<SEC-DOCUMENT>0000928816-12-000886.txt : 20120628
<SEC-HEADER>0000928816-12-000886.hdr.sgml : 20120628
<ACCEPTANCE-DATETIME>20120628100503
ACCESSION NUMBER:		0000928816-12-000886
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		30
CONFORMED PERIOD OF REPORT:	20120430
FILED AS OF DATE:		20120628
DATE AS OF CHANGE:		20120628
EFFECTIVENESS DATE:		20120628

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-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07626
		FILM NUMBER:		12931093

	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-CSR
<SEQUENCE>1
<FILENAME>a_muniopps.htm
<DESCRIPTION>PUTNAM MUNICIPAL OPPORTUNITIES TRUST
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<tr valign=top><td></td><td align=center colspan=2><font size=+2><u>UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION</u></font></td></tr></table>



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<tr valign=top><td></td><td align=center colspan=2><u>Washington, D.C. 20549</u></td></tr></table>




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<tr valign=top><td></td><td align=center colspan=2><font size=+3><br><b>FORM N-CSR</b><br><br></font></td></tr></table>




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<tr valign=top><td></td><td align=center colspan=2><font size=+2><b>CERTIFIED SHAREHOLDER REPORT OF REGISTERED<br>MANAGEMENT INVESTMENT COMPANIES</b><br><br><br><br></font></td></tr></table>




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<tr valign=top><td></td><td>Investment Company Act file number:</td>	<td>(811-07626)</td></tr></table>




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<tr valign=top><td></td><td>Exact name of registrant as specified in charter:</td>	<td>Putnam Municipal Opportunities Trust</td></tr></table>




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<tr valign=top><td></td><td>Address of principal executive offices:</td>	<td>One Post Office Square, Boston, Massachusetts 02109</td></tr></table>




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<tr valign=top><td></td><td>Name and address of agent for service:</td>	<td>Robert T Burns, Vice President<br>One Post Office Square<br>Boston, Massachusetts 02109</td></tr></table>




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<tr valign=top><td></td><td align=right>Copy to:&nbsp;&nbsp;&nbsp&nbsp;&nbsp;&nbsp;&nbsp&nbsp;</td>	<td>John W. Gerstmayr, Esq.<br>Ropes & Gray LLP<br>800 Boylston Street<br>Boston, Massachusetts 02199-3600</td></tr></table>




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<tr valign=top><td></td><td>Registrant&#8217;s telephone number, including area code:</td>	<td>(617) 292-1000</td></tr></table>




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<tr valign=top><td></td><td>Date of fiscal year end:</td>	<td>April 30, 2012</td></tr></table>




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<tr valign=top><td></td><td>Date of reporting period:</td>	<td>May 1, 2011 - April 30, 2012</td></tr></table>








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<br><tr valign=top><td></td><td><br><br><u>Item 1. Report to Stockholders:</td>	<td></u></td></tr></table><br>



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<tr valign=top><td></td><td colspan=2>The following is a copy of the report transmitted to stockholders  pursuant to Rule 30e-1 under the Investment Company Act of 1940:</td>	<td></td></tr></table>














































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<P style="TEXT-ALIGN: left"><B><FONT size=6 face=sans-serif>Putnam Municipal</FONT></B><BR><B><FONT size=6 face=sans-serif>Opportunities</FONT></B><BR><B><FONT size=6 face=sans-serif>Trust</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Annual report</FONT></B><BR><B><FONT size=4 face=sans-serif>4 </FONT></B><B><FONT size=5 face=sans-serif>| </FONT></B><B><FONT size=4 face=sans-serif>30 </FONT></B><B><FONT size=5 face=sans-serif>| </FONT></B><B><FONT size=4 face=sans-serif>12</FONT></B></P>

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   <TD width="10%" noWrap align=right><B><FONT size=2 face=sans-serif>1</FONT></B>&nbsp;</TD>

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   <TD width="25%" noWrap align=left><B><FONT size=2 face=sans-serif>About the fund</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=2 face=sans-serif>2</FONT></B>&nbsp;</TD>

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   <TD width="10%" noWrap align=right><B><FONT size=2 face=sans-serif>4</FONT></B>&nbsp;</TD>

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   <TD width="25%" noWrap align=left><B><FONT size=2 face=sans-serif>Interview with your fund&#8217;s portfolio manager</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=2 face=sans-serif>5</FONT></B>&nbsp;</TD>

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   <TD width="10%" noWrap align=right><B><FONT size=2 face=sans-serif>10</FONT></B>&nbsp;</TD>

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   <TD width="10%" noWrap align=right><B><FONT size=2 face=sans-serif>12</FONT></B>&nbsp;</TD>

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   <TD width="10%" noWrap align=right><B><FONT size=2 face=sans-serif>13</FONT></B>&nbsp;</TD>

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   <TD width="10%" noWrap align=right><B><FONT size=2 face=sans-serif>14</FONT></B>&nbsp;</TD>

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   <TD width="10%" noWrap align=right><B><FONT size=2 face=sans-serif>40</FONT></B>&nbsp;</TD>

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   <TD width="10%" noWrap align=right><B><FONT size=2 face=sans-serif>41</FONT></B>&nbsp;</TD>

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   <TD width="25%" noWrap align=left><B><FONT size=2 face=sans-serif>About the Trustees</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=2 face=sans-serif>42</FONT></B>&nbsp;</TD>

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   <TD width="10%" noWrap align=right><B><FONT size=2 face=sans-serif>44</FONT></B>&nbsp;</TD>

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<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>Consider these risks before investing: </FONT></B><FONT size=2 face=sans-serif>Lower-rated bonds may offer higher yields in return for more risk. Funds that invest in bonds are subject to certain risks including interest-rate risk, credit risk, and inflation risk. As interest rates rise, the prices of bonds fall. Long-term bonds are more exposed to interest-rate risk than short-term bonds. Unlike bonds, bond funds have ongoing fees and expenses. The fund&#8217;s shares trade on a stock exchange at market prices, which may be lower than the fund&#8217;s net asset value.</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=sans-serif>Message from the Trustees</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Dear Fellow Shareholder:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Since the start of 2012, the economic picture and market performance worldwide have been mixed and volatile, punctuated by periodic worries over Europe&#8217;s unresolved sovereign-debt troubles and China&#8217;s efforts to maintain its robust economic growth. The U.S. economy has shown signs of gathering steam, but continues to face the dual headwinds of tepid jobs growth and a burgeoning federal debt.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Putnam&#8217;s portfolio managers and analysts are trained to uncover opportunities that often emerge in this type of environment, while also seeking to guard against downside risk. During these times, your financial advisor also can be a valuable resource, helping you to maintain a long-term focus and a balanced investment approach.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In other news, please join us in welcoming the return of Elizabeth T. Kennan to the Board of Trustees. Dr. Kennan, who served as a Trustee from 1992 until 2010, has rejoined the Board, effective January 1, 2012. Dr. Kennan is a Partner of Cambus-Kenneth Farm (thoroughbred horse breeding and general farming), and is also President Emeritus of Mount Holyoke College.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>We would also like to take this opportunity to welcome new shareholders to the fund and to thank all of our investors for your continued confidence in Putnam.</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=sans-serif>About the fund</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Potential for income exempt from federal income tax</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Investing in municipal bonds through a fund such as Putnam Municipal Opportunities Trust can help address a significant challenge: taxes on your investment income. While the stated yields on municipal bonds are usually lower than those of taxable bonds, the income most of these bonds pay has the advantage of being exempt from federal tax.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Municipal bonds are typically issued by states and local municipalities to raise funds for building and maintaining public facilities. The bonds are backed by the issuing city or town, by </FONT><FONT size=2 face=sans-serif>revenues collected from usage fees, or by state tax revenues. Depending on the type of backing, the bonds will have varying degrees of credit risk, which is the risk that the issuer will not be able to repay the bond.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Many municipal bonds are not rated by independent rating agencies such as Standard &amp; Poor&#8217;s and Moody&#8217;s. This is primarily because many issuers decide not to pursue a rating that might be below investment grade. As a result, the fund&#8217;s managers must conduct additional research to determine whether these bonds are prudent investments.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Once the fund has invested in a bond, the managers continue to monitor developments that affect the overall bond market, the sector, and the issuer of the bond.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The goal of this in-depth research and active management is to stay a step ahead of the industry and pinpoint opportunities for investors.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>How do closed-end funds differ from open-end funds?</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>More assets at work </FONT></B><FONT size=1 face=sans-serif>While open-end funds need to maintain a cash position to meet redemptions, closed-end funds are not subject to redemptions and can keep more of their assets invested in the market.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Traded like stocks </FONT></B><FONT size=1 face=sans-serif>Closed-end fund shares are traded on stock exchanges, and their market prices fluctuate in response to supply and demand, among other factors.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Net asset value vs. market price </FONT></B><FONT size=1 face=sans-serif>Like an open-end fund&#8217;s net asset value (NAV) per share, the NAV of a closed-end fund share is equal to the current value of the fund&#8217;s assets, minus its liabilities, divided by the number of shares outstanding. However, when buying or selling closed-end fund shares, the price you pay or receive is the market price. Market price reflects current market supply and demand and may be higher or lower than the NAV.</FONT></P>
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<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>Data are historical. Past performance does not guarantee future results. More recent returns may be less or more than those shown. Investment return and net asset value will fluctuate, and you may have a gain or a loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. Fund returns in the bar chart are at NAV. </FONT></I></B><B><I><FONT size=1 face=sans-serif>See&nbsp;pages 5 and 10&#8211;11 for additional performance information, including fund returns at market price. Index and Lipper results should be compared with fund performance at NAV. Lipper calculates performance differently than the closed-end funds it ranks, due to varying methods for determining a fund&#8217;s monthly reinvestment NAV.</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>4</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=sans-serif>Interview with your fund&#8217;s portfolio manager</FONT></B></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Municipal bonds were frequently in the news during the past 12 months. How would you describe the investment environment?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The past 12 months marked a particularly strong period for municipal bonds and for the fund. In the months before the fund&#8217;s fiscal year began, investors had become increasingly concerned about a potential wave of defaults in the municipal bond market and the perceived threat of unusually high supply in 2011, and as a result the market sold off dramatically. Neither of these concerns materialized, however. While defaults in calendar 2011 were somewhat higher than in 2010, they were still quite low overall, and were nowhere near the record-setting levels that some in the media forecasted. With regard to supply, new issuance remained relatively light by historical </FONT><FONT size=2 face=sans-serif>standards throughout the fund&#8217;s fiscal year, and that generally offered some price stability to the market.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Against this backdrop, tax-exempt bonds posted solid returns and outpaced the broad taxable bond market, as measured by the Barclays U.S. Aggregate Bond Index. Moreover, I am pleased to report that the fund outperformed its benchmark over the past 12 months.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Last August, Standard &amp; Poor&#8217;s [S&amp;P] downgraded its credit rating for U.S. Treasuries and a number of municipal bonds. What impact did that have on the&nbsp;market?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>On the heels of its August downgrade of U.S. sovereign debt, S&amp;P lowered its ratings</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>This comparison shows your fund&#8217;s performance in the context of broad market indexes for the 12&nbsp;months ended 4/30/12. See pages 4 and 10&#8211;11 for additional fund performance information. Index descriptions can be found on page 12.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>5</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>from AAA to AA+ for more than 11,000 municipal securities, including taxable and tax-exempt securities. While this number does seem large, it covers less than 1% of the nearly $4 trillion municipal bond market. These securities all had links to the federal government, and, according to S&amp;P, the affected issues fall into four broad categories: municipal housing bonds backed by the federal government or invested in U.S. government securities; bonds of certain government-related entities in the housing and public power sectors; bonds backed by federal leases; and defeased bonds secured by U.S. Treasury and government agency securities held in escrow.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The downgrade was not surprising given the interdependence of state and federal finances, and S&amp;P had been suggesting such a move was imminent for some time. To date, state general obligation, or &#8220;G.O.,&#8221; bond </FONT><FONT size=2 face=sans-serif>ratings were unchanged; 13 states continue to hold AAA ratings from S&amp;P. Nonetheless, we believe S&amp;P&#8217;s downgrades underscore the importance of performing intensive fundamental research when investing in the municipal bond market. At Putnam, we independently research every bond we hold and assess the credit risk it represents before we add it to the portfolio.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>You mentioned an increase in defaults in 2011. What contributed to that change?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Prior to the fourth quarter of 2011, defaults in the municipal bond market had been trending lower since 2009, with the majority of defaults that did occur stemming from lower-rated or unrated securities, often in more speculative real-estate-backed sectors of the market. Late in 2011, however, we saw a significant increase in the default rate, driven in part by two high-profile events. The first was the bankruptcy filing of American Airlines.</FONT></P>
<IMG border=0 src="munioppsx7x1.jpg"> <BR>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Credit qualities are shown as a percentage of portfolio value as of 4/30/12. A bond rated Baa or higher (MIG3/VMIG3 or higher, for short-term debt) is considered investment grade. The chart reflects Moody&#8217;s ratings; percentages may include bonds or derivatives not rated by Moody&#8217;s but rated by Standard &amp; Poor&#8217;s (S&amp;P) or, if unrated by S&amp;P, by Fitch, and then included in the closest equivalent Moody&#8217;s rating. Ratings will vary over time. Credit qualities are included for portfolio securities and are not included for derivative instruments and cash. The fund itself has not been rated by an independent rating agency.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>6</FONT></P></DIV>

