<SEC-DOCUMENT>0000928816-11-000440.txt : 20110331
<SEC-HEADER>0000928816-11-000440.hdr.sgml : 20110331
<ACCEPTANCE-DATETIME>20110331101038
ACCESSION NUMBER:		0000928816-11-000440
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110131
FILED AS OF DATE:		20110331
DATE AS OF CHANGE:		20110331
EFFECTIVENESS DATE:		20110331

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07626
		FILM NUMBER:		11724141

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

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>a_munioppstrust.htm
<DESCRIPTION>PUTNAM MUNICIPAL OPPORTUNITIES TRUST
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     <TD colSpan=4 align=center><FONT size=2 face=sans-serif>UNITED STATES</FONT></TD></TR>
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     <TD colSpan=4 align=center><FONT size=2 face=sans-serif>SECURITIES AND EXCHANGE COMMISSION</FONT></TD></TR>
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     <TD colSpan=4 align=center><FONT size=2 face=sans-serif>Washington, D.C. 20549</FONT></TD></TR>
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     <TD colSpan=4 align=center><B><FONT size=2 face=sans-serif>FORM N-Q</FONT></B></TD></TR>
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     <TD colSpan=4 align=center><B><FONT size=2 face=sans-serif>&nbsp;</FONT></B></TD></TR>
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     <TD colSpan=4 noWrap align=center><B><FONT size=2 face=sans-serif>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT</FONT></B>&nbsp;</TD></TR>
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     <TD colSpan=4 align=center><B><FONT size=2 face=sans-serif>INVESTMENT COMPANY</FONT></B></TD></TR>
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     <TD colSpan=4 align=center><B><FONT size=2 face=sans-serif>&nbsp;</FONT></B></TD></TR>
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     <TD colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>Investment Company Act file number: (811-</FONT><FONT size=2 face=sans-serif>07626</FONT><FONT size=2 face=sans-serif>)</FONT>&nbsp;</TD>
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     <TD colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Exact name of registrant as specified in charter:</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Putnam Municipal Opportunities Trust</FONT>&nbsp;</TD></TR>
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     <TD colSpan=4 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 colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Name and address of agent for service:</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Beth S. Mazor, Vice President</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Boston, Massachusetts 02109</FONT>&nbsp;</TD></TR>
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     <TD style="TEXT-INDENT: 95px" noWrap align=center><FONT size=2 face=sans-serif>Copy to:</FONT>&nbsp;</TD>
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     <TD colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>John W. Gerstmayr, Esq.</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Ropes &amp; Gray LLP</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>800 Boylston Street</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Boston, Massachusetts 02199-3600</FONT>&nbsp;</TD></TR>
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     <TD colSpan=3 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 colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Date of fiscal year end: </FONT><FONT size=2 face=sans-serif>April 30, 2011</FONT>&nbsp;</TD>
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     <TD colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Date of reporting period: January 31, 2011</FONT>&nbsp;</TD>
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<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><U><FONT size=2 face=sans-serif>Item 1. Schedule of Investments:</FONT></U></P>
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<P style="TEXT-ALIGN: left"><FONT size=5 face=sans-serif>Putnam Municipal Opportunities Trust</FONT><BR>
<FONT size=3 face=sans-serif>The fund's portfolio</FONT><BR>
<FONT size=2 face=sans-serif>1/31/11 (Unaudited)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Key to holding's abbreviations</FONT><BR>
<FONT size=2 face=sans-serif>AGM -- Assured Guaranty Municipal Corporation</FONT><BR>
<FONT size=2 face=sans-serif>AGO -- Assured Guaranty, Ltd.</FONT><BR>
<FONT size=2 face=sans-serif>AMBAC -- AMBAC Indemnity Corporation</FONT><BR>
<FONT size=2 face=sans-serif>COP -- Certificates of Participation</FONT><BR>
<FONT size=2 face=sans-serif>FGIC -- Financial Guaranty Insurance Company</FONT><BR>
<FONT size=2 face=sans-serif>FNMA Coll. -- Federal National Mortgage Association Collateralized</FONT><BR>
<FONT size=2 face=sans-serif>FRB -- Floating Rate Bonds</FONT><BR>
<FONT size=2 face=sans-serif>G.O. Bonds -- General Obligation Bonds</FONT><BR>
<FONT size=2 face=sans-serif>GNMA Coll. -- Government National Mortgage Association Collateralized</FONT><BR>
<FONT size=2 face=sans-serif>NATL -- National Public Finance Guarantee Corp.</FONT><BR>
<FONT size=2 face=sans-serif>SGI -- Syncora Guarantee, Inc.</FONT><BR>
<FONT size=2 face=sans-serif>U.S. Govt. Coll. -- U.S. Government Collateralized</FONT><BR>
<FONT size=2 face=sans-serif>VRDN -- Variable Rate Demand Notes</FONT></P>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>MUNICIPAL BONDS AND NOTES (145.6%)(a)</FONT></B>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Rating(RAT)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>Principal amount</FONT>&nbsp;</TD>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Alabama (0.4%)</FONT></B>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Selma, Indl. Dev. Board Rev. Bonds (Gulf Opportunity</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Zone Intl. Paper Co.), Ser. A, 5.8s, 5/1/34</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>$750,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>$732,165</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Sylacauga, Hlth. Care Auth. Rev. Bonds (Coosa Valley</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Med. Ctr.), Ser. A, 6s, 8/1/25</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>B/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,200,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,021,812</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>1,753,977</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Arizona (3.3%)</FONT></B>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa Grande</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Regl. Med. Ctr.), Ser. A, 7 5/8s, 12/1/29</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>B+/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,300,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,083,156</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Cochise Cnty., Indl. Dev. Auth. Rev. Bonds (Sierra</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Vista Cmnty. Hosp.), Ser. A, 6 3/4s, 12/1/26</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB+/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>410,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>410,070</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Coconino Cnty., Poll. Control Rev. Bonds (Tucson Elec.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Pwr. Co. - Navajo), Ser. A, 5 1/8s, 10/1/32</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,302,660</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Glendale, Indl. Dev. Auth. Rev. Bonds (Midwestern U.),</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>5 1/8s, 5/15/40</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A-</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,125,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,866,494</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Marana, Impt. Dist. Special Assmt. Bonds (Tangerine</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Farms Road), 4.6s, 1/1/26</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,859,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,707,938</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Maricopa Cnty., Poll. Control Rev. Bonds (El Paso</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Elec. Co.), Ser. A, 7 1/4s, 2/1/40</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,400,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,623,320</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Phoenix, Civic Impt. Corp. Arpt. 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>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>5s, 7/1/40</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>887,720</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Pima Cnty., Indl. Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>(Tucson Elec. Pwr. Co.), 5 3/4s, 9/1/29</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>800,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>782,992</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Horizon Cmnty. Learning Ctr.), 5.05s, 6/1/25</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,550,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,289,026</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Tempe, Indl. Dev. Auth. Lease Rev. Bonds (ASU</FONT>&nbsp;</TD>
     <TD noWrap align=left>&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>Foundation), AMBAC, 5s, 7/1/28</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>AA/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>449,405</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>U. Med. Ctr. Corp. AZ Hosp. Rev. Bonds, 6 1/2s, 7/1/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,034,580</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>15,437,361</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>California (24.6%)</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=2 face=sans-serif>ABC Unified School Dist. G.O. Bonds, Ser. B, FGIC,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>zero %, 8/1/20</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>898,605</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Burbank, Unified School Dist. G.O. Bonds (Election</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>of 1997), Ser. C, FGIC, zero %, 8/1/23</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>471,430</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>(Claremont Graduate U.), Ser. A, 5s, 3/1/42</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,599,960</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(U. of the Pacific), 5s, 11/1/21</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,563,495</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Loyola-Marymount U.), NATL, zero %, 10/1/21</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,300,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>698,672</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>(Sutter Hlth.), Ser. A, NATL, 5 3/8s, 8/15/30</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Aa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,351,674</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>AMBAC, 5.293s, 7/1/17</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,400,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,406,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>Ser. E, 4.8s, 8/1/37</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4,021,550</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Ser. K, 4 5/8s, 8/1/26</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8,616,200</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>CA Muni. Fin. Auth. COP (Cmnty. Hosp. Central CA),</FONT>&nbsp;</TD>
