investment income (or loss). Then, any net gain or loss the fund realized on the sales of its holdings &#151; as well as any unrealized gains or losses over the </FONT><FONT size=2 face=sans-serif>period &#151; is added to or subtracted from the net investment result to determine the fund&#146;s net gain or loss for the fiscal period.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Statement of changes in net assets </FONT></B><FONT size=2 face=sans-serif>shows how the fund&#146;s net assets were affected by the fund&#146;s net investment gain or loss, by distributions to shareholders, and by changes in the number of the fund&#146;s shares. It lists distributions and their sources (net investment income or realized capital gains) over the current reporting period and the most recent fiscal year-end. The distributions listed here may not match the sources listed in the Statement of operations because the distributions are determined on a tax basis and may be paid in a different period from the one in which they were earned. Dividend sources are estimated at the time of declaration. Actual results may vary. Any non-taxable return of capital cannot be determined until final tax calculations are completed after the end of the fund&#146;s fiscal&nbsp;year.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Financial highlights </FONT></B><FONT size=2 face=sans-serif>provide an overview of the fund&#146;s investment results, per-share distributions, expense ratios, net investment income ratios, and portfolio turnover in one summary table, reflecting the five most recent reporting periods. In a semiannual report, the highlight table also includes the current reporting period.</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>The fund&#146;s portfolio </FONT></B><FONT size=2 face=sans-serif>10/31/09 (Unaudited)</FONT></P>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Key to holding&#146;s abbreviations</FONT></B>&nbsp;</TD>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>AMBAC </FONT></B><FONT size=1 face=sans-serif>AMBAC Indemnity Corporation</FONT>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>FSA </FONT></B><FONT size=1 face=sans-serif>Financial Security Assurance</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>COP </FONT></B><FONT size=1 face=sans-serif>Certificates of Participation</FONT>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>G.O. Bonds </FONT></B><FONT size=1 face=sans-serif>General Obligation Bonds</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>FGIC </FONT></B><FONT size=1 face=sans-serif>Financial Guaranty Insurance Company</FONT>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>GNMA Coll. </FONT></B><FONT size=1 face=sans-serif>Government National Mortgage</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>FHA Insd. </FONT></B><FONT size=1 face=sans-serif>Federal Housing Administration Insured</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Association Collateralized</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>FHLMC Coll. </FONT></B><FONT size=1 face=sans-serif>Federal Home Loan Mortgage</FONT>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>NATL </FONT></B><FONT size=1 face=sans-serif>National Public Finance Guarantee Corp.</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>Corporation Collateralized</FONT>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Radian Insd. </FONT></B><FONT size=1 face=sans-serif>Radian Group Insured</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>FNMA Coll. </FONT></B><FONT size=1 face=sans-serif>Federal National Mortgage Association</FONT>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>U.S. Govt. Coll. </FONT></B><FONT size=1 face=sans-serif>U.S. Government Collateralized</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>Collateralized</FONT>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>VRDN </FONT></B><FONT size=1 face=sans-serif>Variable Rate Demand Notes</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>FRB </FONT></B><FONT size=1 face=sans-serif>Floating Rate Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>XLCA </FONT></B><FONT size=1 face=sans-serif>XL Capital Assurance</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>FRN </FONT></B><FONT size=1 face=sans-serif>Floating Rate Notes</FONT>&nbsp;</TD>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (141.4%)*</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=4 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Alabama (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 size=1 face=sans-serif>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 size=1 face=sans-serif>(Intl. Paper Co.), Ser. A, 5s, 11/1/13</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$3,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$3,072,960</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Sylacauga, Hlth. Care Auth. Rev. Bonds (Coosa</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Valley Med. Ctr.), Ser. A, 6s, 8/1/25</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,200,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,022,352</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>4,095,312</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Alaska (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 size=1 face=sans-serif>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 size=1 face=sans-serif>5 1/2s, 6/1/29 (Prerefunded)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Aaa</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>804,443</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>804,443</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Arizona (3.4%)</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 size=1 face=sans-serif>Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Grande Regl. Med. Ctr.), Ser. A, 7 5/8s, 12/1/29</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,300,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,120,546</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Cochise Cnty., Indl. Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Sierra Vista Cmnty. Hosp.), Ser. A, 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 size=1 face=sans-serif>12/1/26</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB&#150;/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>435,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>437,371</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Coconino Cnty., Poll. Control Rev. Bonds (Tucson</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Elec. Pwr. Co. &#151; Navajo), Ser. A, 5 1/8s,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>10/1/32</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,481,010</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Glendale, Indl. Dev. Auth. Rev. Bonds (Midwestern</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>U.), 5s, 5/15/26</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A&#150;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>800,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>762,328</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Marana, 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 size=1 face=sans-serif>(Tangerine Farms Road), 4.6s, 1/1/26</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,051,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,866,800</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Maricopa Cnty., 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 size=1 face=sans-serif>(El Paso Elec. Co.), Ser. A, 7 1/4s, 2/1/40</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,400,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,723,183</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Public Service Co. of NM), Ser. A, 6.3s, 12/1/26</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,200,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,201,120</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>Cmnty. Learning Ctr.), 5.05s, 6/1/25</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,550,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,235,924</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>(Scottsdale Hlth. Care), Class A, 5 1/4s, 9/1/30</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,448,310</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>U. Medical Ctr. Corp. AZ 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 size=1 face=sans-serif>6 1/2s, 7/1/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,064,810</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>17,341,402</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>21</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
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<A name="page_23"></A><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<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><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (141.4%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=4 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>Independence Cnty., 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 size=1 face=sans-serif>(Entergy AR, Inc.), 5s, 1/1/21</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$2,100,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$2,123,918</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Little Rock G.O. Bonds (Cap. Impt.), 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 size=1 face=sans-serif>3.95s, 4/1/19</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>45,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>45,545</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Springdale, Sales &amp; Use Tax Rev. Bonds, 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 size=1 face=sans-serif>4.05s, 7/1/26</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,443,405</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Washington Cnty., Hosp. Rev. Bonds (Regl. 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 size=1 face=sans-serif>Ctr.), Ser. B, 5s, 2/1/25</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,750,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,706,145</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>5,319,013</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>California (18.0%)</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 size=1 face=sans-serif>ABC Unified School Dist. G.O. Bonds, Ser. B,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>FGIC, zero %, 8/1/20</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>850,725</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Burbank, Unified School Dist. G.O. Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Election of 1997), Ser. C, FGIC, zero %, 8/1/23</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>459,480</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>(Claremont Graduate U.), Ser. A, 5s, 3/1/42</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,818,760</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(U. of the Pacific), 5s, 11/1/21</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,522,470</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Loyola-Marymount U.), NATL, zero %, 10/1/21</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,300,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>668,785</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>(Sutter Hlth.), Ser. A, NATL, 5 3/8s, 8/15/30</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,499,875</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AMBAC, 5.293s, 7/1/17</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,400,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,410,512</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>Ser. E, 4.8s, 8/1/37</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,985,500</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ser. K, 4 5/8s, 8/1/26</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>10,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8,819,700</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>CA Muni. Fin. Auth. COP (Cmnty. Hosp. 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 size=1 face=sans-serif>CA), 5 1/4s, 2/1/37</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,800,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,599,983</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>CA Poll. Control Fin. 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 size=1 face=sans-serif>Gas &amp; Electric Corp.), Class D, FGIC, 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 size=1 face=sans-serif>12/1/23</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,374,225</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>CA Poll. Control Fin. Auth. 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 size=1 face=sans-serif>FRB (Waste Management, Inc.), 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 size=1 face=sans-serif>5 1/8s, 11/1/23</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>850,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>831,326</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>CA State G.O. Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>6 1/2s, 4/1/33</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>12,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>13,471,320</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>5s, 10/1/29</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,848,560</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>Group), 5 3/8s, 4/1/30</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5,250,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,763,273</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Cathedral City, Impt. Board Act of 1915 Special</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Assmt. Bonds (Cove Impt. Dist.), Ser. 04-02,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>5.05s, 9/2/35</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB&#150;/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>775,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>610,158</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Chula Vista COP, NATL, 5s, 8/1/32</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,786,560</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Chula Vista, Indl. Dev. Rev. Bonds (San Diego</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Gas), Ser. B, 5s, 12/1/27</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,915,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,818,733</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Foothill/Eastern Corridor 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 size=1 face=sans-serif>Ser. A, zero %, 1/1/28 (Prerefunded)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Aaa</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>20,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8,711,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Golden State Tobacco 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 size=1 face=sans-serif>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 size=1 face=sans-serif>Ser. 03 A-1, 6 1/4s, 6/1/33 (Prerefunded)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Aaa</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>925,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,028,036</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ser. A-1, 5s, 6/1/33</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,050,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>809,193</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ser. S-B, zero %, 6/1/47</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>204,360</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>22</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
<!--$$/page=-->
<A name="page_24"></A><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<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><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (141.4%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=4 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>California </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Metro. Wtr. Dist. Rev. Bonds (Southern CA Wtr.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Wks.), 5 3/4s, 8/10/18</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Aa2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$6,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$6,975,420</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Orange Cnty., Cmnty. Fac. Dist. Special Tax 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 size=1 face=sans-serif>Bonds (Ladera Ranch No. 02-1), Ser. A, 5.55s,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>8/15/33</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>900,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>809,118</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>FGIC, NATL, zero %, 8/1/21</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,990,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,052,392</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Rocklin, Unified School Dist. G.O. Bonds, FGIC,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>NATL, zero %, 8/1/27</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>680,480</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>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 size=1 face=sans-serif>5s, 9/1/20</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,195,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,080,411</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>5s, 9/1/29</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,180,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>975,058</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>5s, 9/1/18</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,030,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>972,269</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>San Bernardino Cnty., COP (Med. Ctr. Fin.),</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ser. A, NATL, 6 1/2s, 8/1/17</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5,301,150</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>San Diego Cnty., COP, AMBAC, 5 5/8s, 9/1/12</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AA/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,130,170</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>San Juan, Unified School Dist. G.O. Bonds, 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 size=1 face=sans-serif>zero %, 8/1/19</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>614,010</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Sunnyvale, Cmnty. Fac. Dist. Special Tax 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 size=1 face=sans-serif>Bonds, 7.65s, 8/1/21</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>650,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>651,138</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Tuolumne Wind Project 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 size=1 face=sans-serif>(Tuolumne Co.), Ser. A, 5 7/8s, 1/1/29</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,585,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,665,581</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>90,799,731</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Colorado (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 size=1 face=sans-serif>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 size=1 face=sans-serif>(Christian Living Cmntys.), Ser. A, 5 3/4s, 1/1/26</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BB&#150;/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>325,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>280,664</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Evangelical Lutheran), 5 1/4s, 6/1/21</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,375,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,384,048</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Evangelical Lutheran), 5s, 6/1/29</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>850,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>781,261</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>CO Hsg. &amp; Fin. Auth. Rev. Bonds (Single Family</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Mtge.), Ser. A-3, Class III, 5 1/4s, 5/1/33</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,260,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,346,861</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>Ser. C1, NATL, 5 1/2s, 9/1/24</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,250,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,195,188</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>CO Springs, Hosp. Rev. Bonds, 6 3/8s, 12/15/30</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,280,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,354,095</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>CO State Hsg. Fin. Auth. 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 size=1 face=sans-serif>Fam.), Ser. B-2 , 7s, 5/1/26</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Aaa</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Denver, City &amp; Cnty. Arpt. Rev. Bonds, Ser. D,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AMBAC, 7 3/4s, 11/15/13</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,525,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,674,008</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>13,021,125</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Delaware (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 size=1 face=sans-serif>DE State Hsg. Auth. Rev. Bonds (Single Family</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Mtge.), Ser. B, zero %, 1/1/40</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>12,540,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,446,991</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>New Castle Cnty., Rev. Bonds (Newark Charter</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>School, Inc.), 5s, 9/1/30</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>700,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>574,133</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>2,021,124</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>District of Columbia (1.5%)</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 size=1 face=sans-serif>DC Wtr. &amp; Swr. Auth. Pub. Util. Rev. Bonds, FGIC,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>NATL, 5s, 10/1/28</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AA&#150;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5,550,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5,622,428</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Metro. Washington, Arpt. Auth. Dulles Toll Rd.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (First Sr. Lien), Ser. A, 5s, 10/1/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,927,800</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>7,550,228</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>23</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
<!--$$/page=-->