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<IMG border=0 src="munioppsx8x1.jpg"> <BR>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>With about $3 billion of par-value bonds in the municipal market, that event had a significant effect on default levels. The second was a default by Jefferson County, Alabama, a county whose fiscal struggles had captured headlines for a number of years. The county&#8217;s bonds had been trading at distressed levels for some time, and their eventual default in 2011 was well anticipated by the market.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Overall, the default rate remained relatively low for all of last year, finishing well below 1%. Looking ahead, we believe defaults will continue to be in line with historical averages. That said, we believe it&#8217;s likely </FONT><FONT size=2 face=sans-serif>that certain cities or counties will continue to capture headlines in 2012, as a number of municipalities work to find their fiscal footing.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>What effect have potential policy changes had on the tax-exempt bond market?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>As the 2012 presidential election race has heated up, there has been a lot of discussion about tax reform. For example, in President Obama&#8217;s fiscal 2013 budget proposal, individuals and married couples earning more than $200,000 and $250,000, respectively, would only be able to exclude from federal taxes 28 cents of every dollar of municipal bond income earned. Meanwhile, Republicans in general and presumptive nominee Mitt Romney in particular have been calling for a flatter rate on a broader tax base.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Income tax rates are only one factor among many, including the prevailing interest-rate environment, the strength of the equity</FONT></P>
<IMG border=0 src="munioppsx8x2.jpg"> <BR>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Top ten state allocations are shown as a percentage of the fund&#8217;s portfolio value as of 4/30/12. Investments in Puerto Rico represented 4.7% of portfolio value. Holdings will vary over time. State concentrations listed after the portfolio schedule in the Financial Statements section of this shareholder report are inclusive of tender option bonds and exclusive of insured status and any interest accruals, and may differ from the summary information above.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>7</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>markets, and the tax picture more broadly. We believe there is likely to be a much broader discussion on tax reform in 2013.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>However, in our view there are a number of issues that likely will need to be addressed even before then, and it remains to be seen whether Congress will act on the debt ceiling, the alternative minimum tax, and the Bush-era tax cuts, which are slated to expire at the end of the year. As always, we&#8217;re monitoring the situation closely.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>How did you position the portfolio during the fund&#8217;s fiscal year?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>We sought to benefit from improving fundamentals in the municipal bond market. While we believed that the budget challenges faced by many states were significant, we were confident that conditions would improve as long as the broad economy did not stall.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Against this backdrop, we believed that essential service revenue bonds remained attractive, while we remained highly selective regarding the fund&#8217;s positioning in local G.O.s, which are securities issued at the city or county level. We believe that as the federal government looks to reduce transfer payments to the states &#8212; and as states, in turn, seek to close their deficits by reducing spending &#8212; these types of bonds are at risk for downgrades or other headline-driven price volatility. And unlike state general obligation bonds, local G.O.s rely more on property tax revenue than on income or sales taxes. With real-estate prices still under pressure in many markets, property taxes have been slower to recover than other tax sources.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>From a credit perspective, we held an overweight position in A- and Baa-rated securities versus the fund&#8217;s benchmark. In terms of sectors, relative to the benchmark</FONT></P>
<IMG border=0 src="munioppsx9x1.jpg"> <BR>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>This chart shows how the fund&#8217;s top weightings have changed over the past six months. Weightings are shown as a percentage of net assets. Summary information may differ from the portfolio schedule included in the financial statements due to the inclusion of derivative securities, any interest accruals, the exclusion of as-of trades, if any, and the use of different classifications of securities for presentation purposes. Holdings will vary over time. Sector concentrations listed after the portfolio schedule in the Financial Statements section of this shareholder report are exclusive of insured status and any interest accruals, and may differ from the summary information above.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>8</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>index, we favored higher education, utility, and health-care bonds, particularly those of larger, higher-quality hospitals and continuing-care retirement communities. Overall, this positioning generally helped the fund&#8217;s relative performance during its fiscal year.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>What is your outlook for the months ahead?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>While technical factors in the market have been positive &#8212; specifically, higher refunding activity and strong investor demand &#8212; we believe that uncertainty remains. We believe that states will continue to face financial challenges as the economy struggles to find its footing. For the most part, however, we believe that the fiscal conditions of states and municipalities are showing signs of improvement: Tax receipts are beginning to improve, albeit slowly, and we believe defaults will remain relatively low. We remain focused on the economy and Congress&#8217;s plans to reduce the deficit.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Higher federal income tax rates, a change in the tax status of municipal bonds, and significant cuts in state funding all would have consequences for the municipal bond market in our view. But for investors with longer </FONT><FONT size=2 face=sans-serif>time horizons, we believe that our actively managed approach remains a prudent way to diversify holdings and generate tax-exempt income in the municipal bond market.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Thank you, Thalia, for updating us on the fund.</FONT></B></P>

<P style="TEXT-ALIGN: left"><I><FONT size=2 face=sans-serif>The views expressed in this report are exclusively those of Putnam Management and are subject to change. They are not meant as investment advice.</FONT></I></P>

<P style="TEXT-ALIGN: left"><I><FONT size=2 face=sans-serif>Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the fund&#8217;s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk.</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Portfolio Manager </FONT><B><FONT size=2 face=sans-serif>Thalia Meehan </FONT></B><FONT size=2 face=sans-serif>holds a B.A. from Williams College. A CFA charterholder, Thalia joined Putnam in 1989 and has been in the investment industry since 1983.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In addition to Thalia, your fund&#8217;s portfolio managers are Paul M. Drury, CFA and Susan A. McCormack, CFA.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>IN THE NEWS</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>With the Bush-era tax cuts set to expire on </FONT></B><B><FONT size=2 face=sans-serif>December 31, 2012, municipal bond inves</FONT></B><B><FONT size=2 face=sans-serif>tors are taking note. </FONT></B><FONT size=2 face=sans-serif>President Obama has said that, if re-elected, he would not extend those tax cuts for households earning more than $250,000 per year ($200,000 per year for single taxpayers) and would seek to impose a minimum tax rate of 30% on taxpayers earning more than $1 million a year. If income tax rates in the United </FONT><FONT size=2 face=sans-serif>States rise, municipal bonds &#8212; the interest on which is exempt from federal and state taxes &#8212;&nbsp;could become more attractive, which may bolster current municipal bond prices. Meanwhile, Republican opponent Mitt Romney favors creating a broader tax base with lower, flatter rates. It is possible that income tax rate reductions may make municipal bonds less attractive relative to taxable alternatives.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>9</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Your fund&#8217;s performance</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>This section shows your fund&#8217;s performance, price, and distribution information for periods ended April 30, 2012, the end of its most recent fiscal year. In accordance with regulatory requirements for mutual funds, we also include performance as of the most recent calendar quarter-end. Performance should always be considered in light of a fund&#8217;s investment strategy. Data represent past performance. Past performance does not guarantee future results. More recent returns may be less or more than those shown. Investment return, net asset value, and market price will fluctuate, and you may have a gain or a loss when you sell your shares.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Fund performance </FONT></B><FONT size=2 face=sans-serif>Total return for periods ended 4/30/12</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="20%"></TD>

   <TD width="20%" align=center></TD>

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   <TD width="20%" align=center></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=center>&nbsp;</TD>

   <TD width="20%" noWrap align=center>&nbsp;</TD>

   <TD width="20%" noWrap align=center>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>Lipper Closed</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=center>&nbsp;</TD>

   <TD width="20%" noWrap align=center>&nbsp;</TD>

   <TD width="20%" noWrap align=center>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>End General and</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=center>&nbsp;</TD>

   <TD width="20%" noWrap align=center>&nbsp;</TD>

   <TD width="20%" noWrap align=center>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>Insured Muni Debt</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=center>&nbsp;</TD>

   <TD width="20%" noWrap align=center>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>Barclays Municipal</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>Funds (Leveraged)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>NAV</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>Market price</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>Bond Index</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>category average*</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Annual average</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center>&nbsp;</TD>

   <TD width="20%" noWrap align=center>&nbsp;</TD>

   <TD width="20%" noWrap align=center>&nbsp;</TD>

   <TD width="20%" noWrap align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Life of fund (since 5/28/93)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>6.46%</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>5.98%</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>5.75%</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>6.30%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>10 years</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>90.74</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>94.24</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>68.84</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>91.49</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Annual average</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>6.67</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>6.86</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>5.38</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>6.68</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>5 years</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>36.21</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>44.20</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>31.31</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>34.06</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Annual average</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>6.38</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>7.60</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>5.60</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>6.00</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>3 years</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>52.32</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>60.49</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>23.90</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>49.60</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Annual average</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>15.06</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>17.08</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>7.40</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>14.31</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>1 year</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>23.08</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>26.00</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>11.36</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>23.04</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5 align=center>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>Performance assumes reinvestment of distributions and does not account for taxes.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Index and Lipper results should be compared to fund performance at net asset value. Lipper calculates performance differently than the closed-end funds it ranks, due to varying methods for determining a fund&#8217;s monthly reinvestment NAV.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>* Over the 1-year, 3-year, 5-year, 10-year, and life-of-fund periods ended 4/30/12, there were 83, 80, 80, 68, and 45 funds, respectively, in this Lipper category.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>10</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Fund price and distribution information </FONT></B><FONT size=2 face=sans-serif>For the 12-month period ended 4/30/12</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="33%"></TD>

   <TD width="33%" align=center></TD>

   <TD width="33%" align=center></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>Distributions &#8212; Common shares</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=center>&nbsp;</TD>

   <TD width="33%" noWrap align=center>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Number</FONT>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>12</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Income </FONT><B><SUP><FONT size=1 face=sans-serif>1</FONT></SUP></B>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>$0.7956</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Capital gains </FONT><B><SUP><FONT size=1 face=sans-serif>2</FONT></SUP></B>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>$0.7956</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=center><B><FONT size=1 face=sans-serif>Series B</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=center><B><FONT size=1 face=sans-serif>Series C</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>Distributions &#8212; Preferred shares</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=center><B><FONT size=1 face=sans-serif>(3,417 shares)</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=center><B><FONT size=1 face=sans-serif>(3,737 shares)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Income </FONT><B><SUP><FONT size=1 face=sans-serif>1</FONT></SUP></B>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>$57.50</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>$56.43</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Capital gains </FONT><B><SUP><FONT size=1 face=sans-serif>2</FONT></SUP></B>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=center><B><FONT size=1 face=sans-serif>$57.50</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=center><B><FONT size=1 face=sans-serif>$56.43</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>Share value</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=center><B><FONT size=1 face=sans-serif>NAV</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=center><B><FONT size=1 face=sans-serif>Market price</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>4/30/11</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>$11.26</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>$10.77</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>4/30/12</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>12.97</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>12.70</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>Current yield (end of period)</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=center>&nbsp;</TD>

   <TD width="33%" noWrap align=center>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Current dividend rate </FONT><B><SUP><FONT size=1 face=sans-serif>3</FONT></SUP></B>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>6.13%</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>6.26%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Taxable equivalent </FONT><B><SUP><FONT size=1 face=sans-serif>4</FONT></SUP></B>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>9.43</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>9.63</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>The classification of distributions, if any, is an estimate. Final distribution information will appear on your year-end tax forms.</FONT></P>

<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>1 </FONT></SUP></B><FONT size=1 face=sans-serif>For some investors, investment income may be subject to the federal alternative minimum tax. Income from federally exempt funds may be subject to state and local taxes.</FONT></P>

<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>2 </FONT></SUP></B><FONT size=1 face=sans-serif>Capital gains, if any, are taxable for federal and, in most cases, state purposes.</FONT></P>

<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>3 </FONT></SUP></B><FONT size=1 face=sans-serif>Most recent distribution, excluding capital gains, annualized and divided by NAV or market price at end of period.</FONT></P>