     <TD noWrap align=left>&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>5 1/4s, 2/1/37</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,800,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,441,530</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>CA Muni. Fin. Auth. Rev. Bonds (Eisenhower 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=2 face=sans-serif>Ser. A, 5 3/4s, 7/1/40</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>902,130</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>CA Poll. Control 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=2 face=sans-serif>(San Jose Wtr. Co.), 5.1s, 6/1/40</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,054,414</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Pacific 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=2 face=sans-serif>12/1/23</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,361,475</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>CA Poll. Control Fin. Auth. Solid Waste Disp. FRB</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Waste Management, Inc.), Ser. C, 5 1/8s, 11/1/23</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>850,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>843,260</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>CA Poll. Control Fin. 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=2 face=sans-serif>(American Wtr. Cap. Corp.), 5 1/4s, 8/1/40</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>925,380</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>6 1/2s, 4/1/33</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12,706,680</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>5 1/2s, 3/1/40</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7,450,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7,067,368</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>5s, 10/1/29</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,702,200</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>CA State Pub. Wks. Board 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=2 face=sans-serif>Ser. I-1, 6 1/8s, 11/1/29</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,004,920</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Ser. A-1, 6s, 3/1/35</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,600,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,564,064</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>Group), 5 3/8s, 4/1/30</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5,250,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4,366,478</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>CA Statewide Cmnty. Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Irvine LLC-UCI East Campus), 6s, 5/15/40</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,902,120</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Sutter Hlth.), Ser. A, 5s, 11/15/43</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Aa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,485,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,069,906</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Cathedral City, Impt. Board Act of 1915 Special Assmt.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Bonds (Cove Impt. Dist.), Ser. 04-02, 5.05s, 9/2/35</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB-/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>775,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>610,964</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="54%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Chula Vista COP, NATL, 5s, 8/1/32</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,325,440</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Chula Vista, Indl. Dev. Rev. Bonds (San Diego Gas),</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Ser. B, 5s, 12/1/27</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Aa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,915,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,843,168</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Foothill/Eastern Corridor 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=2 face=sans-serif>zero %, 1/1/28 (Escrowed to maturity)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Aaa</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>20,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8,806,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Golden State Tobacco Securitization Corp. Rev. Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Ser. 03 A-1, 6 1/4s, 6/1/33</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Aaa</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>810,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>880,130</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Ser. A-1, 5s, 6/1/33</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,050,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>692,559</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Ser. S-B, zero %, 6/1/47</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>90,660</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>M-S-R Energy Auth. Rev. Bonds, Ser. B, 6 1/2s, 11/1/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,011,280</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Metro. Wtr. Dist. Rev. Bonds (Southern CA Wtr. Wks.),</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>5 3/4s, 8/10/18</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Aa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6,930,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Orange Cnty., Cmnty. Fac. Dist. Special Tax Rev. Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Ladera Ranch No. 02-1), Ser. A, 5.55s, 8/15/33</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB-/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>900,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>810,342</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Rancho Mirage, Joint Powers 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=2 face=sans-serif>(Eisenhower Med. Ctr.), Ser. A, 5s, 7/1/47</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>760,570</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>FGIC, NATL, zero %, 8/1/21</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,990,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,062,481</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Rocklin, Unified School Dist. G.O. Bonds, FGIC, 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=2 face=sans-serif>zero %, 8/1/27</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>690,940</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Sacramento Cnty., Arpt. Syst. Rev. Bonds, 5s, 7/1/40</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,350,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,175,174</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 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=2 face=sans-serif>5s, 9/1/20</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BB+/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,195,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,118,759</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>5s, 9/1/29</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BB+/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,180,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>971,813</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>5s, 9/1/18</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BB+/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,030,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>986,081</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>San Bernardino Cnty., COP (Med. Ctr. Fin.), Ser. A,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>NATL, 6 1/2s, 8/1/17</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5,237,750</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>San Diego Cnty., Regl. Arpt. 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=2 face=sans-serif>5s, 7/1/40</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,750,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,319,800</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>San Diego, Unified School Dist. G.O. Bonds (Election</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>of 2008), 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=2 face=sans-serif>zero %, 7/1/40</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Aa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>701,600</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>zero %, 7/1/38</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Aa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>803,950</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>San Juan, Unified School Dist. G.O. Bonds, AGM, 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=2 face=sans-serif>%, 8/1/19</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>AAA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>671,150</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Sunnyvale, Cmnty. Fac. Dist. Special Tax Rev. Bonds,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>7.65s, 8/1/21</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>B+/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>615,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>616,341</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Tuolumne Wind Project Auth. Rev. Bonds (Tuolumne Co.),</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Ser. A, 5 7/8s, 1/1/29</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,585,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,651,491</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Turlock, Dist. Ser. A, 5s, 1/1/40</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,677,920</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>115,985,874</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Colorado (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=2 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=2 face=sans-serif>(Christian Living Cmntys.), Ser. A, 5 3/4s, 1/1/26</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BB-/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>325,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>298,152</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Evangelical Lutheran), 5s, 6/1/29</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>850,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>765,816</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>CO Hsg. &amp; Fin. Auth. Rev. Bonds (Single Family Mtge.),</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Ser. A-3, Class III, 5 1/4s, 5/1/33</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,890,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,963,348</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>CO Pub. Hwy. Auth. Rev. Bonds (E-470 Pub. Hwy.), Ser.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>C1, NATL, 5 1/2s, 9/1/24</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,250,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,236,988</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>CO Springs, Hosp. Rev. Bonds, 6 3/8s, 12/15/30</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,280,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,181,010</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>8,445,314</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Delaware (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=2 face=sans-serif>DE St. Econ. Dev. Auth. Rev. Bonds (Delmarva Pwr.),</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>5.4s, 2/1/31</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,100,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,026,146</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>DE State Hsg. Auth. Rev. Bonds (Single Family Mtge.),</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Ser. B, zero %, 1/1/40</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10,580,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,393,069</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>2,419,215</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>District of Columbia (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=2 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=2 face=sans-serif>NATL, 5s, 10/1/28</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Aa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,027,300</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Metro. Washington, Arpt. Auth. Dulles Toll Rd. 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=2 face=sans-serif>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=2 face=sans-serif>(First Sr. Lien), Ser. A, 5s, 10/1/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,867,340</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Metrorail), Ser. A, zero %, 10/1/37</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,700,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>568,542</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>5,463,182</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Florida (5.9%)</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=2 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=2 face=sans-serif>(Health First, Inc.), 7s, 4/1/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,165,300</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Escambia Cnty., Env. Impt. Rev. Bonds (Intl. Paper</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Co.), Ser. A, 5s, 8/1/26</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,190,424</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Escambia Cnty., Hlth. Fac. Auth. Rev. Bonds (Baptist</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Hosp., Inc.), Ser. A, 5 3/4s, 8/15/29</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,395,575</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>10/1/31</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,700,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,617,856</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Halifax, Hosp. Med. Ctr. Rev. Bonds, Ser. A, 5 3/8s,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>6/1/46</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A-</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4,200,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,599,610</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Lakeland, Retirement Cmnty. Rev. Bonds (1st Mtge. -</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Carpenters), 6 3/8s, 1/1/43</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB-/F</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>340,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>289,527</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Lee Cnty., Rev. Bonds, SGI, 5s, 10/1/25</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Aa2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,515,750</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Marco Island, Util. Sys. 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=2 face=sans-serif>10/1/40</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,343,580</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Miami Beach, Hlth. Fac. Auth. Hosp. Rev. Bonds (Mount</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>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=2 face=sans-serif>Ser. A, 6.8s, 11/15/31</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Ba1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>935,670</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>5 3/8s, 11/15/28</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BB+/F</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>806,460</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Miami-Dade Cnty., Aviation Rev. Bonds (Miami 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=2 face=sans-serif>Arpt.), Ser. A-1, 5 3/8s, 10/1/41</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,826,180</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Miami-Dade Cnty., Expressway Auth. Toll Syst. Rev.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<HR align=center SIZE=2 width="100%" noShade>