<A name="page_25"></A><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<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><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (141.4%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=4 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Florida (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 size=1 face=sans-serif>Brevard Cnty., Hlth. Care 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 size=1 face=sans-serif>(Health First, Inc.), 7s, 4/1/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$3,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$3,253,470</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Escambia Cnty., Env. Impt. Rev. Bonds (Intl.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Paper Co.), Ser. A, 5s, 8/1/26</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,068,800</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Escambia Cnty., 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 size=1 face=sans-serif>(Baptist Hosp. &amp; Baptist Manor), 5 1/8s, 10/1/19</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,395,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,283,474</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>FL Hsg. Fin. Corp. Rev. Bonds (Homeowner 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 size=1 face=sans-serif>Ser. 5, 5s, 7/1/34</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Aa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>350,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>352,041</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>10/1/31</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,700,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,707,208</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Halifax, Hosp. Med. Ctr. 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 size=1 face=sans-serif>5 3/8s, 6/1/46</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A-</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,200,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,960,348</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Hillsborough Cnty., Indl. Dev. Auth. Poll.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>(Tampa Elec. Co.), Ser. B, 5.15s, 9/1/13</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>475,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>500,736</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AMBAC, 5s, 3/15/12</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>625,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>645,350</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Lakeland, Retirement Cmnty. Rev. Bonds (1st</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Mtge.&#151; Carpenters), 6 3/8s, 1/1/43</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB&#150;/F</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>340,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>302,406</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Lee Cnty., Rev. Bonds, XLCA, 5s, 10/1/25</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,574,900</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Miami Beach, Hlth. Fac. 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 size=1 face=sans-serif>(Mount 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 size=1 face=sans-serif>Ser. A, 6.8s, 11/15/31</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ba2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>957,170</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>5 3/8s, 11/15/28</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BB+/F</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>826,850</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Reunion West, Cmnty. Dev. Dist. 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 size=1 face=sans-serif>Bonds, 2.063s, 5/1/36</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>D/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,915,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>918,913</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>South Bay, Cmnty. Dev. Dist. 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 size=1 face=sans-serif>Ser. B-1, 5 1/8s, 11/1/10 (In default) &#134;</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>D/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,025,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>708,750</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>South Broward, Hosp. Dist. Rev. Bonds, NATL,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>4 3/4s, 5/1/28</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,477,425</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Split Pine, Cmnty. Dev. Dist. 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 size=1 face=sans-serif>Bonds, Ser. A, 5 1/4s, 5/1/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BB&#150;/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>913,395</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>5.4s, 5/1/37</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BB&#150;/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>485,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>300,259</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>24,751,495</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Georgia (1.4%)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Atlanta, Wtr. &amp; Waste Wtr. 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 size=1 face=sans-serif>6 1/4s, 11/1/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,835,520</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Effingham Cnty., Indl. Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Georgia-Pacific Corp.), 6 1/2s, 6/1/31</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>B2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>900,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>914,391</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Marietta, Dev. Auth. Rev. Bonds (U. Fac. &#151; Life</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>U., Inc.), 7s, 6/15/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ba3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,400,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,281,616</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>7,031,527</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Hawaii (&#151;%)</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 size=1 face=sans-serif>HI State Hsg. Fin. &amp; 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 size=1 face=sans-serif>Ser. A, FNMA Coll., 5 3/4s, 7/1/30</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>155,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>154,983</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>154,983</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>ID Hsg. &amp; Fin. Assn. 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 size=1 face=sans-serif>Mtge.), Ser. C-2, FHA Insd., 5.15s, 7/1/29</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Aaa</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,240,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,224,599</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>1,224,599</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>24</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
<!--$$/page=-->
<A name="page_26"></A><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<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><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (141.4%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=4 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Illinois (6.3%)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Chicago, Single Fam. Mtge. 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 size=1 face=sans-serif>GNMA Coll., FNMA Coll., FHLMC Coll., 5 1/2s,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>10/1/20</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Aaa</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$925,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$942,473</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Chicago, Waste Wtr. Transmission 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 size=1 face=sans-serif>Ser. A, NATL, zero %, 1/1/24</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AA&#150;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,600,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>802,896</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>(Silver Cross Hosp. &amp; Med. Ctr.), 7s, 8/15/44</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,686,475</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(IL Rush U. Med. Ctr.), Ser. D, 6 5/8s, 11/1/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,490,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,602,391</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(IL Rush U. Med. Ctr.), Ser. C, 6 5/8s, 11/1/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,425,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,532,488</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Elmhurst Memorial), Ser. A, 5 5/8s, 1/1/37</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,796,780</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Alexian), Ser. A, FSA, 5 1/4s, 1/1/22</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,775,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,934,267</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Kendall &amp; Kane Cntys., Cmnty. United School Dist.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>G.O. Bonds (No. 115 Yorkville), 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 size=1 face=sans-serif>1/1/21</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,075,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>664,339</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Lake Cnty., Cmnty. Construction 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 size=1 face=sans-serif>Bonds (No. 073 Hawthorn), NATL, 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 size=1 face=sans-serif>zero %, 12/1/21</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,805,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,057,152</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>zero %, 12/1/21 (Prerefunded)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>145,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>91,060</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>zero %, 12/1/20</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,495,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>927,229</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>zero %, 12/1/20 (Prerefunded)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>155,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>102,269</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Metropolitan Pier &amp; Exposition Auth. Dedicated</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>State Tax Rev. Bonds (McCormack Place), 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 size=1 face=sans-serif>NATL</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>zero %, 12/15/30</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>25,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7,789,250</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>zero %, 12/15/22</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,262,200</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>(McCormack Place Expansion Project), NATL, 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 size=1 face=sans-serif>12/15/28</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,770,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,818,728</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Montgomery, 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 size=1 face=sans-serif>(Lakewood Creek), Radian Insd., 4.7s, 3/1/30</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB&#150;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,915,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,547,531</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Southern IL U. Rev. Bonds (Hsg. &amp; Auxiliary),</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ser. A, NATL</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>zero %, 4/1/25</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,870,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>918,189</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>zero %, 4/1/21</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,230,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,367,927</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>31,843,644</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Indiana (4.1%)</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 size=1 face=sans-serif>Anderson, Econ. Dev. Rev. Bonds (Anderson 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 size=1 face=sans-serif>5s, 10/1/24</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB&#150;/F</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>390,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>367,286</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>5 1/4s, 10/15/21</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>180,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>183,519</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>5 1/4s, 10/15/18</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,082,500</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>IN Hlth. Fac. Fin. Auth. Rev. Bonds (Cmnty.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Hosp.), Ser. A, AMBAC, 5s, 5/1/24</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,695,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,548,446</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>IN State Dev. Fin. Auth. 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 size=1 face=sans-serif>(USX Corp.), 5.6s, 12/1/32</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,700,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,681,670</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>IN State Fin. Auth. Rev. Bonds (Duke Energy</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ind.), Ser. C, 4.95s, 10/1/40</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,770,720</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Indianapolis, Arpt. Auth. Rev. Bonds (Federal</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Express Corp.), 5.1s, 1/15/17</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,480,525</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>25</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
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<A name="page_27"></A><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<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><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (141.4%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=4 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Indiana </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>AMBAC, 5.7s, 7/1/17</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$1,375,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$1,503,150</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>NATL, 5.6s, 11/1/16</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,550,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,684,199</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>U. Southern IN Rev. Bonds (Student Fee), Ser. J,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AGO, 5 3/4s, 10/1/28</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,102,360</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>20,404,375</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Iowa (1.0%)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>IA Fin. Auth. Hlth. Care Fac. Rev. Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Care Initiatives), 9 1/4s, 7/1/25 (Prerefunded)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,580,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,118,753</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>5s, 10/1/22</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB&#150;/F</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>605,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>605,188</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Wartburg), Ser. A, 5s, 10/1/21</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB&#150;/F</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>605,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>589,095</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>5,313,036</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Kentucky (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 size=1 face=sans-serif>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 size=1 face=sans-serif>(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 size=1 face=sans-serif>6 5/8s, 10/1/28 (Prerefunded)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AAA/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,470,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,563,742</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>6 5/8s, 10/1/28</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A&#150;/F</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>405,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>414,805</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Louisville/Jefferson Cnty., Metro. Govt. 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 size=1 face=sans-serif>Rev. Bonds (Bellarmine U.), Ser. A, 6s, 5/1/38</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>290,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>287,651</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>2,266,198</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Louisiana (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 size=1 face=sans-serif>LA Local Govt. Env. Fac. Cmnty. Dev. 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 size=1 face=sans-serif>Bonds (St. James Place), Ser. A, 7s, 11/1/20</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Prerefunded)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AAA/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>690,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>703,800</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>703,800</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Maine (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 size=1 face=sans-serif>Rumford, Solid Waste Disp. Rev. Bonds (Boise</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Cascade Corp.), 6 7/8s, 10/1/26</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>B2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,950,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,043,874</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>1,043,874</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Maryland (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 size=1 face=sans-serif>MD Econ. Dev. Corp. 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 size=1 face=sans-serif>(Potomac Electric Power Co.), 6.2s, 9/1/22</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>650,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>748,865</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>MD State Hlth. &amp; Higher Edl. Fac. 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 size=1 face=sans-serif>Bonds (WA Cnty. Hosp.), 5 3/4s, 1/1/38</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB&#150;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>550,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>556,012</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>(Synagro-Baltimore), Ser. A, 5 1/2s, 12/1/15</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB+/F</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>484,440</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>1,789,317</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Massachusetts (11.2%)</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 size=1 face=sans-serif>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 size=1 face=sans-serif>(Sabis Intl.), Ser. A, 8s, 4/15/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>575,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>614,399</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(MA Biomedical Research), Ser. C, 6 3/8s, 8/1/17</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,785,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,869,441</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(MA Biomedical Research), Ser. C, 6 1/4s, 8/1/20</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,850,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,928,518</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Linden Ponds, Inc.), Ser. A, 5 1/2s, 11/15/22</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,360,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,120,463</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>MA State Dev. Fin. 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 size=1 face=sans-serif>Mandatory Put Bonds (Dominion Energy Brayton),</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ser. 1, 5 3/4s, 5/1/19</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A&#150;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,638,690</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>(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 size=1 face=sans-serif>(Prerefunded)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AAA/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,985,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,347,183</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BB&#150;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,351,200</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Med. Ctr. of Central MA), AMBAC, 6.55s, 6/23/22</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>25,650,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>25,740,287</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>26</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