<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>4 </FONT></SUP></B><FONT size=1 face=sans-serif>Assumes maximum 35% federal tax rate for 2012. Results for investors subject to lower tax rates would not be as advantageous.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Fund performance as of most recent calendar quarter</FONT></B><BR><FONT size=2 face=sans-serif>Total return for periods ended 3/31/12</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="33%"></TD>

   <TD width="33%" align=center></TD>

   <TD width="33%" align=center></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=center><B><FONT size=1 face=sans-serif>NAV</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=center><B><FONT size=1 face=sans-serif>Market price</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Annual average</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center>&nbsp;</TD>

   <TD width="33%" noWrap align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Life of fund (since 5/28/93)</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>6.39%</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>5.91%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>10 years</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>91.18</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>91.79</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Annual average</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>6.70</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>6.73</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>5 years</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>34.05</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>41.28</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Annual average</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>6.04</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>7.16</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>3 years</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>55.26</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>65.07</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Annual average</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>15.79</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>18.18</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>1 year</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>24.00</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>23.82</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>11</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Terms and definitions</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Important terms</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Total return </FONT></B><FONT size=2 face=sans-serif>shows how the value of the fund&#8217;s shares changed over time, assuming you held the shares through the entire period and reinvested all distributions in the fund.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Net asset value (NAV) </FONT></B><FONT size=2 face=sans-serif>is the value of all your fund&#8217;s assets, minus any liabilities and the net assets allocated to any outstanding preferred shares, divided by the number of outstanding common shares.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Market price </FONT></B><FONT size=2 face=sans-serif>is the current trading price of one share of the fund. Market prices are set by transactions between buyers and sellers on exchanges such as the New York Stock Exchange.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Fixed-income terms</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Current yield </FONT></B><FONT size=2 face=sans-serif>is the annual rate of return earned from dividends or interest of an investment. Current yield is expressed as a percentage of the price of a security, fund share, or principal investment.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Yield curve </FONT></B><FONT size=2 face=sans-serif>is a graph that plots the yields of bonds with equal credit quality against their differing maturity dates, ranging from shortest to longest. It is used as a benchmark for other debt, such as mortgage or bank lending rates.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Comparative indexes</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Barclays Municipal Bond Index </FONT></B><FONT size=2 face=sans-serif>is an unmanaged index of long-term fixed-rate investment-grade tax-exempt bonds.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Barclays U.S. Aggregate Bond Index </FONT></B><FONT size=2 face=sans-serif>is an unmanaged index of U.S. investment-grade fixed-income securities.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>BofA (Bank of America) Merrill Lynch U.S. 3-Month Treasury Bill Index </FONT></B><FONT size=2 face=sans-serif>is an unmanaged index that seeks to measure the performance of U.S. Treasury bills available in the marketplace.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>S&amp;P 500 Index </FONT></B><FONT size=2 face=sans-serif>is an unmanaged index of common stock performance.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Indexes assume reinvestment of all distributions and do not account for fees. Securities and performance of a fund and an index will differ. You cannot invest directly in an index.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Lipper </FONT></B><FONT size=2 face=sans-serif>is a third-party industry-ranking entity that ranks mutual funds. Its rankings do not reflect sales charges. Lipper rankings are based on total return at net asset value relative to other funds that have similar current investment styles or objectives as determined by Lipper. Lipper may change a fund&#8217;s category assignment at its discretion. Lipper category averages reflect performance trends for funds within a category.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>12</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Other information for shareholders</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Important notice regarding share repurchase program</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In September 2011, the Trustees of your fund approved the renewal of a share repurchase program that had been in effect since 2005. This renewal will allow your fund to repurchase, in the 12 months beginning October 8, 2011, up to 10% of the fund&#8217;s common shares outstanding as of October 7, 2011.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Important notice regarding Putnam&#8217;s privacy policy</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In order to conduct business with our shareholders, we must obtain certain personal information such as account holders&#8217; names, addresses, Social Security numbers, and dates of birth. Using this information, we are able to maintain accurate records of accounts and transactions.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>It is our policy to protect the confidentiality of our shareholder information, whether or not a shareholder currently owns shares of our funds. In particular, it is our policy not to sell information about you or your accounts to outside marketing firms. We have safeguards in place designed to prevent unauthorized access to our computer systems and procedures to protect personal information from unauthorized use.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Under certain circumstances, we must share account information with outside vendors who provide services to us, such as mailings and proxy solicitations. In these cases, the service providers enter into confidentiality agreements with us, and we provide only the information necessary to process transactions and perform other services related to your account. Finally, it is our policy to share account information with your financial representative, if you&#8217;ve listed one on your Putnam account.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Proxy voting</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Putnam is committed to managing our mutual funds in the best interests of our shareholders. The Putnam funds&#8217; proxy voting guidelines and procedures, as well as information regarding how your fund voted proxies relating to portfolio securities during the 12-month period ended June 30, 2011, are available in the Individual Investors section at putnam.com, and on the Securities and Exchange Commission (SEC) website, www.sec.gov. If you have questions about finding forms on the SEC&#8217;s website, you may call the SEC at 1-800-SEC-0330. You may also obtain the Putnam funds&#8217; proxy voting guidelines and procedures at no charge by calling Putnam&#8217;s Shareholder Services at 1-800-225-1581.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Fund portfolio holdings</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The fund will file a complete schedule of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Shareholders may obtain the fund&#8217;s Forms N-Q on the SEC&#8217;s website at www.sec.gov. In addition, the fund&#8217;s Forms N-Q may be reviewed and copied at the SEC&#8217;s Public Reference Room in Washington, D.C. You may call the SEC at 1-800-SEC-0330 for information about the SEC&#8217;s website or the operation of the Public Reference Room.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Trustee and employee fund ownership</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Putnam employees and members of the Board of Trustees place their faith, confidence, and, most importantly, investment dollars in Putnam mutual funds. As of April 30, 2012, Putnam employees had approximately $350,000,000 and the Trustees had approximately $80,000,000 invested in Putnam mutual funds. These amounts include investments by the Trustees&#8217; and employees&#8217; immediate family members as well as investments through retirement and deferred compensation plans.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>13</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Financial statements</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>These sections of the report, as well as the accompanying Notes, preceded by the Report of Independent Registered Public Accounting Firm, constitute the fund&#8217;s financial statements.</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>The fund&#8217;s portfolio </FONT></B><FONT size=2 face=sans-serif>lists all the fund&#8217;s investments and their values as of the last day of the reporting period. Holdings are organized by asset type and industry sector, country, or state to show areas of concentration and diversification.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Statement of assets and liabilities </FONT></B><FONT size=2 face=sans-serif>shows how the fund&#8217;s net assets and share price are determined. All investment and non-investment assets are added together. Any unpaid expenses and other liabilities are subtracted from this total. The result is divided by the number of shares to determine the net asset value per share. (For funds with preferred shares, the amount subtracted from total assets includes the liquidation preference of preferred shares.)</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Statement of operations </FONT></B><FONT size=2 face=sans-serif>shows the fund&#8217;s net investment gain or loss. This is done by first adding up all the fund&#8217;s earnings &#8212; from dividends and interest income &#8212; and subtracting its operating expenses to determine net </FONT><FONT size=2 face=sans-serif>investment income (or loss). Then, any net gain or loss the fund realized on the sales of its holdings &#8212; as well as any unrealized gains or losses over the period &#8212; is added to or subtracted from the net investment result to determine the fund&#8217;s net gain or loss for the fiscal year.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Statement of changes in net assets </FONT></B><FONT size=2 face=sans-serif>shows how the fund&#8217;s net assets were affected by the fund&#8217;s net investment gain or loss, by distributions to shareholders, and by changes in the number of the fund&#8217;s shares. It lists distributions and their sources (net investment income or realized capital gains) over the current reporting period and the most recent fiscal year-end. The distributions listed here may not match the sources listed in the Statement of operations because the distributions are determined on a tax basis and may be paid in a different period from the one in which they were earned.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Financial highlights </FONT></B><FONT size=2 face=sans-serif>provide an overview of the fund&#8217;s investment results, per-share distributions, expense ratios, net investment income ratios, and portfolio turnover in one summary table, reflecting the five most recent reporting periods. In a semiannual report, the highlights table also includes the current reporting period.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>14</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Report of Independent Registered Public Accounting Firm</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>To the Trustees and Shareholders of</FONT><BR><FONT size=2 face=sans-serif>Putnam Municipal Opportunities Trust:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In our opinion, the accompanying statement of assets and liabilities, including the portfolio, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Putnam Municipal Opportunities Trust (the &#8220;fund&#8221;) at April 30, 2012, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as &#8220;financial statements&#8221;) are the responsibility of the fund&#8217;s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of investments owned at April 30, 2012 by correspondence with the custodian, provide a reasonable basis for our opinion.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>PricewaterhouseCoopers LLP</FONT><BR><FONT size=2 face=sans-serif>Boston, Massachusetts</FONT><BR><FONT size=2 face=sans-serif>June 22, 2012</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>15</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>The fund&#8217;s portfolio </FONT></B><FONT size=2 face=sans-serif>4/30/12</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="50%"></TD>

   <TD width="50%"></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif>Key to holding&#8217;s abbreviations</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="50%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=1 face=sans-serif>AGM </FONT></B><FONT size=1 face=sans-serif>Assured Guaranty Municipal Corporation</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=1 face=sans-serif>G.O. Bonds </FONT></B><FONT size=1 face=sans-serif>General Obligation Bonds</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=1 face=sans-serif>AGO </FONT></B><FONT size=1 face=sans-serif>Assured Guaranty, Ltd.</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=1 face=sans-serif>NATL </FONT></B><FONT size=1 face=sans-serif>National Public Finance Guarantee Corp.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=1 face=sans-serif>AMBAC </FONT></B><FONT size=1 face=sans-serif>AMBAC Indemnity Corporation</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=1 face=sans-serif>SGI </FONT></B><FONT size=1 face=sans-serif>Syncora Guarantee, Inc.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=1 face=sans-serif>COP </FONT></B><FONT size=1 face=sans-serif>Certificates of Participation</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=1 face=sans-serif>U.S. Govt. Coll. </FONT></B><FONT size=1 face=sans-serif>U.S. Government Collateralized</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=1 face=sans-serif>FGIC </FONT></B><FONT size=1 face=sans-serif>Financial Guaranty Insurance Company</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=1 face=sans-serif>VRDN </FONT></B><FONT size=1 face=sans-serif>Variable Rate Demand Notes, which are</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=1 face=sans-serif>FNMA Coll. </FONT></B><FONT size=1 face=sans-serif>Federal National Mortgage</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=1 face=sans-serif>floating-rate securities with long-term maturities,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=1 face=sans-serif>Association Collateralized</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=1 face=sans-serif>that carry coupons that reset every one or seven</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=1 face=sans-serif>FRB </FONT></B><FONT size=1 face=sans-serif>Floating Rate Bonds: the rate shown is</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=1 face=sans-serif>days. The rate shown is the current interest rate at the</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=1 face=sans-serif>the current interest rate at the close of the</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=1 face=sans-serif>close of the reporting period.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=1 face=sans-serif>reporting&nbsp;period</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="59%"></TD>

   <TD width="10%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (138.0%)*</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Alabama (0.1%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Selma, Indl. Dev. Board Rev. Bonds (Gulf Opportunity</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Zone Intl. Paper Co.), Ser. A, 5.8s, 5/1/34</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$809,115</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>809,115</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Arizona (3.4%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Grande Regl. Med. Ctr.), Ser. A, 7 5/8s, 12/1/29</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,025,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,117,565</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Cochise Cnty., Indl. Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Sierra Vista Cmnty. Hosp.), Ser. A, 6 3/4s, 12/1/26</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB+/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>395,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>395,557</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Coconino Cnty., Poll. Control Rev. Bonds (Tucson</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Elec. Pwr. Co. &#8212; Navajo), Ser. A, 5 1/8s, 10/1/32</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,532,850</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Glendale, Indl. Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Midwestern U.), 5 1/8s, 5/15/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,125,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,223,876</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Maricopa Cnty., Poll. Control Rev. Bonds (El Paso</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Elec. Co.), Ser. A, 7 1/4s, 2/1/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,400,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,833,560</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Phoenix, Civic Impt. Corp. Arpt. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 7/1/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,063,980</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Pima Cnty., Indl. Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Tucson Elec. Pwr. Co.), 5 3/4s, 9/1/29</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>800,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>848,768</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Horizon Cmnty. Learning Ctr.), 5.05s, 6/1/25</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,550,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,448,429</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Pinal Cnty., Elec. Rev. Bonds (Dist. No. 3),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 1/4s, 7/1/36</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>534,455</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Salt River Agricultural Impt. &amp; Pwr. Dist. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5s, 12/1/31</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aa1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,518,430</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Tempe, Indl. Dev. Auth. Lease Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(ASU Foundation), AMBAC, 5s, 7/1/28</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AA/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>503,445</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>U. Med. Ctr. Corp. AZ Hosp. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 1/2s, 7/1/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,140,240</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>19,161,155</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>California (24.4%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>ABC Unified School Dist. G.O. Bonds, Ser. B, FGIC,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>zero %, 8/1/20</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,116,825</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bay Area Toll Auth. of CA Rev. Bonds (San Francisco</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bay Area), Ser. F-1, 5s, 4/1/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,705,525</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Burbank, Unified School Dist. G.O. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Election of 1997), Ser. C, FGIC, zero %, 8/1/23</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AA&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>665,090</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>16</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="59%"></TD>