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<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="54%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Bonds, Ser. A, 5s, 7/1/40</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>922,020</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds (Acts</FONT>&nbsp;</TD>
     <TD noWrap align=left>&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>Retirement-Life Cmnty.), 5 1/2s, 11/15/33</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>890,550</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Reunion West, Cmnty. Dev. Dist. Special Assmt. Bonds,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>1 7/8s, 5/1/36</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>D/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,915,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>995,800</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>South Bay, Cmnty. Dev. Dist. Rev. Bonds, Ser. B-1,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>5 1/8s, 11/1/11 (In default) (NON)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>D/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,025,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>668,250</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>South Broward, Hosp. Dist. Rev. Bonds, NATL, 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=2 face=sans-serif>5/1/28</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Aa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,370,114</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>(Split Pine Cmnty. Dev. Dist.), Ser. A, 5 1/4s, 5/1/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>B-/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,480,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>922,632</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>5.4s, 5/1/37</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BB-/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>475,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>347,990</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>27,803,288</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Georgia (3.1%)</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=2 face=sans-serif>Atlanta, Arpt. Rev. Bonds (Hartsfield-Jackson 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=2 face=sans-serif>Arpt.), Ser. A, 5s, 1/1/35</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,250,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,162,063</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Atlanta, Wtr. &amp; Waste Wtr. Rev. Bonds, 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=2 face=sans-serif>11/1/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4,621,364</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>(Georgia-Pacific Corp.), 6 1/2s, 6/1/31</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Ba3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>900,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>903,402</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Gainesville &amp; Hall Cnty., Hosp. 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=2 face=sans-serif>(Northeast GA Hlth. Care), Ser. B, 5 1/4s, 2/15/45</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6,677,775</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Marietta, Dev. Auth. Rev. Bonds (U. Fac. - Life U.,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Inc.), 7s, 6/15/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Ba3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,400,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,272,614</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>14,637,218</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Hawaii (--%)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>HI State Hsg. Fin. &amp; Dev. Corp. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>FNMA Coll., 5 3/4s, 7/1/30</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Aaa</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>115,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>115,001</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>115,001</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Illinois (5.9%)</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=2 face=sans-serif>Chicago, Waste Wtr. Transmission Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>NATL, zero %, 1/1/24</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>AA-</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,600,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>765,728</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>(Silver Cross Hosp. &amp; Med. Ctr.), 7s, 8/15/44</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,531,875</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,490,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,516,746</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,425,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,450,579</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Elmhurst Memorial), Ser. A, 5 5/8s, 1/1/37</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,560,170</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Alexian), Ser. A, AGM, 5 1/4s, 1/1/22</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Aa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,775,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,842,573</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Kendall &amp; Kane Cntys., Cmnty. United School Dist. G.O.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Bonds (No. 115 Yorkville), FGIC, zero %, 1/1/21</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,075,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>628,467</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 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=2 face=sans-serif>zero %, 12/1/21</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>AA+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,805,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,069,787</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>zero %, 12/1/21 (Escrowed to maturity)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>AA+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>145,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>95,137</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>zero %, 12/1/20</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>AA+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,495,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>939,772</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>zero %, 12/1/20 (Escrowed to maturity)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>AA+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>155,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>107,587</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Metro. Pier &amp; Exposition Auth. Dedicated State Tax</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Rev. Bonds (McCormick)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&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>Ser. B, AGM, zero %, 6/15/43</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>AAA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>709,930</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Ser. A, NATL, zero %, 12/15/30</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>AAA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>22,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6,098,850</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Metro. Pier &amp; Exposition Auth. Rev. Bonds (McCormick</FONT>&nbsp;</TD>
     <TD noWrap align=left>&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>Place Expansion Project), NATL, 5s, 12/15/28</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>AAA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,770,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,780,478</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Railsplitter, Tobacco Settlement Auth. 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=2 face=sans-serif>6/1/28</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A-</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,150,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,067,032</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Southern IL U. Rev. Bonds (Hsg. &amp; Auxiliary), Ser. A,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>zero %, 4/1/25</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,870,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>751,534</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>zero %, 4/1/21</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,880,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,069,400</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>27,985,645</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Indiana (3.1%)</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=2 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=2 face=sans-serif>5 1/4s, 10/15/21</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Aa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>180,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>178,533</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>5 1/4s, 10/15/18</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Aa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,085,980</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>IN State 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=2 face=sans-serif>(U.S. Steel Corp.), 6s, 12/1/26</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Ba2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>481,475</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Duke Energy Ind.), Ser. C, 4.95s, 10/1/40</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,718,280</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>IN State Fin. Auth. VRDN, Ser. A-3, 0.26s, 2/1/37</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>VMIG1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,500,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Indianapolis, Arpt. Auth. Rev. Bonds (Federal Express</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Corp.), 5.1s, 1/15/17</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,621,350</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>AMBAC, 5.7s, 7/1/17</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,375,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,459,659</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>NATL, 5.6s, 11/1/16</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,550,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,648,239</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>U. Southern IN Rev. Bonds (Student Fee), Ser. J, AGO,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>5 3/4s, 10/1/28</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>AA+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,043,550</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>14,737,066</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 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=2 face=sans-serif>IA Fin. Auth. Hlth. Care Fac. Rev. Bonds (Care</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Initiatives), 9 1/4s, 7/1/25 (Prerefunded 7/1/11)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>AAA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,430,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,652,264</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>5s, 10/1/22</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BB/F</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>605,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>516,047</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Wartburg), Ser. A, 5s, 10/1/21</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BB/F</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>605,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>525,382</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>4,693,693</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Kentucky (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=2 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=2 face=sans-serif>(Norton Hlth. Care), Ser. A, 6 5/8s, 10/1/28</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A-/F</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>405,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>408,483</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Louisville/Jefferson Cnty., Metro. Govt. College Rev.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<HR align=center SIZE=2 width="100%" noShade>