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<A name="page_28"></A><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<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><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (141.4%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=4 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Massachusetts </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>(UMass Memorial), Ser. C, 6 1/2s, 7/1/21</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$1,875,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$1,915,781</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Berkshire Hlth. Syst.), Ser. E, 6 1/4s, 10/1/31</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,300,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,328,600</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Quincy Med. Ctr.), Ser. A, 6 1/4s, 1/15/28</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BB&#150;/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,095,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,875,130</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Hlth. Care Syst.-Covenant Hlth.), 6s, 7/1/31</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A/F</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,790,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,843,818</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Baystate Med. Ctr.), Ser. I, 5 3/4s, 7/1/36</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,563,060</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Care Group), Ser. B-2, NATL, 5 3/8s, 2/1/26</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>700,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>708,946</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Care Group), Ser. B-2, NATL, 5s, 2/1/25</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>800,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>789,864</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>MA State Hlth. &amp; Edl. Fac. Auth. VRDN (Harvard</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>U.), Ser. R, 0.13s, 11/1/49</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>VMIG1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,135,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,135,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>MA State Port Auth. Rev. Bonds, 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 size=1 face=sans-serif>13s, 7/1/13 (Prerefunded)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Aaa</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,010,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,434,251</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>56,204,631</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Michigan (5.1%)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>Ser. A-1, AMBAC, 5 1/4s, 4/1/24</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,435,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,119,444</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ser. A, FGIC, 5s, 7/1/30</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,505,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,424,990</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Cap. Impt.), Ser. A-1, 5s, 4/1/15</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,300,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,217,814</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Detroit, City School Dist. G.O. Bonds, Ser. A,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>FSA, 6s, 5/1/29</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,109,090</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Detroit, Wtr. Supply Syst. Rev. Bonds, Ser. B,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>FSA, 6 1/4s, 7/1/36</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,425,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,574,967</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>Ctr.), 6s, 7/1/20</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ba1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>140,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>126,279</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>MI 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 size=1 face=sans-serif>(Kalamazoo College), 5 1/2s, 12/1/18</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>521,925</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>MI State Hosp. Fin. Auth. Rev. Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 6 1/8s, 6/1/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,630,175</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Henry Ford Hlth.), 5 3/4s, 11/15/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,920,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Henry Ford Hlth. Syst.), Ser. A, 5 1/4s, 11/15/46</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,891,870</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Sparrow Hosp.), 5s, 11/15/31</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,350,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,277,788</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>MI State Hsg. Dev. 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 size=1 face=sans-serif>3.9s, 6/1/30</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,210,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,201,226</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>MI State Strategic Fund, Ltd. 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 size=1 face=sans-serif>(Dow Chemical)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ser. A-1, 6 3/4s, 6/2/14</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>100,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>107,626</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>5 1/2s, 6/1/13</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>510,200</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>MI State Strategic Fund, Ltd. 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 size=1 face=sans-serif>(Worthington Armstrong Venture), U.S. Govt.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Coll., 5 3/4s, 10/1/22 (Prerefunded)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AAA/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,650,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,881,528</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>MI 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 size=1 face=sans-serif>Ser. A, 6s, 6/1/34</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>575,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>488,417</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>Memorial Hosp. Corp.), 5 3/8s, 6/1/26</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>623,153</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>25,626,492</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>27</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
<!--$$/page=-->
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<TABLE border=0 cellSpacing=0 width="80%">
<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><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (141.4%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=4 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Minnesota (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 size=1 face=sans-serif>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 size=1 face=sans-serif>(Single Fam. Mtge.), 6.05s, 7/1/31</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Aa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$335,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$338,333</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Res. Hsg.), Ser. M, 5 3/4s, 1/1/37</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Aa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>970,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>977,760</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>North Oaks, Sr. Hsg. 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 size=1 face=sans-serif>(Presbyterian Homes), 6 1/8s, 10/1/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>995,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>913,072</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>(Healtheast), 6s, 11/15/35</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ba1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,150,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,013,081</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>3,242,246</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Mississippi (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 size=1 face=sans-serif>Bus. Fin. Corp. Gulf Opportunity Zone 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 size=1 face=sans-serif>Ser. A, 5s, 5/1/37</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,250,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,155,995</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>MS Bus. Fin. Corp. 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 size=1 face=sans-serif>(Syst. 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 size=1 face=sans-serif>5.9s, 5/1/22</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,004,110</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>5 7/8s, 4/1/22</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,330,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,333,378</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>Ser. B-2, GNMA Coll., FNMA Coll., 6.45s, 12/1/33</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Aaa</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,080,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,118,437</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ser. B, GNMA Coll., FNMA Coll., 5 1/2s, 6/1/36</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Aaa</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>290,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>302,598</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Warren Cnty., Gulf Opportunity Zone (Intl.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Paper Co.), Ser. A, 6 1/2s, 9/1/32</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,084,220</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>10,998,738</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Missouri (3.3%)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>MO Hsg. Dev. Comm. Rev. Bonds (Home Ownership),</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ser. B, GNMA Coll., FNMA Coll., 4.4s, 3/1/14</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>155,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>155,113</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>MO State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ser. 2003A (St. Luke&#146;s Health), 5 1/2s, 11/15/28 </FONT><B><SUP><FONT size=1 face=sans-serif>T</FONT></SUP></B>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>10,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>10,544,471</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>MO State Hlth. &amp; Edl. Fac. Auth. VRDN (Washington</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>U. (The))</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ser. C, 0.16s, 9/1/30</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>VMIG1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ser. D, 0.16s, 9/1/30</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>VMIG1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>MO State Hsg. Dev. Comm. Mtge. 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 size=1 face=sans-serif>Fam. Homeowner Loan), Ser. C-1, GNMA Coll., FNMA</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Coll., 7.15s, 3/1/32</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>380,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>414,470</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>16,614,054</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Nebraska (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 size=1 face=sans-serif>Central Plains, Energy Project Rev. Bonds (NE 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 size=1 face=sans-serif>No. 1), Ser. A, 5 1/4s, 12/1/18</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BB+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,991,300</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>2,991,300</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Nevada (9.9%)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Clark Cnty., Ltd. Tax Bond, 5s, 6/1/33 </FONT><B><SUP><FONT size=1 face=sans-serif>T</FONT></SUP></B>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>32,285,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>32,687,979</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>Ser. A-2, FGIC, 5 1/8s, 7/1/26</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5,105,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5,224,508</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ser. A-1, AMBAC, 5s, 7/1/24</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,600,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,419,534</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>(Summerlin No. 151), 5s, 8/1/25</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BB&#150;/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,100,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,380,162</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Clark Cnty., Indl. Dev. Rev. Bonds (Southwest</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Gas 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 size=1 face=sans-serif>6.1s, 12/1/38</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,006,750</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>5 1/4s, 7/1/34</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,733,540</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Henderson G.O. Bonds (Ltd. Tax -Swr.), 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 size=1 face=sans-serif>6/1/29</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,007,530</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>28</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
<!--$$/page=-->
<A name="page_30"></A><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<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><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (141.4%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=4 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Nevada </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>(No. T-16), 5 1/8s, 3/1/25</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$1,160,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$521,548</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(No. T-16), 5.1s, 3/1/21</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,275,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>574,439</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(No. T-17), 5s, 9/1/25</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>610,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>435,632</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>49,991,622</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>New Jersey (4.3%)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>(Cedar Crest Village, Inc.), Ser. A, U.S. Govt.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Coll., 7 1/4s, 11/15/31 (Prerefunded)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AAA/F</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,300,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,469,988</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(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 size=1 face=sans-serif>11/1/31</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>820,660</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Cigarette Tax), 5 3/4s, 6/15/29</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,823,150</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Cigarette Tax), 5 1/2s, 6/15/24</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,800,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,712,415</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>NJ Econ. Dev. Auth. Wtr. 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 size=1 face=sans-serif>(American Wtr. Co.), Ser. A, 5.7s, 10/1/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,900,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,839,238</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>(St. Joseph Hlth. Care Syst.), 6 5/8s, 7/1/38</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB&#150;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,750,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,804,973</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(St. Peter&#146;s U. Hosp.), 5 3/4s, 7/1/37</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,472,475</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>NJ State 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 size=1 face=sans-serif>(Fairleigh Dickinson), Ser. C, 6s, 7/1/20</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB&#150;/F</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,535,265</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Tobacco Settlement Fin. Corp. Rev. Bonds,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ser. 1A, 5s, 6/1/29</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,350,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,082,876</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>21,561,040</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>NM Mtge. Fin. Auth. FRN (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 size=1 face=sans-serif>Ser. C, GNMA Coll., FNMA Coll., FHLMC Coll.,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>5.82s, 9/1/33</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>460,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>460,598</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>460,598</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>New York (5.6%)</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 size=1 face=sans-serif>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 size=1 face=sans-serif>Retirement Rev. Bonds (GoodShepherd Village),</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 6 7/8s, 7/1/40</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>320,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>254,944</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Buffalo, G.O. Bonds, Ser. D, FGIC, 5 1/2s,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>12/15/13</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,067,130</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Niagara Cnty., Indl. Dev. Agcy. 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 size=1 face=sans-serif>Bonds (Solid Waste Disp.), Ser. C, 5 5/8s,</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 size=1 face=sans-serif>11/15/14</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,962,700</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>(Liberty-7 World Trade Ctr.), Ser. A, 6 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 size=1 face=sans-serif>3/1/15</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,400,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,400,742</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Brooklyn Navy Yard Cogen. Partners), 6.2s,</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 size=1 face=sans-serif>10/1/22</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>770,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>664,063</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Brooklyn Navy Yard Cogen. Partners), Ser. G,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>5 3/4s, 10/1/36</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,424,860</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>Bonds (Airis JFK I, LLC), Ser. A, 5 1/2s, 7/1/28</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB&#150;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,100,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,534,029</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>(JFK Intl. Arpt.), Ser. A, 8s, 8/1/12</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>B&#150;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,998,160</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(British Airways PLC), 5 1/4s, 12/1/32</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>700,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>459,760</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>NY Cntys., Tobacco Trust III 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 size=1 face=sans-serif>(Tobacco Settlement), 6s, 6/1/43</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,273,154</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>29</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
<!--$$/page=-->
<A name="page_31"></A><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<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><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (141.4%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=4 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>New York </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>NY State Dorm. Auth. Non-State Supported Debt</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Orange Regl. Med. Ctr.), 6 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 size=1 face=sans-serif>12/1/37</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ba1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$800,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$719,456</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>NY State Energy Research &amp; Dev. Auth. Gas 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 size=1 face=sans-serif>Rev. Bonds (Brooklyn Union Gas), 6.952s, 7/1/26</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5,959,500</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>Intl. Air Term. &#151; 6), NATL, 5.9s, 12/1/17</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7,333,550</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>Mandatory Put Bonds (Seneca Meadows, 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 size=1 face=sans-serif>6 5/8s, 10/1/13</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BB&#150;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>670,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>617,921</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Suffolk Cnty., Indl. Dev. Agcy. Cont. 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 size=1 face=sans-serif>Retirement Rev. Bonds (Peconic Landing), 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 size=1 face=sans-serif>8s, 10/1/30</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BB&#150;/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,300,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,337,050</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>28,007,019</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>North Carolina (1.8%)</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 size=1 face=sans-serif>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 size=1 face=sans-serif>Ser. D, 6 3/4s, 1/1/26</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A&#150;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,020,110</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ser. C, 6 3/4s, 1/1/24</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A&#150;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,157,520</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ser. B, 5.65s, 1/1/16</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A&#150;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,018,370</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>(Deerfield), Ser. A, 6s, 11/1/33</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB+/F</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>805,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>777,244</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(First Mtge. &#151; Presbyterian Homes), 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 size=1 face=sans-serif>10/1/22</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>969,640</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>NC State Muni. Pwr. Agcy. Rev. Bonds (No. 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 size=1 face=sans-serif>Catawba Elec.), Ser. A, 5s, 1/1/30</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>800,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>814,664</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>U. of NC Syst. Pool Rev. Bonds, Ser. C, 5 1/2s,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>10/1/34</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,071,190</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>8,828,738</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>North Dakota (1.5%)</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 size=1 face=sans-serif>Grand Forks, Hlth. Care Syst. Rev. Bonds (Altru</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Hlth. Syst. Oblig. Group), 7 1/8s, 8/15/24</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Prerefunded)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AAA/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,119,720</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>ND State Board of Higher Ed. Rev. Bonds (U. of ND</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Hsg. &amp; Auxiliary Fac.), FSA, 5s, 4/1/19</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>540,620</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>ND State Hsg. Fin. Agcy. Rev. Bonds (Hsg. Fin.),</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ser. B, 4.8s, 7/1/37</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Aa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5,305,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,848,822</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>7,509,162</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Ohio (8.3%)</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 size=1 face=sans-serif>American Muni. Pwr. &#151; Ohio, Inc. 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 size=1 face=sans-serif>5 1/4s, 2/15/33 </FONT><B><SUP><FONT size=1 face=sans-serif>T</FONT></SUP></B>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>10,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>10,350,612</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>American Muni. Pwr. &#151; Ohio, Inc. 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 size=1 face=sans-serif>(Prairie State Energy Campus), Ser. A, 5 1/4s,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>2/15/43</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>967,860</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Buckeye, Tobacco Settlement Fin. 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 size=1 face=sans-serif>Bonds, 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 size=1 face=sans-serif>5 7/8s, 6/1/47</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5,250,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,880,485</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>5 3/4s, 6/1/34</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>14,300,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>11,997,271</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>5 1/8s, 6/1/24</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,070,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,849,235</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Hickory Chase, Cmnty. Auth. Infrastructure Impt.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Hickory Chase), 7s, 12/1/38</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BB&#150;/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>700,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>464,065</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Lake Cnty., Hosp. Fac. Rev. Bonds (Lake 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 size=1 face=sans-serif>Syst.), Ser. C, 6s, 8/15/43</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,100,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,051,361</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>30</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