   <TD width="10%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (138.0%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>California </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>CA Edl. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Claremont Graduate U.), Ser. A, 5s, 3/1/42</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$2,041,960</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(U. of the Pacific), 5s, 11/1/21</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,639,470</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Loyola-Marymount U.), NATL, zero %, 10/1/21</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,300,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>864,682</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>CA Hsg. Fin. Agcy. Rev. Bonds (Home Mtge.)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. E, 4.8s, 8/1/37</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,512,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. K, 4 5/8s, 8/1/26</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,337,175</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>CA Muni. Fin. Auth. COP (Cmnty. Hosp. Central CA),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 1/4s, 2/1/37</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,800,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,830,815</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>CA Poll. Control Fin. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(San Jose Wtr. Co.), 5.1s, 6/1/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,718,715</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Pacific Gas &amp; Electric Corp.), Class D, FGIC,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>4 3/4s, 12/1/23</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,681,425</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>CA Poll. Control Fin. Auth. Solid Waste Disp. FRB</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Waste Management, Inc.), Ser. C, 5 1/8s, 11/1/23</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>850,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>913,053</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>CA Poll. Control Fin. Auth. Wtr. Fac. 144A Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(American Wtr. Cap. Corp.), 5 1/4s, 8/1/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,013,740</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>CA State G.O. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 1/2s, 4/1/33</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>12,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>14,704,320</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 1/2s, 3/1/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,450,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,262,944</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 4/1/42</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,267,120</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 10/1/29</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,350,440</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>CA State Pub. Wks. Board Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. I-1, 6 1/8s, 11/1/29</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,167,430</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A-1, 6s, 3/1/35</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,600,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,796,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Dept. of Forestry &amp; Fire), Ser. E, 5s, 11/1/32</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,575,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,646,457</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Capital Projects), Ser. A, 5s, 4/1/29</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,135,240</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>CA Statewide Cmnty. Dev. Auth. COP (The Internext</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Group), 5 3/8s, 4/1/30</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,251,838</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>CA Statewide Cmnty. Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Irvine, LLC-UCI East Campus), 6s, 5/15/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,150,380</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Sutter Hlth.), Ser. A, 5s, 11/15/43</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,485,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,566,085</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Cathedral City, Impt. Board Act of 1915 Special</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Assmt. Bonds (Cove Impt. Dist.), Ser. 04-02,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5.05s, 9/2/35</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>775,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>736,242</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Chula Vista COP, NATL, 5s, 8/1/32</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,052,760</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Chula Vista, Indl. Dev. Rev. Bonds (San Diego Gas),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. B, 5s, 12/1/27</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,915,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,060,061</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Foothill-De Anza, Cmnty. College Dist. G.O. Bonds,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. C, 5s, 8/1/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aaa</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,520,135</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Foothill/Eastern Corridor Agcy. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, zero %, 1/1/28 (Escrowed to maturity)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aaa</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>13,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,154,770</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Golden State Tobacco Securitization Corp. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. 03 A-1, 6 1/4s, 6/1/33 (Prerefunded 6/1/12)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aaa</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>685,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>718,599</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A-1, 5s, 6/1/33</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,050,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>828,062</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. S-B, zero %, 6/1/47</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>CCC+</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>331,320</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Los Angeles, Dept. Arpt. Rev. Bonds (Los Angeles</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Intl. Arpt.), Ser. D, 5s, 5/15/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,813,670</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>M-S-R Energy Auth. Rev. Bonds, Ser. B,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 1/2s, 11/1/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,689,280</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>17</FONT></P></DIV>

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<TR>

   <TD width="59%"></TD>

   <TD width="10%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (138.0%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>California </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Metro. Wtr. Dist. Rev. Bonds (Southern CA Wtr. Wks.),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 3/4s, 8/10/18</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$6,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$7,188,600</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Orange Cnty., Cmnty. Fac. Dist. Special Tax</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Ladera Ranch No. 02-1), Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5.55s, 8/15/33</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>900,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>901,179</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Redwood City, Elementary School Dist. G.O. Bonds,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>FGIC, NATL, zero %, 8/1/21</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A+</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,990,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,327,211</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Rocklin, Unified School Dist. G.O. Bonds, FGIC, NATL,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>zero %, 8/1/27</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aa2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,016,380</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Sacramento Cnty., Arpt. Syst. Rev. Bonds, 5s, 7/1/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,350,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,421,036</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Sacramento, Special Tax Rev. Bonds (North Natomas</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Cmnty. Fac.), Ser. 97-01</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 9/1/20</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,195,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,207,990</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 9/1/29</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,180,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,151,857</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 9/1/18</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,030,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,045,749</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>San Bernardino Cnty., COP (Med. Ctr. Fin.), Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NATL, 6 1/2s, 8/1/17</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,420,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,786,462</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>San Diego Cnty., Regl. Arpt. Auth. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5s, 7/1/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,987,225</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, Unified School Dist. G.O. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Election of 2008), Ser. C</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>zero %, 7/1/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aa2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,096,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>zero %, 7/1/38</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aa2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,227,850</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco City &amp; Cnty. Arpt. Comm. Intl. Arpt.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds, 5s, 5/1/28</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>575,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>654,494</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>San Juan, Unified School Dist. G.O. Bonds, AGM,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>zero %, 8/1/19</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aa2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>813,480</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Sunnyvale, Cmnty. Fac. Dist. Special Tax Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>7.65s, 8/1/21</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>580,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>580,783</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Tuolumne Wind Project Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Tuolumne Co.), Ser. A, 5 7/8s, 1/1/29</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A+</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,585,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,862,391</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Turlock, Irrigation Dist. Rev. Bonds, Ser. A, 5s, 1/1/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A+</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,231,720</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>135,745,735</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Colorado (1.3%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>CO Hlth. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Christian Living Cmntys.), Ser. A, 5 3/4s, 1/1/26</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>325,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>332,560</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Evangelical Lutheran), 5s, 6/1/29</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>850,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>873,928</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>CO Hsg. &amp; Fin. Auth. Rev. Bonds (Single Family Mtge.),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A-3, Class III, 5 1/4s, 5/1/33</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,490,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,544,832</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>CO Springs, Hosp. Rev. Bonds, 6 3/8s, 12/15/30</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,280,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,285,970</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>E-470 CO Pub. Hwy. Auth. Rev. Bonds, Ser. C1,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NATL, 5 1/2s, 9/1/24</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,355,650</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>7,392,940</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Delaware (0.7%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>DE St. Econ. Dev. Auth. Rev. Bonds (Delmarva Pwr.),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5.4s, 2/1/31</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,100,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,199,110</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>DE State Hlth. Facs. Auth. VRDN (Christiana Care),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 0.23s, 10/1/38</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>VMIG1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,130,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,130,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>DE State Hsg. Auth. Rev. Bonds (Single Family Mtge.),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. B, zero %, 1/1/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,800,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,574,584</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>3,903,694</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>18</FONT></P></DIV>

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (138.0%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>District of Columbia (1.9%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>DC Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Howard U.), Ser. A, 6 1/2s, 10/1/41</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$3,429,240</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Gallaudet U.), 5 1/2s, 4/1/34</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A+</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,121,830</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>DC Wtr. &amp; Swr. Auth. Pub. Util. Rev. Bonds, FGIC,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NATL, 5s, 10/1/28 (Prerefunded 10/1/13)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,200,160</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Metro. Washington, Arpt. Auth. Dulles Toll Rd.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(First Sr. Lien), Ser. A, 5s, 10/1/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,115,280</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Metrorail), Ser. A, zero %, 10/1/37</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,700,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>829,836</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>10,696,346</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Florida (5.1%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Brevard Cnty., Hlth. Care Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Health First, Inc.), 7s, 4/1/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,507,060</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Escambia Cnty., Env. Impt. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Intl. Paper Co.), Ser. A, 5s, 8/1/26</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,500,825</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>FL State Board of Ed. G.O. Bonds (Capital Outlay</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>2011), Ser. F, 5s, 6/1/30</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,159,600</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>FL State Muni. Pwr. Agcy. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 10/1/31</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,700,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,842,205</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Halifax, Hosp. Med. Ctr. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 3/8s, 6/1/46</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,200,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,307,058</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Lakeland, Retirement Cmnty. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(1st Mtge. &#8212; Carpenters), 6 3/8s, 1/1/43</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;/F</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>340,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>345,022</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Lee Cnty., Rev. Bonds, SGI, 5s, 10/1/25</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aa2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,710,450</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Marco Island, Util. Sys. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 10/1/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,599,570</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Miami Beach, Hlth. Fac. Auth. Hosp. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Mount Sinai Med. Ctr.)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 6.8s, 11/15/31</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>550,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>556,562</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 3/8s, 11/15/28</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;/F</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>990,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>991,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Miami-Dade Cnty., Aviation Rev. Bonds (Miami</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Intl. Arpt.), Ser. A-1, 5 3/8s, 10/1/41</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,274,140</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Miami-Dade Cnty., Expressway Auth. Toll Syst.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds, Ser. A, 5s, 7/1/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,050,080</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Acts Retirement-Life Cmnty.), 5 1/2s, 11/15/33</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,061,460</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>South Bay, Cmnty. Dev. Dist. Rev. Bonds, Ser. B-1,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 1/8s, 11/1/12 (In default) &#8224;</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>D/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,025,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>668,250</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>South Broward, Hosp. Dist. Rev. Bonds, NATL,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>4 3/4s, 5/1/28</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,569,825</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Split Pine Cmnty. Dev. Dist.), Ser. A, 5 1/4s,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5/1/39 (In default) &#8224;</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>D/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,460,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>633,144</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5.4s, 5/1/37</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>CCC/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>445,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>379,572</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>28,155,823</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Georgia (3.3%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Atlanta, Arpt. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. C, 5 7/8s, 1/1/24</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>626,680</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Hartsfield-Jackson Intl. Arpt.), Ser. A, 5s, 1/1/35</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,359,225</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Atlanta, Wtr. &amp; Waste Wtr. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 1/4s, 11/1/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,257,890</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>19</FONT></P></DIV>

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   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (138.0%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Georgia </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Fulton Cnty., Dev. Auth. Rev. Bonds (GA Tech</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Athletic Assn.), Ser. A, 5s, 10/1/42</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$1,350,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$1,477,238</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Gainesville &amp; Hall Cnty., Hosp. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Northeast GA Hlth. Care), Ser. B, 5 1/4s, 2/15/45</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A+</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,012,625</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Marietta, Dev. Auth. Rev. Bonds (U. Fac. &#8212;</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Life U., Inc.), 7s, 6/15/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Ba3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,400,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,454,726</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>18,188,384</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Hawaii (&#8212;%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>HI State Hsg. Fin. &amp; Dev. Corp. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>FNMA Coll., 5 3/4s, 7/1/30</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aaa</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>40,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>40,009</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>40,009</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Illinois (7.7%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Chicago, O&#8217;Hare Intl. Arpt. Rev. Bonds, Ser. A</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 3/4s, 1/1/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,567,680</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 5/8s, 1/1/35</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,144,680</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Chicago, Waste Wtr. Transmission Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, NATL, zero %, 1/1/24</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aa2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,600,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,001,312</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>IL Fin. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Silver Cross Hosp. &amp; Med. Ctr.), 7s, 8/15/44</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,831,175</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(IL Rush U. Med. Ctr.), Ser. D, 6 5/8s, 11/1/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,490,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,775,648</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(IL Rush U. Med Ctr.), Ser. C, 6 5/8s, 11/1/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,425,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,698,187</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Elmhurst Memorial), Ser. A, 5 5/8s, 1/1/37</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,143,910</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Alexian), Ser. A, AGM, 5 1/4s, 1/1/22</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,775,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,232,266</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>IL State G.O. Bonds, 5s, 3/1/34</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A+</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>793,523</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Kendall &amp; Kane Cntys., Cmnty. United School Dist.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>G.O. Bonds (No. 115 Yorkville), FGIC, zero %, 1/1/21</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,075,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>772,624</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Lake Cnty., Cmnty. Construction School Dist. G.O.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (No. 073 Hawthorn), NATL, FGIC</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>zero %, 12/1/21</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,805,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,251,551</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>zero %, 12/1/21 (Escrowed to maturity)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>145,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>118,594</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>zero %, 12/1/20</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,495,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,095,282</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>zero %, 12/1/20 (Escrowed to maturity)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>155,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>131,567</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Metropolitan Pier &amp; Exposition Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(McCormack Place Expansion Project),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, NATL, zero %, 12/15/30</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>22,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,236,925</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NATL, 5s, 12/15/28</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,770,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,796,444</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Railsplitter, Tobacco Settlement Auth. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6s, 6/1/28</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,150,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,722,285</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Southern IL U. Rev. Bonds (Hsg. &amp; Auxiliary),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, NATL</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>zero %, 4/1/25</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,870,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>963,817</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>zero %, 4/1/21</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,880,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,250,313</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>42,527,783</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Indiana (1.9%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>IN Bk. Special Program Gas Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 1/4s, 10/15/21</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>180,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>205,623</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>IN State Fin. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(U.S. Steel Corp.), 6s, 12/1/26</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>531,505</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(BHI Sr. Living), 5 3/4s, 11/15/41</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;/F</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,072,770</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Duke Energy Ind.), Ser. C, 4.95s, 10/1/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,215,280</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>20</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="59%"></TD>