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<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="54%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Bonds (Bellarmine U.), Ser. A, 6s, 5/1/38</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>290,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>279,070</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>687,553</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Maine (0.4%)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Rumford, Solid Waste Disp. Rev. Bonds (Boise Cascade</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Corp.), 6 7/8s, 10/1/26</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>B2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,950,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,854,002</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>1,854,002</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Maryland (0.4%)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>MD Econ. Dev. Corp. Poll. Control Rev. Bonds (Potomac</FONT>&nbsp;</TD>
     <TD noWrap align=left>&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>Electric Power Co.), 6.2s, 9/1/22</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>650,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>725,517</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>MD State Hlth. &amp; Higher Edl. Fac. Auth. Rev. Bonds (WA</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Cnty. Hosp.), 5 3/4s, 1/1/38</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB-</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>550,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>495,281</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>(Synagro-Baltimore), Ser. A, 5 1/2s, 12/1/15</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB+/F</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>508,855</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>1,729,653</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Massachusetts (6.7%)</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=2 face=sans-serif>MA State Dept. Trans. Rev. Bonds (Metro Hwy. Syst.),</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Ser. B, 5s, 1/1/37</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,361,250</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>(Sabis Intl.), Ser. A, 8s, 4/15/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>575,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>614,991</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Carleton-Willard Village), 5 5/8s, 12/1/30</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A-</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>750,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>705,983</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Linden Ponds, Inc.), Ser. A, 5 1/2s, 11/15/22</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BB/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,360,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,064,063</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Emerson College), Ser. A, 5s, 1/1/40</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A-</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,518,240</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>MA State Dev. Fin. Agcy. Solid Waste Disp. FRB</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Dominion Energy Brayton), 5s, 2/1/36</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A-</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>893,900</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>MA State Dev. Fin. Agcy. Solid Waste Disp. Mandatory</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Put Bonds (6/1/11) (Dominion Energy Brayton), Ser. 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=2 face=sans-serif>5 3/4s, 5/1/19</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A-</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,549,530</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>(Baystate Med. Ctr.), Ser. I, 5 3/4s, 7/1/36</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,522,875</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Berkshire Hlth. Syst.), Ser. E, 6 1/4s, 10/1/31</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,300,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,300,806</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Care Group), Ser. B-2, NATL, 5 3/8s, 2/1/26</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>700,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>686,245</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>(Prerefunded 12/15/12)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>AAA/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,685,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,907,791</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Hlth. Care Syst.-Covenant Hlth.), 6s, 7/1/31</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A/F</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,790,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,780,904</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BB-</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,385,715</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Northeastern U.), Ser. A, 5s, 10/1/35</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,250,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,077,945</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Quincy Med. Ctr.), Ser. A, 6 1/4s, 1/15/28</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BB-/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,095,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,808,215</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(UMass Memorial), Ser. C, 6 1/2s, 7/1/21</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,875,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,888,950</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>MA State Hsg. Fin. Agcy. Rev. Bonds, Ser. C, 5.35s,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&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>12/1/42</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Aa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,404,405</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>MA State Port Auth. Rev. Bonds, U.S. Govt. Coll., 13s,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>7/1/13 (Prerefunded 3/7/11)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Aaa</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,600,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,880,128</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>31,351,936</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Michigan (5.4%)</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=2 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=2 face=sans-serif>Ser. A-1, AMBAC, 5 1/4s, 4/1/24</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,435,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,135,071</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Ser. A, FGIC, 5s, 7/1/30</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4,505,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4,068,781</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Cap. Impt.), Ser. A-1, 5s, 4/1/15</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,300,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,227,524</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Detroit, City School Dist. G.O. Bonds, Ser. A, AGM,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&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>6s, 5/1/29</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>AA+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,004,980</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Detroit, Wtr. Supply Syst. Rev. Bonds, Ser. B, AGM,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&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>6 1/4s, 7/1/36</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>AA+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,425,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,501,993</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>Ctr.), 7 1/2s, 7/1/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Ba1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>976,960</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>MI Higher Ed. Fac. Auth. Rev. Bonds (Kalamazoo</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>College), 5 1/2s, 12/1/18</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>513,240</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>MI Higher Ed. Fac. Auth. VRDN (U. of Detroit), 0.27s,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&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>11/1/36</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>VMIG1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,900,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,900,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>Ser. A, 6 1/8s, 6/1/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,478,150</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Henry Ford Hlth.), 5 3/4s, 11/15/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,847,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Henry Ford Hlth.), Ser. A, 5 1/4s, 11/15/46</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,776,220</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Sparrow Hosp.), 5s, 11/15/31</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,350,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,169,384</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>MI State Strategic Fund Mandatory Put Bonds (6/2/14)</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=2 face=sans-serif>(Dow Chemical), Ser. A-1, 6 3/4s, 12/1/28</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB-</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>100,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>110,925</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>MI State Strategic Fund, Ltd. Rev. Bonds (Worthington</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Armstrong Venture), U.S. Govt. Coll., 5 3/4s, 10/1/22</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Escrowed to maturity)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>AAA/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,650,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,843,397</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>MI Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>6s, 6/1/34</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>575,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>426,834</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>Memorial Hosp. Corp.), 5 3/8s, 6/1/26</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>750,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>639,600</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>25,620,059</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Minnesota (1.1%)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>MN State Hsg. Fin. Agcy. 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=2 face=sans-serif>Mtge.), 6.05s, 7/1/31</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Aa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>285,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>293,294</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>North Oaks, Sr. Hsg. Rev. Bonds (Presbyterian Homes</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>North Oaks), 6 1/8s, 10/1/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BB/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>995,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>876,744</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>St. Paul, Hsg. &amp; Redev. Auth. Hlth. Care Fac. Rev.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Bonds (HealthPartners Oblig. Group), 5 1/4s, 5/15/36</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,963,940</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>(Healtheast), 6s, 11/15/35</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Ba1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,150,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>990,208</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>5,124,186</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Mississippi (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=2 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=2 face=sans-serif>Ser. A, 5s, 5/1/37</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,250,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,115,608</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="54%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>MS Bus. Fin. Corp. Poll. Control Rev. Bonds (Syst.