<!--$$/page=-->
<A name="page_32"></A><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<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><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (141.4%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=4 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Ohio </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Montgomery Cnty., Hosp. Rev. Bonds (Kettering</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Med. Ctr.), 6 3/4s, 4/1/22 (Prerefunded)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$1,036,070</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>OH State Higher Ed. Fac. Comm. 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 size=1 face=sans-serif>(John Carroll U.), 5 1/4s, 11/15/33</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>503,595</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(U. Hosp. Hlth. Syst.), Ser. 09-A, 6 3/4s, 1/15/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,181,110</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Scioto Cnty., Hosp. Rev. Bonds (Southern 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 size=1 face=sans-serif>Ctr.), 5 1/2s, 2/15/28</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,660,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,654,267</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>41,935,931</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Oklahoma (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 size=1 face=sans-serif>Durant, Cmnty. Facs. Auth. G.O. Bonds, XLCA,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>5 3/4s, 11/1/24</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,730,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,848,816</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>1,848,816</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Oregon (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 size=1 face=sans-serif>Keizer, Special Assmt. Bonds (Keizer Station),</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5.2s, 6/1/31</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,536,150</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>(Terwilliger Plaza), Ser. A, 5 1/4s, 12/1/26</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BB&#150;/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,040,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>943,894</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>OR Hlth. Sciences U. Rev. Bonds, Ser. A, 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 size=1 face=sans-serif>7/1/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,250,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,346,850</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>OR State Hsg. &amp; Cmnty. Svcs. Dept. 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 size=1 face=sans-serif>(Single Family Mtge.), Ser. K, 5 5/8s, 7/1/29</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Aa2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>700,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>709,121</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>5,536,015</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Pennsylvania (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 size=1 face=sans-serif>Allegheny Cnty., Hosp. Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Hlth. Syst.-West PA), Ser. A, 5 3/8s, 11/15/40</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,160,580</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Bucks Cnty., Indl. Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(USX Corp.), 5.6s, 3/1/33</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,025,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,004,021</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Bucks Cnty., Indl. Dev. Auth. Retirement Cmnty.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Ann&#146;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 size=1 face=sans-serif>5.4s, 1/1/15</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,060,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,014,843</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>5.3s, 1/1/14</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>710,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>688,594</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Carbon Cnty., Indl. Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Panther Creek Partners), 6.65s, 5/1/10</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB-</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>865,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>876,150</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Cumberland Cnty., 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 size=1 face=sans-serif>(Presbyterian Homes), Ser. A, 5s, 1/1/17</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,320,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,321,056</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Erie, Higher Ed. Bldg. 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 size=1 face=sans-serif>(Mercyhurst College), 5 1/2s, 3/15/38</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>725,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>708,659</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>(Franklin &amp; Marshall College), 5s, 4/15/29</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,016,510</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>New Morgan, Indl. Dev. Auth. 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 size=1 face=sans-serif>Rev. Bonds (New Morgan Landfill Co., 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 size=1 face=sans-serif>6 1/2s, 4/1/19</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,003,230</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Northampton Cnty., Hosp. Auth. Rev. Bonds (Saint</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Luke&#146;s Hosp.), Ser. A, 5 1/2s, 8/15/40</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,250,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,215,563</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>PA State Econ. Dev. Fin. Auth. Resource Recvy.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Rev. 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 size=1 face=sans-serif>6.6s, 1/1/19</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>CC</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,850,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,220,871</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>(Widener U.), 5 3/8s, 7/15/29</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>736,973</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Philadelphia U.), 5s, 6/1/30</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,250,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,012,894</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Philadelphia U.), 5s, 6/1/22</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>860,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>834,200</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>31</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
<!--$$/page=-->
<A name="page_33"></A><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<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><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (141.4%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=4 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Pennsylvania </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Philadelphia, Hosp. &amp; Higher Ed. Fac. 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 size=1 face=sans-serif>Bonds (Hosp.-Graduate Hlth. Sys.), 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 size=1 face=sans-serif>6 1/4s, 7/1/13 (In default) &#134;</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>D/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$1,462,206</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$439</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Susquehanna, Area Regl. Arpt. Syst. 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 size=1 face=sans-serif>Bonds, Ser. A, 6 1/2s, 1/1/38</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>550,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>526,708</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>(Elizabethtown College), 6s, 12/15/27</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Prerefunded)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,099,880</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>17,441,171</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Puerto Rico (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 size=1 face=sans-serif>Cmnwlth. of PR, G.O. Bonds, Ser. A, 5s, 7/1/16</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5,130,600</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Cmnwlth. of PR, Aqueduct &amp; Swr. 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 size=1 face=sans-serif>Ser. A, 6s, 7/1/38</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,125,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,262,321</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Cmnwlth. of PR, Infrastructure Fin. Auth. Special</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Tax Bonds, Ser. C, AMBAC, 5 1/2s, 7/1/26</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>995,600</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Cmnwlth. of PR, Pub. Bldg. 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 size=1 face=sans-serif>Bonds (Govt. Fac.), Ser. M-2, 5 3/4s, 7/1/17</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,750,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,824,620</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ser. A, zero %, 8/1/30</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>27,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7,398,270</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>19,611,411</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Rhode Island (&#151;%)</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 size=1 face=sans-serif>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 size=1 face=sans-serif>6 1/4s, 6/1/42</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>200,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>182,018</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>182,018</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>South Carolina (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 size=1 face=sans-serif>Georgetown Cnty., Env. Impt. Rev. Bonds (Intl.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Paper Co.), Ser. A, 5.7s, 4/1/14</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,050,310</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Orangeburg Cnty., Solid Waste Disp. 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 size=1 face=sans-serif>Bonds (SC Elec. &amp; Gas), AMBAC, 5.7s, 11/1/24</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A&#150;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,513,550</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>SC Hosp. Auth. Rev. Bonds (Med. U.), 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 size=1 face=sans-serif>6 1/2s, 8/15/32 (Prerefunded)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,291,940</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>(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 size=1 face=sans-serif>Ser. A, 7 3/8s, 12/15/21 (Prerefunded)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AAA/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,300,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,405,170</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ser. C, 6s, 8/1/20 (Prerefunded)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,445,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,801,504</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ser. C, 6s, 8/1/20 (Prerefunded)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>305,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>349,472</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>AMBAC, 5s, 10/1/27</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,460,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,526,617</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>12,938,563</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>South Dakota (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 size=1 face=sans-serif>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 size=1 face=sans-serif>Bonds, Ser. B, 6 1/2s, 6/1/32</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,450,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,317,136</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>(Home Ownership Mtge.), Ser. C, 5 3/8s, 5/1/18</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,310,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,318,358</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Home Ownership Mtge.), Ser. J, 4 1/2s, 5/1/17</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>508,905</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>4,144,399</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Tennessee (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 size=1 face=sans-serif>Johnson City, Hlth. &amp; Edl. Fac. Board 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 size=1 face=sans-serif>Bonds (First Mtge. Mountain States Hlth.),</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 7 1/2s, 7/1/25 (Prerefunded)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,265,880</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>2,265,880</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>32</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
<!--$$/page=-->
<A name="page_34"></A><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<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><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (141.4%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=4 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Texas (14.6%)</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 size=1 face=sans-serif>Abilene, Hlth. Fac. Dev. Corp. Retirement 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 size=1 face=sans-serif>(Sears Methodist Retirement), 6s, 11/15/29</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$1,050,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$859,068</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Alliance, Arpt. Auth. Rev. Bonds (Federal</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Express Corp.), 4.85s, 4/1/21</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,250,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,038,555</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Brazoria Cnty., Brazos River Harbor Naval Dist.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Env. FRN (Dow Chemical Co.), Ser. A-4, 5.95s,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>5/15/33</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB-</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>400,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>394,512</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Brazos River, Auth. Poll. Control Rev. Bonds (TXU</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Energy Co., LLC)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ser. D-1, 8 1/4s, 5/1/33</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>CCC</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>307,650</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>5s, 3/1/41</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>CCC</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>244,565</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Brazos, Harbor Indl. Dev. Corp. Env. 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 size=1 face=sans-serif>Mandatory Put Bonds (Dow Chemical), 5.9s, 5/1/28</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB&#150;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,850,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,857,524</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Dallas Cnty., Util. &amp; Reclamation 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 size=1 face=sans-serif>Bonds, Ser. B, AMBAC, 5 3/8s, 2/15/29</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,795,640</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Dallas, Area Rapid Transit Rev. Bonds Sr. Lien,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>5s, 12/1/33 </FONT><B><SUP><FONT size=1 face=sans-serif>T</FONT></SUP></B>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>20,000,500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>20,976,649</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>(Valero Energy Corp.), 6.65s, 4/1/32</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,002,780</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 6.1s, 8/1/24</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>550,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>538,956</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Harris Cnty., Houston Sports 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 size=1 face=sans-serif>Ser. H, NATL, zero %, 11/15/25</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>11,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,609,870</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Lower CO River Auth. Rev. Bonds, 5 3/4s, 5/15/37</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,400,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,485,992</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Matagorda Cnty., Poll. Control Rev. Bonds (Dist.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>No. 1), Ser. A, AMBAC, 4.4s, 5/1/30</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,287,120</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Mission, Econ. Dev. Corp. 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 size=1 face=sans-serif>Bonds (Allied Waste N.A. Inc.), Ser. A, 5.2s,</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 size=1 face=sans-serif>4/1/18</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,200,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,174,380</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>Ser. D, AGO, zero %, 1/1/28</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7,800,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,737,644</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 6s, 1/1/25</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,300,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,382,537</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Toll 2nd Tier), Ser. F, 5 3/4s, 1/1/38</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,017,960</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>North TX, Thruway Auth. stepped-coupon 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 size=1 face=sans-serif>Bonds, zero %, (6.5s, 1/1/15) 2043 &#134;&#134;</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,073,480</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>(Valero), Ser. C, 5.4s, 4/1/18</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,535,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,510,517</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Sam Rayburn Muni. Pwr. Agcy. Rev. Bonds, 6s,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>10/1/21</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,350,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,418,502</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>San Antonio Wtr. Rev. Bonds, Ser. A, FSA, 5s,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>5/15/32</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,033,680</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Tarrant Cnty., Cultural Ed. Fac. Fin. 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 size=1 face=sans-serif>Retirement Fac. Rev. Bonds (Buckner 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 size=1 face=sans-serif>Svcs., Inc.), 5 1/4s, 11/15/37</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A&#150;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,100,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,026,740</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Tomball, Hosp. Auth. Rev. Bonds (Tomball</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>6s, 7/1/29</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,941,460</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>6s, 7/1/19</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,700,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,705,678</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>Ser. A, 5s, 12/15/15</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,020,250</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>TX State Tpk. Auth. Rev. Bonds (Central Texas</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Tpk. Syst.), Ser. A, AMBAC, 5 1/2s, 8/15/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7,804,800</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>73,246,509</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>33</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