   <TD width="10%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (138.0%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Indiana </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Jasper Cnty., Indl. Poll. Control Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>AMBAC, 5.7s, 7/1/17</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$1,375,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$1,561,079</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NATL, 5.6s, 11/1/16</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,550,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,748,850</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>U. Southern IN Rev. Bonds (Student Fee), Ser. J,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>AGO, 5 3/4s, 10/1/28</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,157,740</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>10,492,847</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Kentucky (0.3%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Christian Cnty., Assn. of Cnty. Leasing Trust VRDN,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. B, 0.24s, 8/1/37</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>VMIG1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,310,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,310,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Louisville/Jefferson Cnty., Metro. Govt. College</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Bellarmine U. Inc.), Ser. A, 6s, 5/1/38</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>290,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>309,030</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>1,619,030</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Maine (0.3%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Rumford, Solid Waste Disp. Rev. Bonds (Boise</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Cascade Corp.), 6 7/8s, 10/1/26</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,950,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,863,342</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>1,863,342</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Maryland (0.2%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>MD Econ. Dev. Corp. Poll. Control Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Potomac Electric Power Co.), 6.2s, 9/1/22</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>650,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>795,048</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>MD State Indl. Dev. Fin. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Synagro-Baltimore), Ser. A, 5 1/2s, 12/1/15</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB+/F</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>532,995</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>1,328,043</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Massachusetts (7.5%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>MA State Dept. Trans. Rev. Bonds (Metro Hwy. Syst.),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. B, 5s, 1/1/37</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,701,100</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>MA State Dev. Fin. Agcy. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Berklee College of Music), 5 1/4s, 10/1/41</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,160,180</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Carleton-Willard Village), 5 5/8s, 12/1/30</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>797,205</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Emerson College), Ser. A, 5s, 1/1/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,117,720</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Linden Ponds, Inc. Fac.), Ser. A-1,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 1/4s, 11/15/26</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>960,369</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>840,563</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Linden Ponds, Inc. Fac.), Ser. A-2,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 1/2s, 11/15/46</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>51,190</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>34,383</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Linden Ponds, Inc. Fac.), Ser. B, zero %, 11/15/56</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>254,614</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,946</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Sabis Intl.), Ser. A, 8s, 4/15/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>575,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>666,063</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>MA State Dev. Fin. Agcy. Solid Waste Disp. FRB</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Dominion Energy Brayton Point), 5s, 2/1/36</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,017,890</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>MA State Dev. Fin. Agcy. Solid Waste Disp.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Mandatory Put Bonds (5/1/19) (Dominion Energy</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Brayton 1), Ser. 1, 5 3/4s, 12/1/42</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,773,045</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>MA State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Baystate Med. Ctr.), Ser. I, 5 3/4s, 7/1/36</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A+</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,641,450</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Berkshire Hlth. Syst.), Ser. E, 6 1/4s, 10/1/31</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,300,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,313,897</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Care Group), Ser. B-2, NATL, 5 3/8s, 2/1/26</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>700,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>778,820</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Civic Investments, Inc.), Ser. A, U.S. Govt.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Coll., 9s, 12/15/15 (Prerefunded 12/15/12)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AAA/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,485,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,586,767</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Hlth. Care Syst.-Covenant Hlth.), 6s, 7/1/31</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,790,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,841,506</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,530,945</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Northeastern U.), Ser. A, 5s, 10/1/35</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,523,553</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>21</FONT></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="59%"></TD>

   <TD width="10%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (138.0%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Massachusetts </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>MA State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Quincy Med. Ctr.), Ser. A, 6 1/4s, 1/15/28</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(In default) &#8224;</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>D/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$536,002</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$12,328</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Springfield College), 5 5/8s, 10/15/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>550,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>580,591</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Suffolk U.), Ser. A, 5 3/4s, 7/1/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,175,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,288,082</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>MA State Hsg. Fin. Agcy. Rev. Bonds, Ser. C,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5.35s, 12/1/42</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,581,345</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>MA State Port Auth. Rev. Bonds, U.S. Govt. Coll.,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>13s, 7/1/13 (Escrowed to maturity)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aaa</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,130,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,224,570</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>MA State Port Auth. Special Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Conrac), Ser. A, 5 1/8s, 7/1/41</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,855,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,060,674</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Metro. Boston Trans. Pkg. Corp. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 7/1/41</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,600,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,777,086</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Systemwide Pkg.), 5 1/4s, 7/1/33</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,771,975</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>41,624,684</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Michigan (5.4%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Detroit, G.O. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A-1, AMBAC, 5 1/4s, 4/1/24</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,435,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,267,091</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, FGIC, 5s, 7/1/30</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A+</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,505,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,507,117</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Cap. Impt.), Ser. A-1, 5s, 4/1/15</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,300,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,227,941</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Detroit, City School Dist. G.O. Bonds, Ser. A, AGM,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6s, 5/1/29</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aa2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,192,080</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Detroit, Wtr. Supply Syst. Rev. Bonds, Ser. B, AGM,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 1/4s, 7/1/36</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AA&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,425,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,632,395</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Flint, Hosp. Bldg. Auth. Rev. Bonds (Hurley Med. Ctr.),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>7 1/2s, 7/1/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Ba1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,106,440</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>MI Fin. Auth. Rev. Bonds (Revolving Fund-Clean</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Water), 5s, 10/1/31</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,753,365</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>MI Higher Ed. Fac. Auth. Rev. Bonds (Kalamazoo</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>College), 5 1/2s, 12/1/18 (Prerefunded 12/1/12)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>515,385</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>MI State Hosp. Fin. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 6 1/8s, 6/1/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,844,375</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Henry Ford Hlth.), 5 3/4s, 11/15/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,199,740</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Henry Ford Hlth. Syst.), Ser. A, 5 1/4s, 11/15/46</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,676,175</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Sparrow Hosp.), 5s, 11/15/31</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,350,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,412,991</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>MI State Strategic Fund Ltd. Mandatory Put Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(6/2/14) (Dow Chemical), Ser. A-1, 6 3/4s,12/1/28</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>100,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>110,257</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>MI State Strategic Fund, Ltd. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Worthington Armstrong Venture), U.S. Govt. Coll.,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 3/4s, 10/1/22 (Escrowed to maturity)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AAA/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,650,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,076,707</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>MI Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6s, 6/1/34</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>575,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>466,250</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Monroe Cnty., Hosp. Fin. Auth. Rev. Bonds (Mercy</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Memorial Hosp. Corp.), 5 3/8s, 6/1/26</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>777,278</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Wayne Cnty., Arpt. Auth. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 12/1/21</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,233,660</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>29,999,247</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>22</FONT></P></DIV>

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (138.0%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

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&nbsp;</FONT></B></TD></TR>

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Minnesota (1.1%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>North Oaks, Sr. Hsg. Rev. Bonds (Presbyterian Homes),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 1/8s, 10/1/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$995,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$1,023,238</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>St. Paul, Hsg. &amp; Redev. Auth. Hlth. Care Fac. Rev.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (HealthPartners Oblig. Group),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 1/4s, 5/15/36</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,620,995</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>St. Paul, Hsg. &amp; Redev. Auth. Hosp. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Healtheast), 6s, 11/15/35</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Ba1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,150,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,176,347</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

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   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>5,820,580</FONT></B>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Mississippi (1.8%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bus. Fin. Corp. Gulf Opportunity Zone Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5s, 5/1/37</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,366,460</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>MS Bus. Fin. Corp. Poll. Control Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Syst. Energy Resources, Inc.)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5.9s, 5/1/22</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,003,990</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 7/8s, 4/1/22</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,330,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,334,753</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Warren Cnty., Gulf Opportunity Zone (Intl. Paper Co.),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 6 1/2s, 9/1/32</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,249,600</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>9,954,803</FONT></B>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Missouri (0.2%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>MO State Hlth. &amp; Edl. Fac. Auth. VRDN</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Washington U. (The)), Ser. B, 0.27s, 9/1/30</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>VMIG1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,050,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,050,000</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

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<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>1,050,000</FONT></B>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Nebraska (0.8%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Central Plains, Energy Rev. Bonds (NE Gas No. 1),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5 1/4s, 12/1/18</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,313,410</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Lancaster Cnty., Hosp. Auth. Rev. Bonds (Immanuel</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Oblig. Group), 5 5/8s, 1/1/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;/F</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>925,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,008,000</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

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<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>4,321,410</FONT></B>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Nevada (8.3%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Clark Cnty., Ltd. Tax Bond, 5s, 6/1/33 </FONT><B><SUP><FONT size=1 face=sans-serif>T</FONT></SUP></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>32,285,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>34,641,981</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Clark Cnty., Arpt. Rev. Bonds, Ser. A-2, FGIC,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 1/8s, 7/1/26</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,105,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,443,972</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Clark Cnty., Impt. Dist. Special Assmt. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Summerlin No. 151), 5s, 8/1/25</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,070,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,583,612</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Clark Cnty., Indl. Dev. Rev. Bonds (Southwest</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Gas Corp.), Ser. A, AMBAC, 5 1/4s, 7/1/34</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,032,100</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Henderson G.O. Bonds (Ltd. Tax -Swr.), FGIC,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 6/1/29</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aa2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,058,670</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Henderson, Local Impt. Dist. Special Assmt. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(No. T-17), 5s, 9/1/25</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>600,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>566,460</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>46,326,795</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>New Jersey (7.0%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NJ Econ. Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(First Mtge. Presbyterian Home), Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 3/8s, 11/1/31</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>957,580</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Cigarette Tax), 5 3/4s, 6/15/29</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Prerefunded 6/15/14)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aaa</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,559,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Cigarette Tax), 5 1/2s, 6/15/24</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Prerefunded 6/15/12)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aaa</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,800,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,817,220</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 6/15/26</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>541,245</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NJ Econ. Dev. Auth. Wtr. Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(NJ American Wtr. Co.)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5.7s, 10/1/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,900,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,199,637</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. B, 5.6s, 11/1/34</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>540,420</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>23</FONT></P></DIV>