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>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=2 face=sans-serif>5.9s, 5/1/22</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,925,180</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>5 7/8s, 4/1/22</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,330,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,267,603</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Warren Cnty., Gulf Opportunity Zone (Intl. Paper Co.),</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Ser. A, 6 1/2s, 9/1/32</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,020,080</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>9,328,471</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Missouri (2.5%)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>MO State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds Ser. 2003A</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(St. Luke's Health), 5 1/2s, 11/15/28 (T)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>AA+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10,298,800</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>MO State Hlth. &amp; Edl. Fac. Auth. VRDN (Washington U.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(The)), Ser. C, 0.25s, 9/1/30</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>VMIG1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,100,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,100,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>MO State Hsg. Dev. Comm. Mtge. Rev. Bonds (Single Fam.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Homeowner Loan), Ser. C-1, GNMA Coll., FNMA 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=2 face=sans-serif>7.15s, 3/1/32</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>AAA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>340,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>359,485</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>11,758,285</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Montana (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=2 face=sans-serif>MT Fac. Fin. Auth. VRDN (Sisters of Charity), 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=2 face=sans-serif>0.27s, 12/1/25</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>VMIG1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,530,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,530,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>1,530,000</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Nebraska (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=2 face=sans-serif>Central Plains, Energy Rev. Bonds (NE Gas 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=2 face=sans-serif>Ser. A, 5 1/4s, 12/1/18</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Ba3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,952,570</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Lancaster Cnty., Hosp. Auth. Rev. Bonds (Immanuel</FONT>&nbsp;</TD>
     <TD noWrap align=left>&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>Oblig. Group), 5 5/8s, 1/1/40</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A-/F</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>925,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>876,382</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>3,828,952</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Nevada (9.4%)</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=2 face=sans-serif>Clark Cnty., Ltd. Tax Bond, 5s, 6/1/33 (T)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Aa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>32,285,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>30,578,796</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Clark Cnty., Arpt. Rev. Bonds, Ser. A-2, FGIC, 5 1/8s,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>7/1/26</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Aa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5,105,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5,048,539</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>(Summerlin No. 151), 5s, 8/1/25</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BB-/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,075,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,416,623</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Clark Cnty., Indl. Dev. Rev. Bonds (Southwest Gas</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>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=2 face=sans-serif>6.1s, 12/1/38</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,000,900</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>5 1/4s, 7/1/34</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,718,780</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Henderson G.O. Bonds (Ltd. Tax -Swr.), FGIC, 5s, 6/1/29</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Aa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>990,460</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Henderson, Local Impt. Dist. Special Assmt. Bonds (No.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>T-17), 5s, 9/1/25</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BB+/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>610,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>438,675</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>44,192,773</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>New Jersey (6.4%)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>(Cedar Crest Village, Inc.), Ser. A, U.S. Govt. Coll.,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>7 1/4s, 11/15/31 (Prerefunded 11/15/11)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>AAA/F</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,300,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,382,523</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>11/1/31</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BB/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>804,160</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Cigarette Tax), 5 3/4s, 6/15/29</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4,474,400</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Cigarette Tax), 5 1/2s, 6/15/24</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,800,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,562,336</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>(American Wtr. Co.), Ser. A, 5.7s, 10/1/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,900,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,771,495</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(NJ American Wtr.), Ser. B, 5.6s, 11/1/34</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>486,515</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>(St. Joseph Hlth. Care Syst.), 6 5/8s, 7/1/38</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB-</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,750,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,683,670</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(St. Peter's U. Hosp.), 5 3/4s, 7/1/37</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,224,425</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Holy Name Hosp.), 5s, 7/1/36</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4,036,050</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>(Fairleigh Dickinson), Ser. C, 6s, 7/1/20</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB-/F</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,521,554</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Georgian Court U.), Ser. D, 5 1/4s, 7/1/37</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>886,710</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>NJ State Trans. Trust Fund Auth. Rev. Bonds (Trans.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&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>Syst.), Ser. A, zero %, 12/15/30</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Aa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>13,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,530,540</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. 1A,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&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>4 3/4s, 6/1/34</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,820,340</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>30,184,718</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>New York (5.9%)</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=2 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=2 face=sans-serif>Retirement Rev. Bonds (Good Shepherd Village), Ser. A,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>6 7/8s, 7/1/40</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>B/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>320,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>297,430</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>(Liberty-7 World Trade Ctr.), Ser. A, 6 1/4s, 3/1/15</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BB/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,400,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,376,283</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Brooklyn Navy Yard Cogen. Partners), Ser. G, 5 3/4s,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>10/1/36</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Ba3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,479,860</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 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=2 face=sans-serif>BBB-</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,100,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,774,479</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>NY City, Indl. Dev. Agcy. Special Fac. FRB (American</FONT>&nbsp;</TD>
     <TD noWrap align=left>&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>Airlines - JFK Intl. Arpt.), 7 5/8s, 8/1/25</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>B-</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,111,780</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>(British Airways PLC), 5 1/4s, 12/1/32</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BB-</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>700,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>541,933</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>NY Cntys., Tobacco Trust III Rev. Bonds (Tobacco</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Settlement), 6s, 6/1/43</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,230,660</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>NY State Dorm. Auth. Non-State Supported Debt Rev.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Bonds (Orange Regl. Med. Ctr.), 6 1/4s, 12/1/37</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Ba1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,300,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,136,631</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>NY State Energy Research &amp; Dev. Auth. Gas Fac. Rev.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Bonds (Brooklyn Union Gas), 6.952s, 7/1/26</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6,019,620</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>Intl. Air Term. - 6), NATL, 5.9s, 12/1/17</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6,018,660</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<HR align=center SIZE=2 width="100%" noShade>

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<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="54%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Mandatory Put Bonds (10/1/13) (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=2 face=sans-serif>6 5/8s, 10/1/35</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BB-</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>670,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>667,528</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Troy, Cap. Res. Corp. Rev. Bonds (Rensselaer</FONT>&nbsp;</TD>