<!--$$/page=-->
<A name="page_35"></A><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<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><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (141.4%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=4 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Utah (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 size=1 face=sans-serif>Intermountain Pwr. Agcy. 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 size=1 face=sans-serif>NATL, U.S. Govt. Coll., 6.15s, 7/1/14</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Prerefunded)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AA&#150;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$7,910,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$8,127,445</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>5/15/20 (Prerefunded)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AAA/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,001,900</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>10,129,345</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Vermont (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 size=1 face=sans-serif>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 size=1 face=sans-serif>(Single Fam.), Ser. 23, FSA, 5s, 5/1/34</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>130,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>132,865</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ser. 19A, FSA, 4.62s, 5/1/29</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>498,225</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>631,090</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Virginia (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 size=1 face=sans-serif>Henrico Cnty., Econ. Dev. Auth. Res. 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 size=1 face=sans-serif>Rev. 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 size=1 face=sans-serif>6.7s, 6/1/27</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>735,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>735,809</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>6.7s, 6/1/27 (Prerefunded)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>265,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>299,315</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>Bonds (Potomac Hosp. Corp.), 5.35s, 10/1/36</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,367,050</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>WA Cnty., Indl. 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 size=1 face=sans-serif>(Mountain States Hlth. Alliance), 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 size=1 face=sans-serif>7 3/4s, 7/1/38</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,100,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,405,234</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>5,807,408</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Washington (2.7%)</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 size=1 face=sans-serif>Chelan Cnty. Dev. Corp. Rev. Bonds (Alcoa),</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>5.85s, 12/1/31</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,619,280</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Everett, Pub. Fac. Dist. Ltd. Sales Tax &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 size=1 face=sans-serif>Interlocal 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 size=1 face=sans-serif>5s, 12/1/22</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>940,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>967,006</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>5s, 12/1/21</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>940,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>971,499</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Port of Seattle Rev. Bonds, Ser. B, NATL, 5.8s,</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 size=1 face=sans-serif>2/1/20</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Aa2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,007,840</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>6 5/8s, 6/1/32</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>900,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>894,204</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>6 1/2s, 6/1/26</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5,030,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5,056,156</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>WA State Hlth. Care 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 size=1 face=sans-serif>Ser. C, Radian Insd., 5 3/8s, 8/15/28</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>900,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>861,462</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>13,377,447</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>West 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 size=1 face=sans-serif>Harrison Cnty., Cmnty. 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 size=1 face=sans-serif>Bonds (Allegheny Energy), Ser. D, 5 1/2s,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>10/15/37</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,450,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,199,910</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Mason Cnty., Poll. Control 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 size=1 face=sans-serif>(Appalachian Pwr. Co. Project), Ser. L, 5 1/2s,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>10/1/22</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>763,260</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Princeton, Hosp. Rev. Bonds (Cmnty. Hosp.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Assn., Inc.), 6.1s, 5/1/29</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ba3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,025,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,626,317</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>WV State Hosp. Fin. Auth. Rev. Bonds (Thomas</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Hlth. Syst.), 6 3/4s, 10/1/43</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>935,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>873,973</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>6,463,460</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>34</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
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<A name="page_36"></A><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<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><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (141.4%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=4 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Wisconsin (4.4%)</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 size=1 face=sans-serif>Badger, Tobacco Settlement Asset</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>7s, 6/1/28 (Prerefunded)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$7,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$7,932,610</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>6 3/8s, 6/1/32 (Prerefunded)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8,600,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9,634,064</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>WI State Rev. Bonds, Ser. A, 6s, 5/1/27</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AA&#150;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,864,025</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>WI State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Prohealth Care, Inc.), 6 5/8s, 2/15/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,599,870</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>22,030,569</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Wyoming (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 size=1 face=sans-serif>Campbell Cnty., Solid Waste 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 size=1 face=sans-serif>(Basin Elec. Pwr. Co-op), Ser. A, 5 3/4s, 7/15/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,103,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>WY Muni. Pwr. Agcy. Rev. Bonds (Pwr. Supply),</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5 1/2s, 1/1/33</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>950,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,010,876</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5 1/2s, 1/1/28</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,082,490</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</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 size=1 face=sans-serif>4,196,366</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>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 height=20>
     <TD colSpan=4 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total investments (cost $709,868,008)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$711,301,264</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>* Percentages indicated are based on net assets of $503,146,470.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>** The Moody&#146;s, Standard &amp; Poor&#146;s or Fitch ratings indicated are believed to be the most recent ratings available at October 31, 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 October 31, 2009. Securities rated by Putnam are indicated by &#147;/P.&#148; Securities rated by Fitch are indicated by &#147;/F.&#148; The rating of an insured security represents what is believed to be the most recent rating of the insurer&#146;s claims-paying ability available at October 31, 2009 and does not reflect any subsequent changes.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>&#134; Non-income-producing security.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>&#134;</FONT><FONT size=1 face=sans-serif>&#134; </FONT>The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate.</FONT></P>
<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>T </FONT></SUP></B><FONT size=1 face=sans-serif>Underlying security in a tender option bond transaction. The security has been segregated as collateral for financing transactions.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>144A after the name of an issuer represents securities exempt from registration under Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The rates shown on FRB, FRN, Mandatory Put Bonds and VRDN are the current interest rates at October 31, 2009. The dates shown on Mandatory Put Bonds are the next mandatory put dates.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The dates shown on debt obligations other than Mandatory Put Bonds are the original maturity dates. The dates shown on debt obligations are the original maturity dates.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The fund had the following sector concentrations greater than 10% at October 31, 2009 (as a percentage of net assets):</FONT></P>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="25%"></TD>
     <TD width="25%"></TD>
     <TD width="25%"></TD>
     <TD width="25%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Health care</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>32.8%</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Utilities</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>21.8</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Prerefunded</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>13.1</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Limited tax</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>12.5</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Local government</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>11.0</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The fund had the following insurance concentrations greater than 10% at October 31, 2009 (as a percentage of net assets):</FONT></P>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="25%"></TD>
     <TD width="25%"></TD>
     <TD width="25%"></TD>
     <TD width="25%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AMBAC</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>13.5%</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>NATL</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>12.3</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>35</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
<!--$$/page=-->
<A name="page_37"></A><BR>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>In September 2006, Accounting Standards Codification ASC 820 Fair Value Measurements and Disclosures (&#147;ASC 820&#148;) was issued. ASC 820 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 ASC 820 does not have a material effect on the fund&#146;s net asset value, it does require additional disclosures about fair value measurements. ASC 820 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 style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Level 1 &#151; Valuations based on quoted prices for identical securities in active markets.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Level 2 &#151; 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 style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Level 3 &#151; Valuations based on inputs that are unobservable and significant to the fair value measurement.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The following is a summary of the inputs used to value the fund&#146;s net assets as of October 31, 2009:</FONT></P>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="25%"></TD>
     <TD width="25%"></TD>
     <TD width="25%"></TD>
     <TD width="25%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Valuation inputs</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Investments in securities:</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Level 1</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Level 2</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Level 3</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Municipal bonds and notes</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$711,301,264</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$&#151;</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Totals by level</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$&#151;</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$711,301,264</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$&#151;</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The accompanying notes are an integral part of these financial statements.</FONT></P>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>36</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
<!--$$/page=-->
<A name="page_38"></A><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="69%"></TD>
     <TD width="31%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Statement of assets and liabilities </FONT></B><FONT size=2 face=sans-serif>10/31/09 (Unaudited)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>ASSETS</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Investment in securities, at value, including of securities on loan (Note 1):</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Unaffiliated issuers (identified cost $709,868,008)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$711,301,264</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Cash</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>175,215</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Interest and other receivables</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>10,935,641</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Receivable for investments sold</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,825,963</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total assets</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>724,238,083</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>LIABILITIES</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Preferred share remarketing agent fees</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>63,343</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Distributions payable to shareholders</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,840,246</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Distributions payable to preferred shareholders (Note 1)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7,083</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Payable for investments purchased</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,930,720</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Payable for compensation of Manager (Note 2)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>945,742</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Payable for investor servicing fees (Note 2)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>21,326</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Payable for custodian fees (Note 2)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,311</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Payable for Trustee compensation and expenses (Note 2)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>193,885</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Payable for administrative services (Note 2)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,176</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Payable for floating rate notes issued (Note 1)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>36,163,032</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Other accrued expenses</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>69,749</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total liabilities</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>42,241,613</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Series B remarketed preferred shares: (3,417 shares authorized and</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>issued at $25,000 per share) (Note 4)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>85,425,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Series C remarketed preferred shares: (3,737 shares authorized and</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>issued at $25,000 per share) (Note 4)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>93,425,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net assets</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$503,146,470</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>REPRESENTED BY</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Paid-in capital &#151; common shares (Unlimited shares authorized) (Notes 1 and 5)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$562,496,734</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Undistributed net investment income (Note 1)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,606,916</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Accumulated net realized loss on investments (Note 1)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(62,390,436)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Net unrealized appreciation of investments</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,433,256</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total &#151; Representing net assets applicable to common shares outstanding</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$503,146,470</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>COMPUTATION OF NET ASSET VALUE</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net asset value per common share </FONT></B><FONT size=1 face=sans-serif>($503,146,470 divided by 42,871,374 shares)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$11.74</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The accompanying notes are an integral part of these financial statements.</FONT></P>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>37</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
<!--$$/page=-->
<A name="page_39"></A><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="69%"></TD>
     <TD width="31%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Statement of operations </FONT></B><FONT size=2 face=sans-serif>Six months ended 10/31/09 (Unaudited)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>INTEREST INCOME</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$19,973,870</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>EXPENSES</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Compensation of Manager (Note 2)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$1,841,676</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Investor servicing fees (Note 2)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>119,931</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Custodian fees (Note 2)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,648</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Trustee compensation and expenses (Note 2)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>21,175</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Administrative services (Note 2)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>10,177</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Preferred share remarketing agent fees</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>229,773</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Interest and fee expense (Note 2)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>157,058</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Other</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>93,409</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total expenses</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>2,477,847</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Expense reduction (Note 2)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(1,088)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net expenses</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>2,476,759</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net investment income</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>17,497,111</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Net realized loss on investments (Notes 1 and 3)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(2,207,446)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Net unrealized appreciation of investments during the period</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>55,933,099</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net gain on investments</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>53,725,653</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net increase in net assets resulting from operations</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$71,222,764</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>DISTRIBUTIONS TO SERIES B AND C REMARKETED PREFERRED SHAREHOLDERS (NOTE 1):</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>From ordinary income</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Taxable net investment income</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(453,539)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net increase in net assets resulting from operations (applicable to common shareholders)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$70,769,225</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The accompanying notes are an integral part of these financial statements.</FONT></P>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>38</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