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<TR>

   <TD width="59%"></TD>

   <TD width="10%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (138.0%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>New Jersey </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NJ Hlth. Care Fac. Fin. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(St. Joseph Hlth. Care Syst.), 6 5/8s, 7/1/38</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$2,750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$3,150,235</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(St. Peter&#8217;s U. Hosp.), 5 3/4s, 7/1/37</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,633,375</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Holy Name Hosp.), 5s, 7/1/36</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,018,300</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NJ State Edl. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Fairleigh Dickinson), Ser. C, 6s, 7/1/20</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB/F</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,604,805</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Georgian Court U.), Ser. D, 5 1/4s, 7/1/37</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,042,550</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Georgian Court U.), Ser. D, 5 1/4s, 7/1/27</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>530,535</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NJ State Trans. Trust Fund Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Trans. Syst.), Ser. A, zero %, 12/15/30</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>13,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,288,530</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. 1A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>4 3/4s, 6/1/34</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,324,790</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Union Cnty., Util. Auth. Resource Recvy. Fac. Lease</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Covanta Union), Ser. A, 5 1/4s, 12/1/31</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,300,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,498,191</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>38,707,263</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>New York (8.5%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Broome Cnty., Indl. Dev. Agcy. Continuing Care</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Retirement Rev. Bonds (Good Shepherd Village),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 6 7/8s, 7/1/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>320,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>332,134</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Metro. Trans. Auth. Rev. Bonds, Ser. D, 5s, 11/15/36</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,177,060</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NY City, Indl. Dev. Agcy. Rev. Bonds (Brooklyn Navy</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Yard Cogen. Partners), Ser. G, 5 3/4s, 10/1/36</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Ba3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,682,760</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Airis JFK I, LLC), Ser. A, 5 1/2s, 7/1/28</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,100,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,973,517</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(British Airways PLC), 5 1/4s, 12/1/32</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>700,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>616,581</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NY City, Indl. Dev. Agcy. Special Fac. FRB</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(American Airlines &#8212; JFK Intl. Arpt.), 7 5/8s,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>8/1/25 (In default) &#8224;</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>D/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,055,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NY City, Muni. Wtr. &amp; Swr. Fin. Auth. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 6/15/31 </FONT><B><SUP><FONT size=1 face=sans-serif>T</FONT></SUP></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>11,468,069</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. GG, 5s, 6/15/43</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,191,460</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NY Cntys., Tobacco Trust III Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Tobacco Settlement), 6s, 6/1/43</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,502,850</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NY State Dorm. Auth. Lease Rev. Bonds (State U.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Dorm Fac.), Ser. A, 5s, 7/1/35</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aa2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,118,320</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NY State Dorm. Auth. Non-State Supported Debt</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Orange Regl. Med. Ctr.), 6 1/4s, 12/1/37</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Ba1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,300,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,434,274</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NY State Dorm. Auth. Ser. C Rev bonds 5s, 3/15/31</FONT><B><SUP><FONT size=1 face=sans-serif>T</FONT></SUP></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,754,954</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NY State Energy Research &amp; Dev. Auth. Gas Fac.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Brooklyn Union Gas), 6.952s, 7/1/26</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,014,940</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Port Auth. NY &amp; NJ Special Oblig. Rev. Bonds (JFK</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Intl. Air Term. &#8212; 6), NATL, 5.9s, 12/1/17</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,011,220</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Seneca Cnty., Indl. Dev. Agcy. Solid Waste Disp.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Mandatory Put Bonds 144A (10/1/13) (IESI Corp.),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 5/8s, 10/1/35</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>670,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>676,492</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Troy, Cap. Res. Corp. Rev. Bonds (Rensselaer</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Polytechnic), Ser. A, 5 1/8s, 9/1/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,385,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,486,244</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>47,495,875</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>24</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="59%"></TD>

   <TD width="10%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (138.0%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>North Carolina (1.3%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. C, 6 3/4s, 1/1/24</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$1,226,200</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NC Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Deerfield), Ser. A, 6s, 11/1/33</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB+/F</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>805,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>853,292</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(First Mtge. &#8212; Presbyterian Homes),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 3/8s, 10/1/22</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,037,850</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NC State Muni. Pwr. Agcy. Rev. Bonds (No. 1,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Catawba Elec.), Ser. A, 5s, 1/1/30</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>800,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>875,192</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>U. of NC Syst. Pool Rev. Bonds, Ser. C,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 1/2s, 10/1/34</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,288,060</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>7,280,594</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>North Dakota (0.6%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>ND State Hsg. Fin. Agcy. Rev. Bonds (Hsg. Fin.),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. B, 4.8s, 7/1/37</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aa1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,525,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,551,825</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>3,551,825</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Ohio (7.0%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>American Muni. Pwr. &#8212; Ohio, Inc. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Prairie St Energy Campus), Ser. A, 5 1/4s, 2/15/43</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,075,130</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Prairie St Energy Campus), Ser. A, 5 1/4s, 2/15/33</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,481,700</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A-2</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 3/4s, 6/1/34</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,008,210</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 1/8s, 6/1/24</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,050,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,675,978</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Cleveland, Arpt. Syst. Rev. Bonds, Ser. A, 5s, 1/1/29</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>538,885</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Columbus, Swr. VRDN, Ser. B, 0.23s, 6/1/32</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>VMIG1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,030,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,030,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Erie Cnty., OH Hosp. Fac. Rev. Bonds (Firelands</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Regl. Med. Ctr.), Ser. A, 5 1/4s, 8/15/46</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,527,475</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Hickory Chase, Cmnty. Auth. Infrastructure Impt.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Hickory Chase), 7s, 12/1/38</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>651,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>392,579</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Lake Cnty., Hosp. Fac. Rev. Bonds (Lake Hosp. Syst.),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. C, 6s, 8/15/43</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,100,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,282,249</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>OH State Air Quality Dev. Auth. FRB (Columbus</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Southern Pwr. Co.), Ser. B, 5.8s, 12/1/38</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,252,760</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>OH State Higher Edl. Fac. Comm. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Kenyon College), 5s, 7/1/44</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,245,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(U. Hosp. Hlth. Syst.), Ser. 09-A, 6 3/4s, 1/15/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,261,840</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Scioto Cnty., Hosp. Rev. Bonds (Southern Med. Ctr.),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 1/2s, 2/15/28</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,660,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,054,982</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>38,827,288</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Oregon (0.9%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Keizer, Special Assmt. Bonds (Keizer Station), Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5.2s, 6/1/31</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,215,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,379,331</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Terwilliger Plaza), Ser. A, 5 1/4s, 12/1/26</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,040,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,076,254</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>OR Hlth. Sciences U. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 3/4s, 7/1/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,431,838</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>4,887,423</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Pennsylvania (4.6%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Allegheny Cnty., Hosp. Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Hlth. Syst.-West PA), Ser. A, 5 3/8s, 11/15/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B+</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,255,185</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bucks Cnty., Indl. Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(US Steel Corp.), 6 3/4s, 6/1/26</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,128,600</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>25</FONT></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="59%"></TD>

   <TD width="10%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (138.0%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Pennsylvania </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bucks Cnty., Indl. Dev. Auth. Retirement Cmnty.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Ann&#8217;s Choice, Inc.), Ser. A</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5.4s, 1/1/15</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$1,060,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$1,075,210</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5.3s, 1/1/14</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>710,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>720,764</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Cumberland Cnty., Muni. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Presbyterian Homes), Ser. A, 5s, 1/1/17</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,320,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,391,411</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Delaware River Port Auth. PA &amp; NJ Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. D, 5s, 1/1/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,200,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,277,627</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Erie, Higher Ed. Bldg. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Mercyhurst College), 5 1/2s, 3/15/38</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>725,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>763,888</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Franklin Cnty., Indl. Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Chambersburg Hosp.), 5 3/8s, 7/1/42</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,053,560</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Lancaster, Higher Ed. Auth. College Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Franklin &amp; Marshall College), 5s, 4/15/29</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AA&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,091,140</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Northampton Cnty., Hosp. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(St. Luke&#8217;s Hosp. &#8212; Bethlehem), Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 1/2s, 8/15/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,303,075</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>PA Econ. Dev. Fin. Auth. Exempt Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Amtrak), Ser. A, 5s, 11/1/32</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,073,480</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>PA State Higher Edl. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Widener U.), 5 3/8s, 7/15/29</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>780,480</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(St. Joseph&#8217;s U.), Ser. A, 5s, 11/1/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,212,010</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Philadelphia U.), 5s, 6/1/30</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,298,442</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Philadelphia U.), 5s, 6/1/22</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>860,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>906,010</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>PA State Tpk. Comm. Oil Franchise Tax Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. C, zero %, 12/1/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,308,700</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Philadelphia, Arpt. Rev. Bonds, Ser. D,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 1/4s, 6/15/25</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A+</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,028,163</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Philadelphia, Hosp. &amp; Higher Ed. Fac. Auth. Rev.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Hosp.-Graduate Hlth. Sys.), Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 1/4s, 7/1/13 (In default) &#8224;</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>D/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,462,206</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>146</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Pittsburgh &amp; Allegheny Cnty., Sports &amp; Exhib.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Auth. Hotel Rev. Bonds, AGM, 5s, 2/1/35</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,225,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,278,728</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Susquehanna, Area Regl. Arpt. Syst. Auth. Rev.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds, Ser. A, 6 1/2s, 1/1/38</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>550,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>575,581</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>25,522,200</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Puerto Rico (6.1%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Cmnwlth. of PR, G.O. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. C, 6 1/2s, 7/1/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,695,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. B, 6s, 7/1/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,359,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. C, 6s, 7/1/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,679,800</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Cmnwlth. of PR, Aqueduct &amp; Swr. Auth. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 6s, 7/1/38</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,125,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,397,333</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Cmnwlth. of PR, Elec. Pwr. Auth. Rev. Bonds, Ser. XX,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 1/4s, 7/1/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,094,170</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Cmnwlth. of PR, Hwy. &amp; Trans. Auth. FRB, Ser. AA-2,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5.3s, 7/1/35</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>875,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>912,599</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Cmnwlth. of PR, Pub. Bldg. Auth. Mandatory Put Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(7/1/17) (Govt. Fac.), Ser. M-2, 5 3/4s, 7/1/34</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,934,363</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, zero %, 8/1/30</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>27,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,033,740</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>34,106,905</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>26</FONT></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="59%"></TD>

   <TD width="10%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (138.0%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Rhode Island (&#8212;%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 1/4s, 6/1/42</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Ba1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$200,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$200,912</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>200,912</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>South Carolina (0.9%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>SC Hosp. Auth. Rev. Bonds (Med. U.), Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 1/2s, 8/15/32 (Prerefunded 8/15/12)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,035,840</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>SC Jobs Econ. Dev. Auth. Hosp. Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Palmetto Hlth.), Ser. C</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6s, 8/1/20 (Prerefunded 8/1/13)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,445,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,612,874</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>U.S. Govt. Coll., 6s, 8/1/20 (Prerefunded 8/1/13)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>305,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>325,941</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>4,974,655</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>South Dakota (0.4%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>SD Edl. Enhancement Funding Corp. SD Tobacco Rev.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds, Ser. B, 6 1/2s, 6/1/32</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,450,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,485,329</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>2,485,329</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Tennessee (1.1%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Johnson City, Hlth. &amp; Edl. Fac. Board Hosp. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Mountain States Hlth. Alliance), Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NATL, 7 1/2s, 7/1/25 (Prerefunded 7/1/12)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,078,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Mountain States Hlth. Alliance), 6s, 7/1/38</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,450,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,885,252</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>5,963,552</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Texas (14.8%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Abilene, Hlth. Fac. Dev. Corp. Retirement Fac.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Sears Methodist Retirement), 6s, 11/15/29</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>814,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>688,245</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Alliance, Arpt. Auth. Rev. Bonds (Federal</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Express Corp.), 4.85s, 4/1/21</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,483,903</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Brazos River Harbor Naval Dist. Env. FRB (Dow</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Chemical Co.), Ser. A-4, 5.95s, 5/15/33</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>400,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>432,040</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Brazos River, Auth. Poll. Control Rev. Bonds (TXU</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Energy Co., LLC), 5s, 3/1/41</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Ca</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>48,745</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Brazos, Harbor Indl. Dev. Corp. Env. Fac. Mandatory</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Put Bonds (5/1/28) (Dow Chemical), 5.9s, 5/1/38</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,850,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,091,851</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Dallas Cnty., Util. &amp; Reclamation Dist. G.O. Bonds,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. B, AMBAC, 5 3/8s, 2/15/29</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,242,400</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Dallas, Area Rapid Transit Rev. Bonds Sr. Lien,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 12/1/33 </FONT><B><SUP><FONT size=1 face=sans-serif>T</FONT></SUP></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>30,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>33,165,167</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Gulf Coast, Waste Disp. Auth. Rev. Bonds (Valero</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Energy Corp.), 6.65s, 4/1/32</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Houston, Util. Syst. Rev. Bonds, Ser. A, 5s, 11/15/33</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,685,910</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Love Field, Arpt. Modernization Corp. Special Fac.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Southwest Airlines Co.), 5 1/4s, 11/1/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,810,568</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Lower CO River Auth. Rev. Bonds, 5 3/4s, 5/15/37</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,400,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,613,984</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Matagorda Cnty., Poll. Control Rev. Bonds (Dist.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>No. 1), Ser. A, AMBAC, 4.4s, 5/1/30</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,511,160</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>North TX, Tollway Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. D, AGO, zero %, 1/1/28</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,800,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,779,646</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. B, zero %, 9/1/43</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>305,260</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 6s, 1/1/25</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,300,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,513,369</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Toll 2nd Tier), Ser. F, 5 3/4s, 1/1/38</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,155,660</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>North TX, Tollway Auth. stepped-coupon Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(1st Tier) Ser. I zero %, (6.5s, 1/1/15) 2043 &#8224;&#8224;</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,025,680</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>27</FONT></P></DIV>