     <TD noWrap align=left>&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>Polytechnic), Ser. A, 5 1/8s, 9/1/40</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,385,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,099,577</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>27,754,441</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>North Carolina (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=2 face=sans-serif>NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds, Ser. C,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>6 3/4s, 1/1/24</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A-</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,107,630</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>(Deerfield), Ser. A, 6s, 11/1/33</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB+/F</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>805,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>744,875</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(First Mtge. - Presbyterian Homes), 5 3/8s, 10/1/22</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BB/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>969,200</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>NC State Muni. Pwr. Agcy. Rev. Bonds (No. 1, Catawba</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Elec.), Ser. A, 5s, 1/1/30</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>800,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>790,328</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>U. of NC Syst. Pool Rev. Bonds, Ser. C, 5 1/2s, 10/1/34</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,933,760</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>6,545,793</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>North 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=2 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=2 face=sans-serif>Ser. B, 4.8s, 7/1/37</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Aa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4,330,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,818,800</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>3,818,800</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Ohio (8.7%)</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=2 face=sans-serif>American Muni. Pwr. - 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=2 face=sans-serif>5 1/4s, 2/15/33 (T)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>AA+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9,961,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Prairie State Energy Campus), Ser. A, 5 1/4s, 2/15/43</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>959,610</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>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=2 face=sans-serif>5 7/8s, 6/1/47</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5,250,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,442,950</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>5 3/4s, 6/1/34</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>14,300,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9,643,347</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>5 1/8s, 6/1/24</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,050,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,551,255</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Erie Cnty., OH Hosp. Fac. Rev. Bonds (Firelands Regl.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&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>Med. Ctr.), Ser. A, 5 1/4s, 8/15/46</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A-</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,958,475</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Hickory Chase, Cmnty. Auth. Infrastructure Impt. Rev.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Bonds (Hickory Chase), 7s, 12/1/38</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BB-/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>700,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>456,323</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Lake Cnty., Hosp. Fac. Rev. Bonds (Lake Hosp. Syst.),</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Ser. C, 6s, 8/15/43</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,100,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,903,956</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>OH State Air Quality Dev. Auth. FRB (Columbus Southern</FONT>&nbsp;</TD>
     <TD noWrap align=left>&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>Pwr. Co.), Ser. B, 5.8s, 12/1/38</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,999,820</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>(John Carroll U.), 5 1/4s, 11/15/33</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>488,270</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,086,430</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Scioto Cnty., Hosp. Rev. Bonds (Southern Med. Ctr.),</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>5 1/2s, 2/15/28</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4,660,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4,427,698</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>40,879,134</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Oregon (0.9%)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Keizer, Special Assmt. Bonds (Keizer Station), Ser. A,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>5.2s, 6/1/31</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,275,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,210,891</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>(Terwilliger Plaza), Ser. A, 5 1/4s, 12/1/26</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BB-/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,040,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>910,697</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>OR Hlth. Sciences U. Rev. Bonds, Ser. A, 5 3/4s, 7/1/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,250,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,258,200</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>4,379,788</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Pennsylvania (5.2%)</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=2 face=sans-serif>Allegheny Cnty., Hosp. Dev. Auth. Rev. Bonds (Hlth.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Syst.-West PA), Ser. A, 5 3/8s, 11/15/40</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BB-</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,003,845</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Bucks Cnty., Indl. Dev. Auth. Rev. Bonds (USX Corp.),</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>5.6s, 3/1/33</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,025,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,919,376</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Bucks Cnty., Indl. Dev. Auth. Retirement Cmnty. Rev.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Bonds (Ann's Choice, Inc.), Ser. A</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>5.4s, 1/1/15</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BB/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,060,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,056,629</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>5.3s, 1/1/14</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BB/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>710,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>714,906</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Cumberland Cnty., Muni. Auth. Rev. Bonds (Presbyterian</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Homes), Ser. A, 5s, 1/1/17</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,320,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,319,947</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Delaware River Port Auth. PA &amp; NJ 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=2 face=sans-serif>5s, 1/1/40</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,200,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,155,576</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Erie, Higher Ed. Bldg. Auth. Rev. Bonds (Mercyhurst</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>College), 5 1/2s, 3/15/38</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>725,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>655,212</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Franklin 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=2 face=sans-serif>(Chambersburg Hosp.), 5 3/8s, 7/1/42</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>895,410</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>(Franklin &amp; Marshall College), 5s, 4/15/29</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>AA-</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>992,840</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>Luke's Hosp. - Bethlehem), Ser. A, 5 1/2s, 8/15/40</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,250,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,141,513</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>(Widener U.), 5 3/8s, 7/15/29</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>750,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>721,545</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Saint Joseph's U.), Ser. A, 5s, 11/1/40</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A-</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,691,990</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Philadelphia U.), 5s, 6/1/30</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,250,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,971,090</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Philadelphia U.), 5s, 6/1/22</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>860,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>830,364</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>PA State Tpk. Comm. Oil Franchise Tax Rev. Bonds, Ser.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>C, zero %, 12/1/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>AA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>19,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,142,790</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Philadelphia, Arpt. Rev. Bonds, Ser. D, 5 1/4s, 6/15/25</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,750,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,613,325</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Philadelphia, Hosp. &amp; Higher Ed. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Hosp.-Graduate Hlth. Sys.), Ser. A, 6 1/4s, 7/1/13</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(In default) (NON)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>D/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,462,206</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>146</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Pittsburgh &amp; Allegheny Cnty., Passports &amp; Exhib. Auth.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&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>Hotel Rev. Bonds, AGM, 5s, 2/1/35</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>AA+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,225,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,153,252</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Susquehanna, Area Regl. Arpt. Syst. Auth. Rev. Bonds,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Ser. A, 6 1/2s, 1/1/38</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>550,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>516,835</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>24,496,591</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Puerto Rico (6.4%)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<HR align=center SIZE=2 width="100%" noShade>

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<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="54%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Cmnwlth. of PR, 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=2 face=sans-serif>Ser. B, 6s, 7/1/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4,886,400</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Ser. C, 6s, 7/1/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,443,200</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Ser. A, 5s, 7/1/16</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5,145,300</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>Ser. A, 6s, 7/1/38</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4,125,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,852,379</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Cmnwlth. of PR, Elec. Pwr. Auth. Rev. Bonds, Ser. XX,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&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>5 1/4s, 7/1/40</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,639,250</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Cmnwlth. of PR, Hwy. &amp; Trans. 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=2 face=sans-serif>Ser. AA-2, 5.3s, 7/1/35</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>875,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>781,095</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Cmnwlth. of PR, Infrastructure Fin. Auth. Special Tax</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Bonds, Ser. C, AMBAC, 5 1/2s, 7/1/26</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>953,120</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Cmnwlth. of PR, Pub. Bldg. Auth. Mandatory Put Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(7/1/17) (Govt. Fac.), Ser. M-2, 5 3/4s, 7/1/34</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,750,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,823,098</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>Ser. A, zero %, 8/1/30</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>27,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7,876,980</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>30,400,822</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Rhode Island (--%)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>6 1/4s, 6/1/42</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>200,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>176,018</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>176,018</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>South Carolina (2.4%)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Georgetown Cnty., Env. Impt. Rev. Bonds (Intl. Paper</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Co.), Ser. A, 5.7s, 4/1/14</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,066,480</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Orangeburg Cnty., Solid Waste Disp. Fac. Rev. Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(SC Elec. &amp; Gas), AMBAC, 5.7s, 11/1/24</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,506,575</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>SC Hosp. Auth. Rev. Bonds (Med. U.), Ser. A, 6 1/2s,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>8/15/32 (Prerefunded 8/15/12)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>AAA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,178,220</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>(Palmetto Hlth.), Ser. C</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>6s, 8/1/20 (Prerefunded 8/1/13)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,445,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,727,422</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>U.S. Govt. Coll., 6s, 8/1/20 (Prerefunded 8/1/13)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>305,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>340,231</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>AMBAC, 5s, 10/1/27</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,460,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,405,437</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>11,224,365</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>South Dakota (0.7%)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>Bonds, Ser. B, 6 1/2s, 6/1/32</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,450,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,402,666</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>SD Hsg. Dev. Auth. Rev. Bonds (Home Ownership), Ser.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>C, 5 3/8s, 5/1/18</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>AAA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>945,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>945,652</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>3,348,318</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Tennessee (1.1%)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Johnson City, Hlth. &amp; Edl. Fac. Board Hosp. Rev. Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(First Mtge. Mountain States Hlth.), Ser. A, 7 1/2s,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>7/1/25 (Prerefunded 7/1/12)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,203,120</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Mountain States Hlth. Alliance), 6s, 7/1/38</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,450,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,136,499</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>5,339,619</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Texas (16.0%)</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=2 face=sans-serif>Abilene, Hlth. Fac. Dev. Corp. Retirement Fac. (Sears</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Methodist Retirement), 6s, 11/15/29</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>B+/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,050,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>803,261</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Alliance, Arpt. Auth. Rev. Bonds (Federal Express</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Corp.), 4.85s, 4/1/21</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,250,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,211,325</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Brazoria Cnty., Brazos River Harbor Naval Dist. Env.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&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>FRB (Dow Chemical Co.), Ser. A-4, 5.95s, 5/15/33</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB-</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>400,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>391,268</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 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=2 face=sans-serif>Ser. D-1, 8 1/4s, 5/1/33</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Ca</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>193,950</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>5s, 3/1/41</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>CCC-</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>159,340</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Brazos, Harbor Indl. Dev. Corp. Env. Fac. Mandatory</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Put Bonds (5/1/28) (Dow Chemical), 5.9s, 5/1/38</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB-</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,850,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,819,334</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Dallas Cnty., Util. &amp; Reclamation 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=2 face=sans-serif>Ser. B, AMBAC, 5 3/8s, 2/15/29</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,854,600</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Dallas, Area Rapid Transit Rev. Bonds Sr. Lien, 5s,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>12/1/33 (T)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>AA+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>30,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>29,516,400</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>(Valero Energy Corp.), 6.65s, 4/1/32</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,320</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Ser. A, 6.1s, 8/1/24</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>550,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>549,995</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Harris Cnty., Cultural Ed. Fac. Fin. Corp. VRDN (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=2 face=sans-serif>Med. Ctr.), Ser. B-1, 0.27s, 9/1/31</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>VMIG1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,900,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,900,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Love Field, Arpt. Modernization Corp. Special 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=2 face=sans-serif>Rev. Bonds (Southwest Airlines Co.), 5 1/4s, 11/1/40</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,750,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,568,770</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Lower CO River Auth. Rev. Bonds, 5 3/4s, 5/15/37</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,400,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,431,512</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Matagorda Cnty., Poll. Control Rev. Bonds (Dist. No.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>1), Ser. A, AMBAC, 4.4s, 5/1/30</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,278,465</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Mission, Econ. Dev. Corp. Solid Waste Disp. Rev. Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Allied Waste N.A. Inc.), Ser. A, 5.2s, 4/1/18</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,200,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,206,900</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>Ser. D, AGO, zero %, 1/1/28</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>AAA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7,800,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,701,140</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Ser. A, 6s, 1/1/25</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,300,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,370,460</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Toll 2nd Tier), Ser. F, 5 3/4s, 1/1/38</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,867,940</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>North TX, Thruway Auth. stepped-coupon Rev. Bonds,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>zero %, (6.5s, 1/1/15) 2043 (STP)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,959,680</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Sam Rayburn Muni. Pwr. Agcy. Rev. Bonds, 6s, 10/1/21</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,350,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,377,495</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>San Antonio Wtr. Rev. Bonds, Ser. A, AGM, 5s, 5/15/32</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Aa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,034,700</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Retirement</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Fac. Rev. Bonds (Buckner Retirement Svcs., Inc.),</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>5 1/4s, 11/15/37</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A-</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,100,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>938,806</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
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<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="54%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>Ser. A, 5s, 12/15/15</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,101,820</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>TX State Tpk. Auth. Rev. Bonds (Central Texas Tpk.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Syst.), Ser. A, AMBAC, 5 1/2s, 8/15/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7,118,400</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>75,355,881</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Utah (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=2 face=sans-serif>Salt Lake City, Hosp. Rev. Bonds, AMBAC, U.S.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&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>Govt.Coll., 6 3/4s, 5/15/20 (Escrowed to maturity)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>AAA/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,900,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,906,042</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>1,906,042</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Virginia (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=2 face=sans-serif>Henrico Cnty., Econ. Dev. Auth. Res. Care Fac. Rev.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Bonds (United Methodist), Ser. A, 6.7s, 6/1/27</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BB+/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>735,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>721,344</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>(Mountain States Hlth. Alliance), Ser. C, 7 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=2 face=sans-serif>7/1/38</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,100,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,292,717</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>3,014,061</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Washington (2.0%)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Chelan Cnty. Dev. Corp. Rev. Bonds (Alcoa), 5.85s,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>12/1/31</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,978,460</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>6 5/8s, 6/1/32</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>900,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>887,265</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>6 1/2s, 6/1/26</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4,840,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4,889,223</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>WA State Hlth. Care Fac. Auth. Rev. Bonds (Kadlec 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=2 face=sans-serif>Ctr.), 5 1/2s, 12/1/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Baa2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,638,620</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>9,393,568</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>West 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=2 face=sans-serif>Harrison Cnty., Cmnty. Solid Waste Disp. Rev. Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Allegheny Energy), Ser. D, 5 1/2s, 10/15/37</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,450,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,919,287</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Princeton, Hosp. Rev. Bonds (Cmnty. Hosp. Assn.,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Inc.), 6.1s, 5/1/29</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,025,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,804,235</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>WV State Hosp. Fin. Auth. Rev. Bonds (Thomas Hlth.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Syst.), 6 3/4s, 10/1/43</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>B/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>935,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>854,020</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>5,577,542</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Wisconsin (4.7%)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Badger, Tobacco Settlement Asset Securitization Corp.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 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=2 face=sans-serif>7s, 6/1/28 (Prerefunded 6/1/12)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Aaa</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7,571,970</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>6 3/8s, 6/1/32 (Prerefunded 6/1/12)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Aaa</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8,600,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9,231,841</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>U. of WI Hosp. &amp; Clinic Auth. VRDN, Ser. B, 0.27s,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&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>4/1/34</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>VMIG1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>WI State Rev. Bonds, Ser. A, 6s, 5/1/27</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Aa3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,734,100</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>WI State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds (Prohealth</FONT>&nbsp;</TD>