<!--$$/page=-->
<A name="page_40"></A><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="69%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Statement of changes in net assets</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>INCREASE (DECREASE) IN NET ASSETS</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Six months ended 10/31/09*</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Year ended 4/30/09</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=3 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Operations:</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Net investment income</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$17,497,111</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$37,714,486</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Net realized loss on investments</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(2,207,446)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(16,501,243)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Net unrealized appreciation (depreciation) of investments</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>55,933,099</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(67,589,013)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net increase (decrease) in net assets resulting from operations</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>71,222,764</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>(46,375,770)</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>DISTRIBUTIONS TO SERIES A, B, AND C REMARKETED PREFERRED SHAREHOLDERS (NOTE 1):</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=3 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>From ordinary income</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Taxable net investment income</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(453,539)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(45,666)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>From tax exempt net investment income</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(8,057,144)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net increase (decrease) in net assets resulting from operations</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>(applicable to common shareholders)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>70,769,225</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>(54,478,580)</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>DISTRIBUTIONS TO COMMON SHAREHOLDERS: (NOTE 1)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=3 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>From ordinary income</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Taxable net investment income</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(83,926)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>From tax exempt net investment income</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(16,303,984)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(29,260,125)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Decrease from capital shares repurchased (Note 5)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(4,924,517)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total increase (decrease) in net assets</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>54,465,241</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>(88,747,148)</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>NET ASSETS</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=3 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Beginning of period</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>448,681,229</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>537,428,377</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>End of period (including undistributed net investment income of</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>$1,606,916 and $867,328, respectively)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$503,146,470</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$448,681,229</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>NUMBER OF FUND SHARES</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=3 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Common shares outstanding at beginning of period</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>42,871,374</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>43,318,703</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Shares repurchased (Note 5)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(447,329)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Common shares outstanding at end of period</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>42,871,374</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>42,871,374</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Remarketed preferred shares outstanding at beginning of period</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>7,154</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>15,760</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Preferred shares redeemed &#151; Series A (Note 4)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(4,520)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Preferred shares redeemed &#151; Series B (Note 4)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(603)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Preferred shares redeemed &#151; Series C (Note 4)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(3,483)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Remarketed preferred shares outstanding at beginning of period</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>7,154</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>7,154</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>* Unaudited</FONT>&nbsp;</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The accompanying notes are an integral part of these financial statements.</FONT></P>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>39</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
<A name="page_41"></A><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="14%" align=left></TD>
     <TD width="7%" align=center></TD>
     <TD width="7%" align=center></TD>
     <TD width="7%" align=center></TD>
     <TD width="7%" align=center></TD>
     <TD width="8%" align=center></TD>
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     <TD width="7%" align=center></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=11 noWrap align=left><B><FONT size=2 face=sans-serif>Financial highlights </FONT></B><FONT size=2 face=sans-serif>(For a common share outstanding throughout the period)</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD></TR>
<TR>
     <TD colSpan=13 align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>PER-SHARE OPERATING PERFORMANCE</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD></TR>
<TR>
     <TD colSpan=13 align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="TEXT-INDENT: 0px" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif>Six months ended**</FONT></B></TD>
     <TD colSpan=10 noWrap align=center><B><FONT size=1 face=sans-serif>Year ended</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>10/31/09</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>4/30/09</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>4/30/08</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>4/30/07</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>4/30/06</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>4/30/05</FONT></B></TD></TR>
<TR height=20>
     <TD colSpan=13 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net asset value, beginning of period</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>(common shares)</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>$10.47</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>$12.41</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>$13.19</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>$12.85</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>$13.15</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>$12.72</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT size=1 face=sans-serif>Investment operations:</FONT></I>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD></TR>
<TR>
     <TD colSpan=13 align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Net investment income (a)</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>.41</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>.88 </FONT><B><SUP><FONT size=1 face=sans-serif>e</FONT></SUP></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>.93 </FONT><B><SUP><FONT size=1 face=sans-serif>e</FONT></SUP></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>.89</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>.86</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>.91</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=13 align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Net realized and unrealized</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>gain (loss) on investments</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>1.25</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>(1.96)</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>(.88)</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>.23</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>(.30)</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>.51</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=13 align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total from investment operations</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>1.66</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>(1.08)</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>.05</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>1.12</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>.56</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>1.42</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 noWrap align=left><I><FONT size=1 face=sans-serif>Distributions to preferred shareholders:</FONT></I>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD></TR>
<TR>
     <TD colSpan=13 align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>From net investment income</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>(.01)</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>(.19)</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>(.33)</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>(.28)</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>(.21)</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>(.12)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=13 align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total from investment operations</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>(applicable to common shareholders)</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>1.65</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>(1.27)</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>(.28)</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>.84</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>.35</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>1.30</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT size=1 face=sans-serif>Distributions to common shareholders:</FONT></I>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD></TR>
<TR>
     <TD colSpan=13 align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>From net investment income</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>(.38)</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>(.68)</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>(.57)</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>(.57)</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>(.68)</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>(.87)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=13 align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total distributions</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>(.38)</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>(.68)</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>(.57)</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>(.57)</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>(.68)</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>(.87)</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=13 align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Increase from shares repurchased</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>&#151;</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>.01</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>.07</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>.07</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>.03</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>&#151;</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=13 align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net asset value, end of period</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>(common shares)</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>$11.74</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>$10.47</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>$12.41</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>$13.19</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>$12.85</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>$13.15</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=13 align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Market price, end of period</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>(common shares)</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>$11.00</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>$9.73</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>$11.13</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>$12.20</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>$11.68</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>$11.72</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=13 align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total return at market price (%)</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>(common shares) (b)</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>17.18 </FONT></B><B><SUP><FONT size=1 face=sans-serif>*</FONT></SUP></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>(6.32)</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>(4.09)</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>9.64</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>5.61</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>.82</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=13 align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>RATIOS AND SUPPLEMENTAL DATA</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=13 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net assets, end of period</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>(common shares) (in thousands) </FONT></B></TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>$503,146</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>$448,681</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>$537,428</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>$200,176</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>$203,548</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>$212,505</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=13 align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ratio of expenses to</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>average net assets (excluding</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>interest expense) (%) </FONT><B><SUP><FONT size=1 face=sans-serif>c,d</FONT></SUP></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>.49 </FONT><B><SUP><FONT size=1 face=sans-serif>*</FONT></SUP></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>1.25 </FONT><B><SUP><FONT size=1 face=sans-serif>e,f</FONT></SUP></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>1.44 </FONT><B><SUP><FONT size=1 face=sans-serif>e</FONT></SUP></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>1.28</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>1.37</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>1.40</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=13 align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ratio of expenses to</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>average net assets (%) </FONT><B><SUP><FONT size=1 face=sans-serif>c,d</FONT></SUP></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>.52 </FONT><B><SUP><FONT size=1 face=sans-serif>*</FONT></SUP></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>1.38 </FONT><B><SUP><FONT size=1 face=sans-serif>e,f</FONT></SUP></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>1.44 </FONT><B><SUP><FONT size=1 face=sans-serif>e</FONT></SUP></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>1.28</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>1.37</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>1.40</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=13 align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ratio of net investment income</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>to average net assets (%) </FONT><B><SUP><FONT size=1 face=sans-serif>d</FONT></SUP></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>3.55 </FONT><B><SUP><FONT size=1 face=sans-serif>*</FONT></SUP></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>6.31 </FONT><B><SUP><FONT size=1 face=sans-serif>e</FONT></SUP></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>4.86 </FONT><B><SUP><FONT size=1 face=sans-serif>e</FONT></SUP></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>4.61</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>4.92</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>6.15</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=13 align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Portfolio turnover (%)</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>13.48 </FONT><B><SUP><FONT size=1 face=sans-serif>*</FONT></SUP></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>31.32</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>44.85</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>12.60</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>10.74</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>29.51</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=13 align=left>
<HR SIZE=1 noShade>
</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>* Not annualized.<BR>
<BR>
<BR>
</FONT><FONT size=1 face=sans-serif>** Unaudited. <BR>
<BR>
</FONT><B><SUP><FONT size=1 face=sans-serif>a </FONT></SUP></B><FONT size=1 face=sans-serif>Per share net investment income has been determined on the basis of the weighted average number of shares outstanding during the period. </FONT></P>
<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>b </FONT></SUP></B><FONT size=1 face=sans-serif>Total return assumes dividend reinvestment. </FONT></P>
<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>c </FONT></SUP></B><FONT size=1 face=sans-serif>Includes amounts paid through expense offset arrangements (Note 2). </FONT></P>
<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>d </FONT></SUP></B><FONT size=1 face=sans-serif>Ratios reflect net assets available to common shares only: net investment income ratio also reflects reduction for dividend payments to preferred shareholders. </FONT></P>
<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>e </FONT></SUP></B><FONT size=1 face=sans-serif>Reflects waiver of certain fund expenses in connection with the fund&#146;s remarketed preferred shares during the period. As a result of such waivers, the expenses of the fund for the period ended April 30, 2009 and April 30, 2008 reflect a reduction of 0.03% and less than 0.01% of average net assets, respectively (Note 2). </FONT></P>
<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>f </FONT></SUP></B><FONT size=1 face=sans-serif>Includes interest and fee expense associated with borrowings which amounted to 0.03% and 0.13% of average net assets for the periods ended Ocotber 31, 2009 and April 30, 2009, respectively(Note 1).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The accompanying notes are an integral part of these financial statements.</FONT></P>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>40</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
<!--$$/page=-->
<A name="page_42"></A><BR>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Notes to financial statements </FONT></B><FONT size=2 face=sans-serif>10/31/09 (Unaudited)</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Note 1: Significant accounting policies</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Putnam Municipal Opportunities Trust (the &#147;fund&#148;) is registered under the Investment Company Act of 1940, as amended, as a non-diversified, closed-end management investment company. The fund&#146;s investment objective is to seek as high a level of current income exempt from federal income tax as Putnam Investment Management, LLC (&#147;Putnam Management&#148;), the fund&#146;s manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, believes is consistent with the preservation of capital. The fund intends to achieve its objective by investing in a portfolio of investment grade and some below investment-grade municipal bonds selected by Putnam Management.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>In the normal course of business, the fund enters into contracts that may include agreements to indemnify another party under given circumstances. The fund&#146;s maximum exposure under these arrangements is unknown, as this would involve future claims that may be, but have not yet been, made against the fund. However, the fund&#146;s management team expects the risk of material loss to be remote.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The following is a summary of significant accounting policies consistently followed by the fund in the preparation of its financial statements. The preparation of financial statements is in conformity with accounting principles generally accepted in the United States of America and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Subsequent events after the statement of assets and liabilities date through the date that the financial statements were issued, December 10, 2009, have been evaluated in the preparation of the financial statements.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>A) Security valuation </FONT></B><FONT size=1 face=sans-serif>Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. Certain investments, including certain restricted and illiquid securities 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 </FONT><FONT size=1 face=sans-serif>of time. By its nature, a fair value price is a good faith estimate of the value 