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<TR>

   <TD width="59%"></TD>

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   <TD width="15%"></TD>

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (138.0%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Texas </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Sam Rayburn, Muni. Pwr. Agcy. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6s, 10/1/21</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$2,350,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$2,376,531</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>San Antonio Wtr. Rev. Bonds, Ser. A, AGM, 5s,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5/15/32 (Prerefunded 5/15/12)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aa1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,003,240</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Tarrant Cnty., Cultural Ed. Fac. Fin. Corp.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Retirement Fac. Rev. Bonds (Buckner Retirement</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Svcs., Inc.), 5 1/4s, 11/15/37</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,100,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,125,387</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>TX Muni. Gas Acquisition &amp; Supply Corp. I Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5s, 12/15/15</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,230,790</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>TX State Tpk. Auth. Rev. Bonds (Central Texas</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Tpk. Syst.), Ser. A, AMBAC, 5 1/2s, 8/15/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,024,800</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>82,314,336</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Utah (0.5%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Murray City, Hosp. VRDN (IHC Hlth. Svcs., Inc.),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. B, 0.24s, 5/15/37</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>VMIG1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>835,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>835,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Salt Lake City, Hosp. Rev. Bonds, AMBAC, U.S. Govt.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Coll., 6 3/4s, 5/15/20 (Escrowed to maturity)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AAA/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,700,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,705,185</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>2,540,185</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Virginia (0.6%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Henrico Cnty., Econ. Dev. Auth. Res. Care Fac. Rev.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (United Methodist), Ser. A, 6.7s, 6/1/27</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>735,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>736,058</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Washington Cnty., Indl. Dev. Auth. Hosp. Fac. Rev.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Mountain States Hlth. Alliance), Ser. C,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>7 3/4s, 7/1/38</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,100,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,563,216</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>3,299,274</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Washington (2.5%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Tobacco Settlement Auth. of WA Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 5/8s, 6/1/32</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>900,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>934,515</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 1/2s, 6/1/26</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,695,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,882,612</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>WA State G.O. Bonds (Sr. 520 Corridor-Motor</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Vehicle Tax), Ser. C, 5s, 6/1/28 </FONT><B><SUP><FONT size=1 face=sans-serif>T</FONT></SUP></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,831,345</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>WA State Hlth. Care Fac. Auth. Rev. Bonds (Kadlec</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Med. Ctr.), 5 1/2s, 12/1/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,085,980</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>13,734,452</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>West Virginia (1.2%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Harrison Cnty., Cmnty. Solid Waste Disp. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Allegheny Energy), Ser. D, 5 1/2s, 10/15/37</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,450,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,524,693</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Princeton, Hosp. Rev. Bonds (Cmnty. Hosp.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Assn., Inc.), 6.1s, 5/1/29</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,025,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,025,061</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>WV State Hosp. Fin. Auth. Rev. Bonds (Thomas</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Hlth. Syst.), 6 3/4s, 10/1/43</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>935,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>955,411</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>6,505,165</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Wisconsin (3.5%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Badger, Tobacco Settlement Asset Securitization</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Corp. Rev. Bonds, U.S. Govt. Coll.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>7s, 6/1/28 (Prerefunded 6/1/12)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aaa</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,037,170</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 3/8s, 6/1/32 (Prerefunded 6/1/12)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aaa</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,600,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,636,631</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>WI State Rev. Bonds, Ser. A, 6s, 5/1/27</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,118,275</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>WI State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Prohealth Care, Inc.), 6 5/8s, 2/15/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,757,055</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>19,549,131</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>28</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_30"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="59%"></TD>

   <TD width="10%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (138.0%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Wyoming (0.8%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Campbell Cnty., Solid Waste Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Basin Elec. Pwr. Co-op), Ser. A, 5 3/4s, 7/15/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$2,220,920</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>WY Muni. Pwr. Agcy. Pwr. Supply Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5 1/2s, 1/1/33</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>950,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,035,054</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Pwr. Supply), Ser. A, 5 1/2s, 1/1/28</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,101,850</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>4,357,824</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>TOTAL INVESTMENTS</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Total investments (cost $710,498,816)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>$767,325,953</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><B><FONT size=1 face=sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0px"><B><FONT size=1 face=sans-serif>Notes to the fund&#8217;s portfolio</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Unless noted otherwise, the notes to the fund&#8217;s portfolio are for the close of the fund&#8217;s reporting period, which ran from May 1, 2011 through April 30, 2012 (the reporting period). Within the following notes to the portfolio, references to &#8220;ASC 820&#8221; represent Accounting Standards Codification ASC 820 </FONT><I><FONT size=1 face=sans-serif>Fair Value Measurements and&nbsp;Disclosures.</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>* Percentages indicated are based on net assets of $556,120,426.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>** The Moody&#8217;s, Standard &amp; Poor&#8217;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 &#8220;/P.&#8221; Securities rated by Fitch are indicated by &#8220;/F.&#8221; The rating of an insured security represents what is believed to be the most recent rating of the insurer&#8217;s claims-paying ability available at the close of the reporting period and does not reflect any subsequent changes. Ratings are not covered by the Report of Independent Registered Public Accounting Firm. Security ratings are defined in the Statement of Additional Information.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>&#8224; Non-income-producing security.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>&#8224;&#8224; The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate.</FONT></P>

<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>T </FONT></SUP></B><FONT size=1 face=sans-serif>Underlying security in a tender option bond transaction. The security has been segregated as collateral for financing transactions.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>At the close of the reporting period, the fund maintained liquid assets totaling $49,569,160 to cover certain tender option bonds.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>144A after the name of an issuer represents securities exempt from registration under Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Debt obligations are considered secured unless otherwise indicated.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The rates shown on Mandatory Put Bonds are the current interest rates at the close of the reporting period.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 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=1 face=sans-serif>The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets):</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="89%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Health care</FONT>&nbsp;</TD>

   <TD width="89%" noWrap align=left><FONT size=1 face=sans-serif>25.6%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Utilities</FONT>&nbsp;</TD>

   <TD width="89%" noWrap align=left><FONT size=1 face=sans-serif>24.6</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Transportation</FONT>&nbsp;</TD>

   <TD width="89%" noWrap align=left><FONT size=1 face=sans-serif>16.0</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>State government</FONT>&nbsp;</TD>

   <TD width="89%" noWrap align=left><FONT size=1 face=sans-serif>12.8</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Local government</FONT>&nbsp;</TD>

   <TD width="89%" noWrap align=left><FONT size=1 face=sans-serif>12.0</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Education</FONT>&nbsp;</TD>

   <TD width="89%" noWrap align=left><FONT size=1 face=sans-serif>10.0</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>29</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_31"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>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&#8217;s investments. The three levels are defined as&nbsp;follows:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Level 1: Valuations based on quoted prices for identical securities in active markets.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The following is a summary of the inputs used to value the fund&#8217;s net assets as of the close of the reporting period:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%" colSpan=2></TD>

   <TD width="20%" colSpan=2></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left></TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=center></TD>

   <TD width="15%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Valuation inputs</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Investments in securities:</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Level 1</FONT></B>&nbsp;</TD>

   <TD width="20%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>Level 2</FONT></B>&nbsp;</TD>

   <TD width="20%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>Level 3</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Municipal bonds and notes</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>$767,325,953</FONT>&nbsp;</TD>

   <TD width="20%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Totals by level</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$&#8212;</FONT></B>&nbsp;</TD>

   <TD width="20%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>$767,325,953</FONT></B>&nbsp;</TD>

   <TD width="20%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>$&#8212;</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The accompanying notes are an integral part of these financial statements.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>30</FONT></P></DIV>

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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Statement of assets and liabilities </FONT></B><FONT size=2 face=sans-serif>4/30/12</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="78%"></TD>

   <TD width="21%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>ASSETS</FONT></B>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Investment in securities, at value (Note 1):</FONT>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Unaffiliated issuers (identified cost $710,498,816)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>$767,325,953</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Cash</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>5,692</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Interest and other receivables</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>11,366,874</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Receivable for investments sold</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>1,828,569</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total assets</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>780,527,088</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>LIABILITIES</FONT></B>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Preferred share remarketing agent fees</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>37,260</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Distributions payable to preferred shareholders (Note 1)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>10,400</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Distributions payable to shareholders</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>2,843,293</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Payable for compensation of Manager (Note 2)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>989,278</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Payable for investor servicing fees (Note 2)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>23,017</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Payable for custodian fees (Note 2)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>4,403</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Payable for Trustee compensation and expenses (Note 2)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>192,478</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Payable for administrative services (Note 2)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>6,322</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Payable for floating rate notes issued (Note 1)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>41,292,357</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Other accrued expenses</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>157,854</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total liabilities</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>45,556,662</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Series B remarketed preferred shares: (3,417 shares authorized and issued</FONT>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>at $25,000 per share) (Note 4)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>85,425,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Series C remarketed preferred shares: (3,737 shares authorized and issued</FONT>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>at $25,000 per share) (Note 4)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>93,425,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net assets</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>$556,120,426</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>REPRESENTED BY</FONT></B>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Paid-in capital &#8212; common shares (Unlimited shares authorized) (Notes 1 and 5)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>$527,111,495</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Distributions in excess of net investment income (Note 1)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>(27,424)</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Accumulated net realized loss on investments (Note 1)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>(27,790,782)</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Net unrealized appreciation of investments</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>56,827,137</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total &#8212; Representing net assets applicable to common shares outstanding</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>$556,120,426</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>COMPUTATION OF NET ASSET VALUE</FONT></B>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net asset value per common share </FONT></B><FONT size=1 face=sans-serif>($556,120,426 divided by 42,871,374 shares)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>$12.97</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The accompanying notes are an integral part of these financial statements.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>31</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_33"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Statement of operations </FONT></B><FONT size=2 face=sans-serif>Year ended 4/30/12</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="84%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>INTEREST INCOME</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>$39,570,244</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>EXPENSES</FONT></B>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Compensation of Manager (Note 2)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>$3,867,245</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Investor servicing fees (Note 2)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>262,084</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Custodian fees (Note 2)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>11,413</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Trustee compensation and expenses (Note 2)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>40,189</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Administrative services (Note 2)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>16,342</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Interest and fee expense (Note 2)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>245,054</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Preferred share remarketing fees</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>318,452</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Legal</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>309,183</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Other</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>127,631</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total expenses</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>5,197,593</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Expense reduction (Note 2)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>(606)</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net expenses</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>5,196,987</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net investment income</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>34,373,257</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Net realized gain on investments (Notes 1 and 3)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>999,775</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Net unrealized appreciation of investments during the year</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>72,549,359</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net gain on investments</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>73,549,134</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net increase in net assets resulting from operations</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>$107,922,391</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>DISTRIBUTIONS TO SERIES B AND C REMARKETED PREFERRED SHAREHOLDERS (NOTE 1):</FONT></B>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>From ordinary income</FONT>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Taxable net investment income</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>(858)</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>From tax exempt net investment income</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>(406,521)</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net increase in net assets resulting from operations (applicable to common shareholders)</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>$107,515,012</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The accompanying notes are an integral part of these financial statements.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>32</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_34"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Statement of changes in net assets</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="59%" align=left></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>INCREASE (DECREASE) IN NET ASSETS</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Year ended 4/30/12</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Year ended 4/30/11</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Operations:</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Net investment income</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$34,373,257</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$33,822,479</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Net realized gain (loss) on investments</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>999,775</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(1,509,855)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Net unrealized appreciation (depreciation) of investments</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>72,549,359</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(29,019,159)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Net increase in net assets resulting from operations</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>107,922,391</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>3,293,465</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>DISTRIBUTIONS TO SERIES B AND C REMARKETED PREFERRED SHAREHOLDERS (NOTE 1):</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>From ordinary income</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Taxable net investment income</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(858)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(10,942)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>From tax exempt net investment income</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(406,521)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(732,892)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Net increase in net assets resulting from operations</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>(applicable to common shareholders)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>107,515,012</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>2,549,631</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>DISTRIBUTIONS TO COMMON SHAREHOLDERS (NOTE 1):</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>From ordinary income</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Taxable net investment income</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(36,027)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(443,113)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>From tax exempt net investment income</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(34,072,438)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(33,665,353)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Increase in capital for common shares</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>179,688</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Total increase (decrease) in net assets</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>73,586,235</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>(31,558,835)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>NET ASSETS</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Beginning of year</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>482,534,191</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>514,093,026</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>End of year </FONT></B><FONT size=1 face=sans-serif>(including distribution in excess of net</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>investment income of $27,424 and $106,399, respectively)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$556,120,426</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$482,534,191</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>NUMBER OF FUND SHARES</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Common shares outstanding at beginning and end of year</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>42,871,374</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>42,871,374</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Remarketed preferred shares outstanding at beginning</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>and end of year</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>7,154</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>7,154</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=left>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The accompanying notes are an integral part of these financial statements.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>33</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_35"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Financial highlights </FONT></B><FONT size=2 face=sans-serif>(For a common share outstanding throughout the period)</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%" align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>PER-SHARE OPERATING PERFORMANCE</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=left></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=center><B><FONT size=1 face=sans-serif>Year ended</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="70%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>4/30/12</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>4/30/11</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>4/30/10</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>4/30/09</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>4/30/08</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="98%" colSpan=7 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Net asset value, beginning of period</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=left></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>(common shares)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$11.26</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$11.99</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$10.47</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$12.41</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$13.19</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><I><FONT size=1 face=sans-serif>Investment operations:</FONT></I>&nbsp;</TD>