     <TD noWrap align=left>&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>Care, Inc.), 6 5/8s, 2/15/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,547,460</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>22,085,371</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Wyoming (0.9%)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Campbell Cnty., Solid Waste Fac. Rev. Bonds (Basin</FONT>&nbsp;</TD>
     <TD noWrap align=left>&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>Elec. Pwr. Co-op), Ser. A, 5 3/4s, 7/15/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,051,020</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>WY Muni. Pwr. Agcy. Pwr. Supply 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=2 face=sans-serif>Ser. A, 5 1/2s, 1/1/33</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>950,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>959,187</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Pwr. Supply), Ser. A, 5 1/2s, 1/1/28</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>A2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,019,500</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>4,029,707</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 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>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Total investments (cost $715,060,257)(b)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>$686,393,283</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Notes to the fund's portfolio</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from May 1, 2010 through January 31, 2011 (the reporting period).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(a) Percentages indicated are based on net assets of $471,290,122.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(RAT) The Moody's, Standard &amp; Poor's or Fitch ratings indicated are believed to be the most recent ratings available at the close of the reporting period 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 the close of the reporting period. Securities rated by Putnam are indicated by "/P." Securities rated by Fitch are indicated by "/F." The rating of an insured security represents what is believed to be the most recent rating of the insurer's claims-paying ability available at the close of the reporting period and does not reflect any subsequent changes.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(b) The aggregate identified cost on a tax basis is $715,086,732, resulting in gross unrealized appreciation and depreciation of $13,732,068 and $42,425,517, respectively, or net unrealized depreciation of $28,693,449.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(NON) Non-income-producing security.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(STP) The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(T) 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=2 face=sans-serif>The rates shown on FRB, FRN, Mandatory Put Bonds and VRDN are the current interest rates at the close of the reporting period.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The dates shown parenthetically on Mandatory Put Bonds represent the next mandatory put dates.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The dates shown on debt obligations are the original maturity dates.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets):</FONT></P>
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     <TD width="24%"></TD>
     <TD width="24%"></TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Healthcare</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>31.8%</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Utilities</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>24.6</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Transportation</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>13.0</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Local Government</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11.7</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>State Government</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10.2</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif>Security valuation: </FONT></B><FONT size=2 face=sans-serif>Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures and recovery rates. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security 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=2 face=sans-serif>Tender option bond transactions: </FONT></B><FONT size=2 face=sans-serif>The fund may participate in transactions whereby a fixed-rate bond is transferred to a tender option bond trust (TOB trust) sponsored by a broker. The TOB trust funds the purchase of the fixed rate bonds by issuing floating-rate bonds issued to third parties and allowing the fund to retain the residual interest in the TOB trust&#146;s assets and cash flows, which are in the form of inverse floating rate bonds. The inverse floating rate bonds held by the fund give the fund the right to (1) cause the holders of the floating rate bonds to tender their notes at par, and (2) to have the fixed-rate bond held by the TOB trust transferred to the fund, causing the TOB trust to collapse. The fund accounts for the transfer of the fixed-rate bond to the TOB trust as a secured borrowing by including the fixed-rate bond in The fund&#146;s portfolio and including the floating rate bond as a liability in the Statement of assets and liabilities. At the close of the reporting period, the fund&#146;s investments with a value of $80,354,996 were held by the TOB trust and served as collateral for $41,140,000 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $81,824 for these investments based on an average interest rate of 0.29%.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Accounting Standards Codification ASC 820 Fair Value Measurements and Disclosures (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=2 face=sans-serif>Level 1 &#150; Valuations based on quoted prices for identical securities in active markets.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Level 2 &#150; Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Level 3 &#150; Valuations based on inputs that are unobservable and significant to the fair value measurement.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The following is a summary of the inputs used to value the fund&#146;s net assets as of the close of the reporting period</FONT><FONT size=2 face=sans-serif>:</FONT></P>
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     <TD noWrap align=left><FONT size=2>&nbsp;</FONT></TD>
     <TD noWrap align=left><FONT size=2></FONT></TD>
     <TD noWrap align=left><FONT size=2>&nbsp;</FONT></TD>
     <TD noWrap align=center><FONT size=2></FONT></TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=2 face=sans-serif>Valuation inputs</FONT></B><FONT size=2></FONT> <FONT size=2></FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Investments in securities:</FONT></B><FONT size=2>&nbsp;</FONT></TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif></FONT></B></TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>Level 1</FONT></B><FONT size=2>&nbsp;</FONT></TD>
     <TD colSpan=2 noWrap align=right><B><FONT size=2 face=sans-serif>Level 2</FONT></B><FONT size=2>&nbsp;</FONT></TD>
     <TD colSpan=2 noWrap align=right><B><FONT size=2 face=sans-serif>Level 3</FONT></B><FONT size=2>&nbsp;</FONT></TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Municipal bonds and notes</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>--</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD colSpan=2 noWrap align=right><FONT size=2 face=sans-serif>686,393,283</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD colSpan=2 noWrap align=right><FONT size=2 face=sans-serif>--</FONT><FONT size=2>&nbsp;</FONT></TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Totals by level</FONT></B><FONT size=2>&nbsp;</FONT></TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif></FONT></B></TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>$--</FONT></B><FONT size=2>&nbsp;</FONT></TD>
     <TD colSpan=2 noWrap align=right><B><FONT size=2 face=sans-serif>$686,393,283</FONT></B><FONT size=2>&nbsp;</FONT></TD>
     <TD colSpan=2 noWrap align=right><B><FONT size=2 face=sans-serif>$--</FONT></B><FONT size=2>&nbsp;</FONT></TD></TR>
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<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com</FONT></P>
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<P style="text-align: left;">
<U><FONT size=2 face="sans-serif">Item 2. 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 3. Exhibits:</FONT></U></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.</FONT></P>
<P style="text-align: left;">
<U><FONT size=2 face="sans-serif">SIGNATURES</FONT></U></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, 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></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">By (Signature and Title):</FONT></P>
<P style="text-align: left;">
<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>
<FONT size=2 face="sans-serif">Date: March 31, 2011</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></P>
<P style="text-align: left;">
<U><FONT size=2 face="sans-serif">/s/ Jonathan S. Horwitz</FONT></U><BR>
<FONT size=2 face="sans-serif">Jonathan S. Horwitz</FONT><BR>
<FONT size=2 face="sans-serif">Principal Executive Officer</FONT><BR>
<FONT size=2 face="sans-serif">Date: March 31, 2011</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>
<FONT size=2 face="sans-serif">Date: March 31, 2011</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, Jonathan S. Horwitz, 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-Q 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 schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</FONT></P>
<P 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 registrants 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&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</FONT></P>
<P 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&#146;s other certifying officer and I have disclosed to each registrant&#146;s auditors and the audit committee of each registrant&#146;s board of directors (or persons performing the equivalent functions):</FONT></P>
<P 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&#146;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&#146;s internal control over financial reporting.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">/s/ Jonathan S. Horwitz</FONT><BR>
<FONT size=2 face="sans-serif">_____________________________</FONT><BR>
<FONT size=2 face="sans-serif">Date: March 30, 2011</FONT><BR>
<FONT size=2 face="sans-serif">Jonathan S. Horwitz</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-Q 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 schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</FONT></P>
<P 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 registrants 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&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</FONT></P>
<P 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&#146;s other certifying officer and I have disclosed to each registrant&#146;s auditors and the audit committee of each registrant&#146;s board of directors (or persons performing the equivalent functions):</FONT></P>
<P 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&#146;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&#146;s internal control over financial reporting.</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">Date: March 30, 2011</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 noWrap align=center><FONT size=2 face=sans-serif>Attachment A</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT size=2 face=sans-serif>NQ</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT size=2 face=sans-serif>Period (s) ended January 31, 2011</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif></FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Putnam Managed Municipal Income Trust</FONT><BR>
<FONT size=2 face=sans-serif>Putnam Municipal Opportunities Trust</FONT><BR>
<FONT size=2 face=sans-serif>Putnam Multi-Cap Value Fund</FONT><BR>
<FONT size=2 face=sans-serif>Putnam Multi-Cap Core Fund</FONT><BR>
<FONT size=2 face=sans-serif>The Putnam Fund for Growth and Income</FONT><BR>
<FONT size=2 face=sans-serif>Putnam Capital Opportunities Fund</FONT><BR>
<FONT size=2 face=sans-serif>Putnam Income Fund</FONT><BR>
<FONT size=2 face=sans-serif>Putnam Global Income Trust</FONT><BR>
<FONT size=2 face=sans-serif>Putnam Global Equity Fund</FONT><BR>
<FONT size=2 face=sans-serif>Putnam Convertible Securities Fund</FONT><BR>
<FONT size=2 face=sans-serif>Putnam Absolute Return 100 Fund</FONT><BR>
<FONT size=2 face=sans-serif>Putnam Absolute Return 300 Fund</FONT><BR>
<FONT size=2 face=sans-serif>Putnam Absolute Return 500 Fund</FONT><BR>
<FONT size=2 face=sans-serif>Putnam Absolute Return 700 Fund</FONT><BR>
<FONT size=2 face=sans-serif>Putnam Absolute Return 1000 Fund</FONT><BR>
<FONT size=2 face=sans-serif>Putnam Capital Spectrum Fund</FONT><BR>
<FONT size=2 face=sans-serif>Putnam Equity Spectrum Fund</FONT><BR>
<FONT size=2 face=sans-serif>Putnam Asia Pacific Equity Fund</FONT><BR>
<FONT size=2 face=sans-serif>Putnam Global Sector Fund</FONT></P>
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