of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>B) Security transactions and related investment income </FONT></B><FONT size=1 face=sans-serif>Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Gains or losses on securities sold are determined on the identified cost basis. Interest income is recorded on the accrual basis. All premiums/discounts are amortized/ accreted on a yield-to-maturity basis. The premium in excess of the call price, if any, is amortized to the call date; thereafter, any remaining premium is amortized to maturity.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>C) Tender option bond transactions </FONT></B><FONT size=1 face=sans-serif>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 ra
te bond as a liability in the Statement of assets and liabilities. At October 31, 2009, the fund&#146;s investments with a value of $74,559,711 were held by the TOB trust and served as collateral for $36,163,032 in floating-rate bonds outstanding. During the period ended October 31, 2009, the fund incurred interest expense of $77,195 for these investments based on an average interest rate of 0.45% .</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>D) Federal taxes </FONT></B><FONT size=1 face=sans-serif>It is the policy of the fund to distribute all of its income within the prescribed time and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), applicable to regulated investment companies. It is also the intention of the fund to distribute an amount sufficient to avoid imposition of any excise tax under Section 4982 of the Code. The fund is subject to the provisions of ASC 740 Income Taxes (&#147;ASC 740&#148;). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The fund did not have any unrecognized tax benefits in the accompanying financial statements. No provision has been made for</FONT></P>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>41</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
<!--$$/page=-->
<A name="page_43"></A><BR>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>federal taxes on income, capital gains or unrealized appreciation on securities held nor for excise tax on income and capital gains. Each of the fund&#146;s federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service and state departments of revenue.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>At April 30, 2009 the fund had a capital loss carryover of $57,480,962 available to the extent allowed by the Code to offset future net capital gain, if any. The amounts of the carryovers and the expiration dates are:</FONT></P>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="25%"></TD>
     <TD width="25%"></TD>
     <TD width="25%"></TD>
     <TD width="25%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Loss Carryover</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Expiration</FONT></B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left>
<HR SIZE=1 noShade>
</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>$15,740,029</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>April 30, 2010</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD>
     <TD></TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>10,138,476</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>April 30, 2011</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD>
     <TD></TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>9,779,755</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>April 30, 2012</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD>
     <TD></TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>2,388,286</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>April 30, 2013</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD>
     <TD></TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>897,370</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>April 30, 2014</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD>
     <TD></TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>1,545,945</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>April 30, 2015</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD>
     <TD></TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>884,324</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>April 30, 2016</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD>
     <TD></TD>
     <TD></TD></TR>
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     <TD noWrap align=right><FONT size=1 face=sans-serif>April 30, 2017</FONT>&nbsp;</TD>
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<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Pursuant to federal income tax regulations applicable to regulated investment companies, the fund has elected to defer to its fiscal year ending April 31, 2009 $2,964,132 of losses recognized during the period November 1, 2008 to April 30, 2009).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The aggregate identified cost on a tax basis is $709,922,703, resulting in gross unrealized appreciation and depreciation of $25,663,839 and $24,285,278, respectively, or net unrealized depreciation of $1,378,561.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>E) Distributions to shareholders </FONT></B><FONT size=1 face=sans-serif>Distributions to common and preferred shareholders from net investment income are recorded by the fund on the ex-dividend date. Distributions from capital gains, if any, are recorded on the ex-dividend date and paid at least annually. Dividends on remarketed preferred shares become payable when, as and if declared by the Trustees. Each dividend period for the remar-keted preferred shares is generally a 7 day period for Series B and Series C. The applicable dividend rate for the remarketed preferred shares on October 31, 2009 was 0.43% and 0.41 %.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>From February 2008 through October 31, 2009, the fund has experienced unsuccessful remarketings of its remarketed preferred shares. As a result, the dividends paid on the remarketed preferred shares has been at the &#147;maximum dividend rate&#148; pursuant to the fund&#146;s by-laws, which, based on the current credit quality of remarketed preferred shares, equals 110% of the higher of the 30-day &#147;AA&#148; composite commercial paper rate and the taxable equivalent of the short-term municipal bond rate.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Dividend sources are estimated at the time of declaration. Actual results may vary. Any non-taxable return of capital cannot be determined until final tax calculations are completed after the end of the fund&#146;s fiscal year. Reclassifications are made to the fund&#146;s capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>F) Determination of net asset value </FONT></B><FONT size=1 face=sans-serif>Net asset value of the common shares is determined by dividing the value of all assets of the fund, less all liabilities and the liquidation preference of any outstanding remarketed preferred shares, by the total number of common shares outstanding as of period end.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Note 2: Management fee, administrative services and other transactions</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The fund pays Putnam Management for management and investment advisory services quarterly based on the average net assets of the fund, including assets attributable to preferred shares. Such fee is based on the lesser of (i) an annual rate of 0.55% of the average weekly net assets attributable to common and preferred shares outstanding or (ii) the following annual rates expressed as a percentage of the fund&#146;s average weekly net assets attributable to common and preferred shares outstanding: 0.65% of the first $500 million and 0.55% of the next $500 million, with additional breakpoints at higher asset levels.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Effective September 14, 2009, Putnam Investments Limited (&#147;PIL&#148;), an affiliate of Putnam Management, is authorized by the Trustees to manage a separate portion of the assets of the fund as determined by Putnam Management from time to time. Putnam Management pays a quarterly sub-management fee to PIL for its services at an annual rate of 0.40% of the average net assets of the portion of the fund managed by PIL.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>If dividends payable on remarketed preferred shares during any dividend payment period plus any expenses attributable to remarketed preferred shares for that period exceed the fund&#146;s gross income attributable to the proceeds of the remarketed preferred shares during that period, then the fee payable to Putnam Management for that period will be reduced by the amount of the excess (but not more than the effective management and administrative service fees rate under the contracts multiplied by the liquidation preference of the remarketed preferred shares outstanding during the period).</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The fund reimburses Putnam Management an allocated amount for the compensation and related expenses of certain officers of the fund and their staff who provide administrative services to the fund. The aggregate amount of all such reimbursements is determined annually by the Trustees.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Custodial functions for the fund&#146;s assets are provided by State Street Bank and Trust Company (&#147;State Street&#148;). Custody fees are based on the fund&#146;s asset level, the number of its security holdings and transaction volumes.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Putnam Investor Services, a division of Putnam Fiduciary Trust Company (&#147;PFTC&#148;), which is an affiliate of Putnam Management, provided investor servicing agent functions to the fund. Putnam Investor Services was paid a monthly fee for investor servicing at an annual rate of 0.05% of the fund&#146;s average net assets. The amounts incurred for investor servicing agent functions provided by PFTC during the six months ended October 31, 2009 are included in Investor servicing fees in the Statement of operations.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The fund has entered into expense offset arrangements with PFTC and State Street whereby PFTC&#146;s and State Street&#146;s fees are reduced by credits allowed on cash balances. For the six months ended October 31, 2009, the fund&#146;s expenses were reduced by $1,088 under the expense offset arrangements.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Each independent Trustee of the fund receives an annual Trustee fee, of which $387, as a quarterly retainer, has been allocated to the fund, and an additional fee for each Trustees meeting attended. Trustees receive additional fees for attendance at certain committee meetings and industry seminars and for certain compliance-related matters. Trustees also are reimbursed for expenses they incur relating to their services as Trustees.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The fund has adopted a Trustee Fee Deferral Plan (the &#147;Deferral Plan&#148;) which allows the Trustees to defer the receipt of all or a portion of Trustees fees payable on or after July 1, 1995. The deferred fees remain invested in certain Putnam funds until distribution in accordance with the Deferral Plan.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The fund has adopted an unfunded noncontributory defined benefit pension plan (the &#147;Pension Plan&#148;) covering all Trustees of the fund who have served as a Trustee for at least five years and were first elected prior to 2004. Benefits under the Pension Plan are equal to 50% of the Trustee&#146;s average annual attendance and retainer fees for the three years ended December 31, 2005. The retirement benefit is payable during a Trustee&#146;s lifetime, beginning the year following retirement, for the number of years of service through December 31, 2006. Pension expense for the fund is included in Trustee compensation and expenses in </FONT><FONT size=1 face=sans-serif>the Statement of operations. Accrued pension liability is included in Payable for Trustee compensation and expenses in the Statement of assets and liabilities. The Trustees have terminated the Pension Plan with respect to any Trustee first elected after 2003.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Note 3: Purchases and sales of securities</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>During the six months ended October 31, 2009, cost of purchases and proceeds from sales of investment securities other than short-term investments aggregated $93,537,972 and $91,054,748, respectively. There were no purchases or sales of U.S. government securities.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Note 4: Preferred shares</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The Series B and Series C Remarketed Preferred shares are redeemable at the option of the fund on any dividend payment date at a redemption price of $25,000 per share, plus an amount equal to any dividends accumulated on a daily basis but unpaid through the redemption date (whether or not such dividends have been declared) and, in certain circumstances, a call premium.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>It is anticipated that dividends paid to holders of remar-keted preferred shares will be considered tax-exempt dividends under the Internal Revenue Code of 1986. To the extent that the fund earns taxable income and capital gains by the conclusion of a fiscal year, it may be required to apportion to the holders of the remarketed preferred shares throughout that year additional dividends as necessary to result in an after-tax equivalent to the applicable dividend rate for the period.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Under the Investment Company Act of 1940, the fund is required to maintain asset coverage of at least 200% with respect to the remarketed preferred shares. Additionally, the fund&#146;s bylaws impose more stringent asset coverage requirements and restrictions relating to the rating of the remarketed preferred shares by the shares&#146; rating agencies. Should these requirements not be met, or should dividends accrued on the remar-keted preferred shares not be paid, the fund may be restricted in its ability to declare dividends to common shareholders or may be required to redeem certain of the remarketed preferred shares. At October 31, 2009, no such restrictions have been placed on the fund.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>In August 2008, the fund redeemed 678 Series A, 603 Series B and 1,083 Series C Remarketed Preferred shares. The redemption price was equal to the liquidation preference per share ($25,000) of each series of preferred shares, plus accumulated but unpaid dividends as of the following redemption dates: August 18, 2008 for Series A, August 19, 2008 for Series B and August 22, 2008 for Series C Remarketed Preferred shares. The August 2008 preferred share redemptions represented 15.0% of the fund&#146;s $394,000,000 in outstanding preferred shares at that date.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>On November 21, 2008, the fund redeemed an additional 800 Series C Remarketed Preferred shares; this redemption represented approximately 6.0% of the fund&#146;s $334,900,000 (following the previous redemptions) in outstanding preferred shares at that date.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>On December 8, 2008 the fund redeemed the remaining 3,842 Series A Remarketed Preferred shares; this redemption represented approximately 30.5% of the fund&#146;s $314,900,000 (following the previous redemptions) in outstanding preferred shares at that date.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>On January 16, 2009, the fund redeemed an additional 1,600 Series C Remarketed Preferred shares; this redemption represented approximately 18.3% of the fund&#146;s $218,850,000 (following the previous redemptions) in outstanding preferred shares at that date.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Following the January 2009 redemption the fund&#146;s outstanding preferred shares amounted to $178,850,000.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Note 5: Shares repurchased</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>In September 2009, the Trustees approved the renewal of the repurchase program to allow the fund to repurchase up to 10% of its outstanding common shares over the 12 month period ending October 7, 2010 (based on shares outstanding as of October 7, 2009). Prior to this renewal, the Trustees had approved a repurchase program to allow the fund to repurchase up to 10% of its outstanding common shares over the 12 month period ending October 7, 2009 (based on shares outstanding as of October 7, 2008) and prior to that, to allow the fund to repurchase up to 10% of its outstanding common shares over the 12 month period ending October 7, 2008 (based on shares outstanding as of October 5, 2007). Repurchases are made when the fund&#146;s shares are trading at less than net asset value and in accordance with procedures approved by the fund&#146;s Trustees. For the six-months ended October 31, 2009, the fund has not repurchased any common shares.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Note 6: Regulatory matters and litigation</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>In late 2003 and 2004, Putnam Management settled charges brought by the Securities and Exchange Commission (the &#147;SEC&#148;) and the Massachusetts Securities Division in connection with excessive short-term trading in Putnam funds. Distribution of payments from Putnam Management to certain open-end Putnam funds and their shareholders is expected to be completed in the next several months. These allegations and related matters have served as the general basis for certain lawsuits, including purported class action lawsuits against Putnam Management and, in a limited number of cases, some Putnam funds. Putnam Management believes that these lawsuits will have no material adverse effect on the funds or on Putnam Management&#146;s ability to provide investment management services. In addition, Putnam Management has agreed to bear any costs incurred by the Putnam funds as a result of these matters.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Note 7: Actions by Trustees</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>In September and October 2008, the Board of Trustees approved a plan to merge the fund into Putnam Tax Exempt Income Fund, an open-end fund, subject to a number of conditions, including shareholder approval. In June 2009, following significant changes in market conditions, the Trustees authorized Putnam Investments to suspend further efforts to implement the merger. The Trustees and Putnam Investments announced that it is not certain, when, or if, conditions may emerge that would make it advisable to renew efforts to complete the merger.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Note 8: Market and credit risk</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>In the normal course of business, the fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the contracting party to the transaction to perform (credit risk). The fund may be exposed to additional credit risk that an institution or other entity with which the fund has unsettled or open transactions will default.</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Fund information</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>About Putnam Investments</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Founded over 70 years ago, Putnam Investments was built around the concept that a balance between risk and reward is the hallmark of a well-rounded financial program. We manage over 100 funds across income, value, blend, growth, asset allocation, absolute return, and global sector categories.</FONT></P>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Investment Manager</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Officers</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Robert R. Leveille</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Investment</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Robert L. Reynolds</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT size=2 face=sans-serif>Vice President and</FONT></I>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Management, LLC</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT size=2 face=sans-serif>President</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><I><FONT size=2 face=sans-serif>Chief Compliance Officer</FONT></I>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Charles E. Porter</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Mark C. Trenchard</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><I><FONT size=2 face=sans-serif>Executive Vice President,</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><I><FONT size=2 face=sans-serif>Vice President and</FONT></I>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Marketing Services</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><I><FONT size=2 face=sans-serif>Principal Executive Officer,</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><I><FONT size=2 face=sans-serif>BSA Compliance Officer</FONT></I>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Retail Management</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT size=2 face=sans-serif>Associate Treasurer and</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT size=2 face=sans-serif>Compliance Liaison</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Judith Cohen</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><I><FONT size=2 face=sans-serif>Vice President, Clerk and</FONT></I>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Jonathan S. Horwitz</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT size=2 face=sans-serif>Assistant Treasurer</FONT></I>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Custodian</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><I><FONT size=2 face=sans-serif>Senior Vice President</FONT></I>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>State Street Bank</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT size=2 face=sans-serif>and Treasurer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Wanda M. McManus</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>and Trust Company</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><I><FONT size=2 face=sans-serif>Vice President, Senior Associate</FONT></I>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Steven D. Krichmar</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT size=2 face=sans-serif>Treasurer and Assistant Clerk</FONT></I>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Legal Counsel</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><I><FONT size=2 face=sans-serif>Vice President and</FONT></I>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Ropes &amp; Gray LLP</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT size=2 face=sans-serif>Principal Financial Officer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Nancy E. Florek</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><I><FONT size=2 face=sans-serif>Vice President, Assistant Clerk,</FONT></I>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Trustees</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Janet C. Smith</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT size=2 face=sans-serif>Assistant Treasurer and</FONT></I>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>John A. Hill, </FONT><I><FONT size=2 face=sans-serif>Chairman</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><I><FONT size=2 face=sans-serif>Vice President, Principal</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><I><FONT size=2 face=sans-serif>Proxy Manager</FONT></I>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Jameson A. Baxter,</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT size=2 face=sans-serif>Accounting Officer and</FONT></I>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT size=2 face=sans-serif>Vice Chairman</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><I><FONT size=2 face=sans-serif>Assistant Treasurer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Susan G. Malloy</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT size=2 face=sans-serif>Vice President and</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Myra R. Drucker</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT size=2 face=sans-serif>Assistant Treasurer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Elizabeth T. Kennan</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Beth S. Mazor</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT size=2 face=sans-serif>Vice President</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Robert E. Patterson</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>James P. Pappas</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Robert L. Reynolds</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT size=2 face=sans-serif>Vice President</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Richard B. Worley</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Francis J. McNamara, III</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><I><FONT size=2 face=sans-serif>Vice President and</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><I><FONT size=2 face=sans-serif>Chief Legal Officer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Call 1-800-225-1581 Monday through Friday between 8:00 a.m. and 8:00 p.m. Eastern Time, or visit</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>our Web site (putnam.com) anytime for up-to-date information about the fund&#146;s NAV.</FONT></B>&nbsp;</TD></TR></TABLE><BR>
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<P style="TEXT-ALIGN: left"><U><FONT size=2 face=sans-serif>Item 2. Code of Ethics:</FONT></U><BR>
<BR>
<FONT size=2 face=sans-serif>Not Applicable</FONT><BR>
<BR>
<U><FONT size=2 face=sans-serif>Item 3. Audit Committee Financial Expert:</FONT></U><BR>
<BR>
<FONT size=2 face=sans-serif>Not Applicable</FONT><BR>
<BR>
<U><FONT size=2 face=sans-serif>Item 4. Principal Accountant Fees and Services:</FONT></U><BR>
<BR>
<FONT size=2 face=sans-serif>Not Applicable</FONT><BR>
<BR>
<U><FONT size=2 face=sans-serif>Item 5. Audit Committee</FONT></U><BR>
<BR>
<FONT size=2 face=sans-serif>Not Applicable</FONT><BR>
<BR>
<U><FONT size=2 face=sans-serif>Item 6. Schedule of Investments:</FONT></U></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The registrant&#146;s schedule of investments in unaffiliated issuers is included in the report to shareholders in Item 1 above.</FONT></P>
<P style="TEXT-ALIGN: left"><U><FONT size=2 face=sans-serif>Item 7. Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies:</FONT></U></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Not applicable</FONT></P>
<P style="TEXT-ALIGN: left"><U><FONT size=2 face=sans-serif>Item 8. Portfolio Managers of Closed-End Management Investment Companies</FONT></U></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(a) Not applicable</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(b) Brad Libby no longer is a portfolio manager of the fund.</FONT></P>
<P style="TEXT-ALIGN: left"><U><FONT size=2 face=sans-serif>Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers:</FONT></U></P>
<TABLE border=0 cellSpacing=0 width="80%">
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     <TD colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>Registrant Purchase of Equity Securities</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Maximum</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Total Number</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Number (or</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>of Shares</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Approximate</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Purchased</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Dollar Value)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>as Part</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>of Shares</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>of Publicly</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>that May Yet Be</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Total Number</FONT>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Average</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Announced</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Purchased</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>of Shares</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Price Paid</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Plans or</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>under the Plans</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><U><FONT size=2 face=sans-serif>Period</FONT></U>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left><U><FONT size=2 face=sans-serif>Purchased</FONT></U>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left><U><FONT size=2 face=sans-serif>per Share</FONT></U>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><U><FONT size=2 face=sans-serif>Programs*</FONT></U>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><U><FONT size=2 face=sans-serif>or Programs**</FONT></U>&nbsp;</TD></TR>
<TR>
     <TD colSpan=9></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>May 1 -</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>May 31, 2009</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=2 face=sans-serif>-</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=2 face=sans-serif>-</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=2 face=sans-serif>-</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=2 face=sans-serif>4,287,137</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>June 1 -</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>June 30, 2009</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=2 face=sans-serif>-</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=2 face=sans-serif>-</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=2 face=sans-serif>-</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=2 face=sans-serif>4,287,137</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>July 1 -</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>July 31, 2009</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=2 face=sans-serif>-</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=2 face=sans-serif>-</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=2 face=sans-serif>-</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=2 face=sans-serif>4,287,137</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>August 1 -</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=2 face=sans-serif>-</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=2 face=sans-serif>-</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=2 face=sans-serif>-</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=2 face=sans-serif>4,287,137</FONT>&nbsp;</TD></TR></TABLE><BR>
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<TR>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>August 31, 2009</FONT>&nbsp;</TD>
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     <TD noWrap align=right>&nbsp;</TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>September 1 -</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
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     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>September 30, 2009</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=2 face=sans-serif>-</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=2 face=sans-serif>-</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=2 face=sans-serif>-</FONT></TD>
     <TD colSpan=2 noWrap align=center><FONT size=2 face=sans-serif>4,287,137</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>October 1 -</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>October 7, 2009</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=2 face=sans-serif>-</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=2 face=sans-serif>-</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=2 face=sans-serif>-</FONT></TD>
     <TD colSpan=2 noWrap align=center><FONT size=2 face=sans-serif>4,287,137</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>October 8 -</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>October 31, 2009</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=2 face=sans-serif>-</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=2 face=sans-serif>-</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=2 face=sans-serif>-</FONT></TD>
     <TD colSpan=2 noWrap align=center><FONT size=2 face=sans-serif>4,287,137</FONT>&nbsp;</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>* In October 2005, the Board of Trustees of the Putnam Funds initiated the closed-end fund share repurchase program, which, as subsequently amended, authorized the repurchase of up to 10% of the fund's outstanding common shares over the two-years ending October 5, 2007. The Trustees subsequently renewed the program on three occasions, to permit the repurchase of an additional 10% of the fund's outstanding common shares over each of the twelve-month periods beginning on October 8, 2007, October 8, 2008 and October 8, 2009.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The October 8, 2008 - October 7, 2009 program, which was announced in </FONT><FONT size=2 face=sans-serif>September 2008, allowed repurchases up to a total of </FONT><FONT size=2 face=sans-serif>4,287,137 </FONT><FONT size=2 face=sans-serif>shares of the fund. The October 8, 2009 - October 7, 2010 program, which was announced in September 2009, allows repurchases up to a total of </FONT><FONT size=2 face=sans-serif>4,287,137 </FONT><FONT size=2 face=sans-serif>shares of the fund.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>**Information prior to October 7, 2009 is based on the total number of shares eligible for repurchase under the program, as amended through September 2008. Information from October 8, 2009 forward is based on the total number of shares eligible for repurchase under the program, as amended through September 2009.</FONT></P>
<P style="TEXT-ALIGN: left"><U><FONT size=2 face=sans-serif>Item 10. Submission of Matters to a Vote of Security Holders: </FONT></U></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Not applicable </FONT></P>
<P style="TEXT-ALIGN: left"><U><FONT size=2 face=sans-serif>Item 11. Controls and Procedures:</FONT></U></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(b) Changes in internal control over financial reporting: Not applicable </FONT></P>
<P style="TEXT-ALIGN: left"><U><FONT size=2 face=sans-serif>Item 12. Exhibits: </FONT></U></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(a)(1) Not applicable</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(a)(2) Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(b) The certifications required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, are filed herewith.</FONT></P>
<P style="TEXT-ALIGN: left"><U><FONT size=2 face=sans-serif>SIGNATURES</FONT></U></P>
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<P style="text-align: left;"> <FONT size=2 face="sans-serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</FONT></P>
<P style="text-align: left;"> <U><FONT size=2 face="sans-serif">Putnam Municipal Opportunities Trust</FONT></U><BR>
<BR>
<FONT size=2 face="sans-serif">By (Signature and Title):</FONT><BR>
<BR>
<U><FONT size=2 face="sans-serif">/s/Janet C. Smith</FONT></U><BR>
<FONT size=2 face="sans-serif">Janet C. Smith</FONT><BR>
<FONT size=2 face="sans-serif">Principal Accounting Officer</FONT><BR>
<BR>
<FONT size=2 face="sans-serif">Date: December 30, 2009</FONT></P>
<P style="text-align: left;"> <FONT size=2 face="sans-serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</FONT></P>
<P style="text-align: left;"> <FONT size=2 face="sans-serif">By (Signature and Title):</FONT><BR>
<BR>
<U><FONT size=2 face="sans-serif">/s/Charles E. Porter</FONT></U><BR>
<FONT size=2 face="sans-serif">Charles E. Porter</FONT><BR>
<FONT size=2 face="sans-serif">Principal Executive Officer</FONT><BR>
<BR>
<FONT size=2 face="sans-serif">Date: December 30, 2009</FONT><BR>
<BR>
<FONT size=2 face="sans-serif">By (Signature and Title):</FONT><BR>
<BR>
<U><FONT size=2 face="sans-serif">/s/Steven D. Krichmar</FONT></U><BR>
<FONT size=2 face="sans-serif">Steven D. Krichmar</FONT><BR>
<FONT size=2 face="sans-serif">Principal Financial Officer</FONT><BR>
<BR>
<FONT size=2 face="sans-serif">Date: December 30, 2009</FONT></P>
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<P style="text-align: left;"> <U><FONT size=2 face="sans-serif">Certifications</FONT></U></P>
<P style="text-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 style="text-align: left;"> <FONT size=2 face="sans-serif">1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A:</FONT></P>
<P style="text-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 style="text-align: left;"> <FONT size=2 face="sans-serif">3. Based on my knowledge, the financial statements, and other financial information included in each report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in each report;</FONT></P>
<P style="text-align: left;"> <FONT size=2 face="sans-serif">4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>
<P style="text-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 style="text-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 style="text-align: left;"> <FONT size=2 face="sans-serif">c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of each report based on such evaluation; and</FONT></P>
<P style="text-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 style="text-align: left;"> <FONT size=2 face="sans-serif">5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions):</FONT></P>
<P style="text-align: left;"> <FONT size=2 face="sans-serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant's ability to record, process, summarize, and report financial information; and</FONT></P>
<P style="text-align: left;"> <FONT size=2 face="sans-serif">b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting.</FONT></P>
<P style="text-align: left;"> <FONT size=2 face="sans-serif">Date: December 29, 2009</FONT></P>
<P style="text-align: left;"> <FONT size=2 face="sans-serif">/s/ Charles E. Porter</FONT><BR>
<FONT size=2 face="sans-serif">_______________________</FONT><BR>
<FONT size=2 face="sans-serif">Charles E. Porter</FONT><BR>
<FONT size=2 face="sans-serif">Principal Executive Officer</FONT></P>
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<P style="text-align: left;"> <U><FONT size=2 face="sans-serif">Certifications</FONT></U></P>
<P style="text-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 style="text-align: left;"> <FONT size=2 face="sans-serif">1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A:</FONT></P>
<P style="text-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 style="text-align: left;"> <FONT size=2 face="sans-serif">3. Based on my knowledge, the financial statements, and other financial information included in each report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in each report;</FONT></P>
<P style="text-align: left;"> <FONT size=2 face="sans-serif">4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>
<P style="text-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 style="text-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 style="text-align: left;"> <FONT size=2 face="sans-serif">c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of each report based on such evaluation; and</FONT></P>
<P style="text-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 style="text-align: left;"> <FONT size=2 face="sans-serif">5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions):</FONT></P>
<P style="text-align: left;"> <FONT size=2 face="sans-serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant's ability to record, process, summarize, and report financial information; and</FONT></P>
<P style="text-align: left;"> <FONT size=2 face="sans-serif">b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting.</FONT></P>
<P style="text-align: left;"> <FONT size=2 face="sans-serif">Date: December 29, 2009</FONT></P>
<P style="text-align: left;"> <FONT size=2 face="sans-serif">/s/ Steven D. Krichmar</FONT><BR>
<FONT size=2 face="sans-serif">_______________________</FONT><BR>
<FONT size=2 face="sans-serif">Steven D. Krichmar</FONT><BR>
<FONT size=2 face="sans-serif">Principal Financial Officer</FONT></P>
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     <TD width="50%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT size=2 face=sans-serif>Attachment A</FONT>&nbsp;</TD>
     <TD noWrap align=center></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT size=2 face=sans-serif>N-CSR</FONT>&nbsp;</TD>
     <TD noWrap align=center></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT size=2 face=sans-serif>Period (s) ended October 31, 2009</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Managed Municipal Income Trust</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Municipal Opportunities Trust</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Mid Cap Value Fund</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>The Putnam Fund for Growth and Income</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Capital Opportunities Fund</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Income Fund</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Global Income Trust</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Global Equity Fund</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Convertible Income-Growth Trust</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Absolute Return 100 Fund</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Absolute Return 300 Fund</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Absolute Return 500 Fund</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Absolute Return 700 Fund</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Capital Spectrum Fund</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Equity Spectrum Fund</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Asia Pacific Equity Fund</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>c_munioppscertnos.htm
<DESCRIPTION>EX-99.906 CERT
<TEXT>

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<P style="text-align: left;"> <U><FONT size=2 face="sans-serif">Section 906 Certifications</FONT></U></P>
<P style="text-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, to my knowledge:</FONT></P>
<P style="text-align: left;"> <FONT size=2 face="sans-serif">1. The form N-CSR of the Funds listed on Attachment A for the period ended October 31, 2009 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</FONT></P>
<P style="text-align: left;"> <FONT size=2 face="sans-serif">2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended October 31, 2009 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A.</FONT></P>
<P style="text-align: left;"> <FONT size=2 face="sans-serif">Date: December 29, 2009</FONT><BR>
<BR>
<FONT size=2 face="sans-serif">/s/ Charles E. Porter</FONT><BR>
<FONT size=2 face="sans-serif">______________________</FONT><BR>
<FONT size=2 face="sans-serif">Charles E. Porter</FONT><BR>
<FONT size=2 face="sans-serif">Principal Executive Officer</FONT></P>
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<A name="page_2"></A><BR>
<P style="text-align: left;"> <U><FONT size=2 face="sans-serif">Section 906 Certifications</FONT></U></P>
<P style="text-align: left;"> <FONT size=2 face="sans-serif">I, Steven D. Krichmar, the Principal Financial Officer of the Funds listed on Attachment A, certify that, to my knowledge:</FONT></P>
<P style="text-align: left;"> <FONT size=2 face="sans-serif">1. The form N-CSR of the Funds listed on Attachment A for the period ended October 31, 2009 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</FONT></P>
<P style="text-align: left;"> <FONT size=2 face="sans-serif">2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended October 31, 2009 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A.</FONT></P>
<P style="text-align: left;"> <FONT size=2 face="sans-serif">Date: December 29, 2009</FONT><BR>
<BR>
<FONT size=2 face="sans-serif">/s/ Steven D. Krichmar</FONT><BR>
<FONT size=2 face="sans-serif">______________________</FONT><BR>
<FONT size=2 face="sans-serif">Steven D. Krichmar</FONT><BR>
<FONT size=2 face="sans-serif">Principal Financial Officer</FONT></P>
<HR noshade align="center" width="100%" size=2>
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<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="50%"></TD>
     <TD width="50%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT size=2 face=sans-serif>Attachment A</FONT>&nbsp;</TD>
     <TD noWrap align=center></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT size=2 face=sans-serif>N-CSR</FONT>&nbsp;</TD>
     <TD noWrap align=center></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT size=2 face=sans-serif>Period (s) ended October 31, 2009</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Managed Municipal Income Trust</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Municipal Opportunities Trust</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Mid Cap Value Fund</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>The Putnam Fund for Growth and Income</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Capital Opportunities Fund</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Income Fund</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Global Income Trust</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Global Equity Fund</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Convertible Income-Growth Trust</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Absolute Return 100 Fund</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Absolute Return 300 Fund</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Absolute Return 500 Fund</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Absolute Return 700 Fund</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Capital Spectrum Fund</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Equity Spectrum Fund</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Asia Pacific Equity Fund</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR></TABLE><BR>
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</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
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