   <TD width="14%" noWrap align=left></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Net investment income </FONT><B><SUP><FONT size=1 face=sans-serif>a</FONT></SUP></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>.80</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>.79</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>.81</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>.88 </FONT><B><SUP><FONT size=1 face=sans-serif>f</FONT></SUP></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>.93 </FONT><B><SUP><FONT size=1 face=sans-serif>f</FONT></SUP></B>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Net realized and unrealized</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>gain (loss) on investments</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.72</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(.70)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.51</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(1.96)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(.88)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Total from investment operations</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>2.52</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>.09</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>2.32</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(1.08)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>.05</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><I><FONT size=1 face=sans-serif>Distributions to preferred shareholders:</FONT></I>&nbsp;</TD>

   <TD width="14%" noWrap align=left></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>From net investment income</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(.01)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(.02)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(.02)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(.19)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(.33)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Total from investment operations</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=left></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>(applicable to common shareholders)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>2.51</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>.07</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>2.30</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(1.27)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(.28)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><I><FONT size=1 face=sans-serif>Distributions to common shareholders:</FONT></I>&nbsp;</TD>

   <TD width="14%" noWrap align=left></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>From net investment income</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(.80)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(.80)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(.78)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(.68)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(.57)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Total distributions</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(.80)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(.80)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(.78)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(.68)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(.57)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Increase from shares repurchased</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>&#8212;</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>&#8212;</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>&#8212;</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>.01</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>.07</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Net asset value, end of period</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=left></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>(common shares)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$12.97</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$11.26</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$11.99</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$10.47</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$12.41</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Market price, end of period</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=left></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>(common shares)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$12.70</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$10.77</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$11.43</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$9.73</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$11.13</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Total return at market price (%)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=left></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>(common shares) </FONT></B><B><SUP><FONT size=1 face=sans-serif>b</FONT></SUP></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>26.00</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>1.02</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>26.10</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(6.32)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(4.09)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>RATIOS AND SUPPLEMENTAL DATA</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=left></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="98%" colSpan=7 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Net assets, end of period</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=left></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>(common shares) (in thousands)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$556,120</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$482,534</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$514,093</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$448,681</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$537,428</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Ratio of expenses to average net assets</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>(excluding interest expense) (%) </FONT><B><SUP><FONT size=1 face=sans-serif>c,d</FONT></SUP></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.94</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.25</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.02</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.25 </FONT><B><SUP><FONT size=1 face=sans-serif>e</FONT></SUP></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.44 </FONT><B><SUP><FONT size=1 face=sans-serif>e</FONT></SUP></B>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Ratio of expenses to average net assets</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>(including interest expense) (%) </FONT><B><SUP><FONT size=1 face=sans-serif>c,d</FONT></SUP></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.99 </FONT><B><SUP><FONT size=1 face=sans-serif>f</FONT></SUP></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.31 </FONT><B><SUP><FONT size=1 face=sans-serif>f</FONT></SUP></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.08 </FONT><B><SUP><FONT size=1 face=sans-serif>f</FONT></SUP></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.38 </FONT><B><SUP><FONT size=1 face=sans-serif>e,f</FONT></SUP></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.44 </FONT><B><SUP><FONT size=1 face=sans-serif>e</FONT></SUP></B>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Ratio of net investment income</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>to average net assets (%) </FONT><B><SUP><FONT size=1 face=sans-serif>d</FONT></SUP></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>6.46</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>6.57</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>6.91</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>6.31 </FONT><B><SUP><FONT size=1 face=sans-serif>e</FONT></SUP></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>4.86 </FONT><B><SUP><FONT size=1 face=sans-serif>e</FONT></SUP></B>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Portfolio turnover (%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>21</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>16</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>23</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>31</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>45</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><B><SUP><FONT size=1 face=sans-serif></FONT></SUP></B>&nbsp;</P>

<P style="MARGIN: 0px"><B><SUP><FONT size=1 face=sans-serif>a </FONT></SUP></B><FONT size=1 face=sans-serif>Per share net investment income has been determined on the basis of the weighted average number of shares outstanding during the period.</FONT></P>

<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>b </FONT></SUP></B><FONT size=1 face=sans-serif>Total return assumes dividend reinvestment.</FONT></P>

<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>c </FONT></SUP></B><FONT size=1 face=sans-serif>Includes amounts paid through expense offset arrangements (Note 2).</FONT></P>

<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>d </FONT></SUP></B><FONT size=1 face=sans-serif>Ratios reflect net assets available to common shares only; net investment income ratio also reflects reduction for dividend payments to preferred shareholders.</FONT></P>

<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>e </FONT></SUP></B><FONT size=1 face=sans-serif>Reflects waiver of certain fund expenses in connection with the fund&#8217;s remarketed preferred shares during the period. As a result of such waivers, the expenses of the fund for the period ended April 30, 2009 and April 30, 2008 reflect a reduction of 0.03% and less than 0.01% of average net assets, respectively (Note 2).</FONT></P>

<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>f </FONT></SUP></B><FONT size=1 face=sans-serif>Includes interest and fee expense associated with borrowings which amounted to 0.05%, 0.06%, 0.06% and 0.13% of average net assets for the reporting periods ended April 30, 2012, April 30, 2011, April 30, 2010 and April 30, 2009, respectively (Note 1).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The accompanying notes are an integral part of these financial statements.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>34</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Notes to financial statements </FONT></B><FONT size=2 face=sans-serif>4/30/12</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Within the following Notes to financial statements, references to &#8220;State Street&#8221; represent State Street Bank and Trust Company, references to &#8220;the SEC&#8221; represent the Securities and Exchange Commission and references to &#8220;Putnam Management&#8221; represent Putnam Investment Management, LLC, the fund&#8217;s manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Putnam Municipal Opportunities Trust (the fund) is a Massachusetts business trust, which is registered under the Investment Company Act of 1940, as amended, as a non-diversified, closed-end management investment company. The fund&#8217;s investment objective is to seek as high a level of current income exempt from federal income tax as Putnam Management believes is consistent with the preservation of capital. The fund intends to achieve its objective by investing in a portfolio of investment grade and some below investment-grade municipal bonds selected by Putnam Management.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>In the normal course of business, the fund enters into contracts that may include agreements to indemnify another party under given circumstances. The fund&#8217;s maximum exposure under these arrangements is unknown as this would involve future claims that may be, but have not yet been, made against the fund. However, the fund&#8217;s management team expects the risk of material loss to be remote.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Note 1: Significant accounting policies</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The following is a summary of significant accounting policies consistently followed by the fund in the preparation of its financial statements. The preparation of financial statements is in conformity with accounting principles generally accepted in the United States of America and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations. Actual results could differ from those estimates. Subsequent events after the Statement of assets and liabilities date through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Unless otherwise noted, the &#8220;reporting period&#8221; represents the period from May 1, 2011 through April 30, 2012.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Security valuation </FONT></B><FONT size=1 face=sans-serif>Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 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=1 face=sans-serif>Security transactions and related investment income </FONT></B><FONT size=1 face=sans-serif>Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Gains or losses on securities sold are determined on the identified cost basis. Interest income is recorded on the accrual basis. All premiums/discounts are amortized/accreted on a yield-to-maturity basis. The premium in excess of the call price, if any, is amortized to the call date; thereafter, any remaining premium is amortized to maturity. Securities purchased or sold on a delayed delivery basis may be settled a month or more after the trade date; interest income is accrued based on the terms of the securities. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Tender option bond transactions </FONT></B><FONT size=1 face=sans-serif>The fund may participate in transactions whereby a fixed-rate bond is transferred to a tender option bond trust (TOB trust) sponsored by a broker. The TOB trust funds the purchase of the fixed rate bonds by issuing floating-rate bonds to third parties and allowing the fund to retain the residual interest in the TOB trust&#8217;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</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>35</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_37"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>by including the fixed-rate bond in the fund&#8217;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&#8217;s investments with a value of $90,861,516 were held by the TOB trust and served as collateral for $41,292,357 in floating-rate bonds outstanding. For the reporting period ended, the fund incurred interest expense of $55,450 for these investments based on an average interest rate of 0.15%.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Federal taxes </FONT></B><FONT size=1 face=sans-serif>It is the policy of the fund to distribute all of its income within the prescribed time period and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended (the Code), applicable to regulated investment companies. It is also the intention of the fund to distribute an amount sufficient to avoid imposition of any excise tax under Section 4982 of the Code.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The fund is subject to the provisions of Accounting Standards Codification ASC 740 </FONT><I><FONT size=1 face=sans-serif>Income Taxes </FONT></I><FONT size=1 face=sans-serif>(ASC 740). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The fund did not have a liability to record for any unrecognized tax benefits in the accompanying financial statements. No provision has been made for federal taxes on income, capital gains or unrealized appreciation on securities held nor for excise tax on income and capital gains. Each of the fund&#8217;s federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>At April 30, 2012, the fund had a capital loss carryover of $27,886,223 available to the extent allowed by the Code to offset future net capital gain, if any. The amounts of the carryovers and the expiration dates are:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="15%" align=left></TD>

   <TD width="28%"></TD>

   <TD width="28%"></TD>

   <TD width="28%"></TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 align=center><B><FONT size=1 face=sans-serif>Loss carryover</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Short-term</FONT></B>&nbsp;</TD>

   <TD width="28%" noWrap align=right><B><FONT size=1 face=sans-serif>Long-term</FONT></B>&nbsp;</TD>

   <TD width="28%" noWrap align=right><B><FONT size=1 face=sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD width="28%" noWrap align=right><B><FONT size=1 face=sans-serif>Expiration</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>$2,388,286</FONT>&nbsp;</TD>

   <TD width="28%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="28%" noWrap align=right><FONT size=1 face=sans-serif>$2,388,286</FONT>&nbsp;</TD>

   <TD width="28%" noWrap align=right><FONT size=1 face=sans-serif>April 30, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4 align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>897,370</FONT>&nbsp;</TD>

   <TD width="28%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="28%" noWrap align=right><FONT size=1 face=sans-serif>897,370</FONT>&nbsp;</TD>

   <TD width="28%" noWrap align=right><FONT size=1 face=sans-serif>April 30, 2014</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4 align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>1,545,945</FONT>&nbsp;</TD>

   <TD width="28%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="28%" noWrap align=right><FONT size=1 face=sans-serif>1,545,945</FONT>&nbsp;</TD>

   <TD width="28%" noWrap align=right><FONT size=1 face=sans-serif>April 30, 2015</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4 align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>884,324</FONT>&nbsp;</TD>

   <TD width="28%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="28%" noWrap align=right><FONT size=1 face=sans-serif>884,324</FONT>&nbsp;</TD>

   <TD width="28%" noWrap align=right><FONT size=1 face=sans-serif>April 30, 2016</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4 align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>16,106,777</FONT>&nbsp;</TD>

   <TD width="28%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="28%" noWrap align=right><FONT size=1 face=sans-serif>16,106,777</FONT>&nbsp;</TD>

   <TD width="28%" noWrap align=right><FONT size=1 face=sans-serif>April 30, 2017</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4 align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>4,848,013</FONT>&nbsp;</TD>

   <TD width="28%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="28%" noWrap align=right><FONT size=1 face=sans-serif>4,848,013</FONT>&nbsp;</TD>

   <TD width="28%" noWrap align=right><FONT size=1 face=sans-serif>April 30, 2018</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4 align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>1,215,508</FONT>&nbsp;</TD>

   <TD width="28%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="28%" noWrap align=right><FONT size=1 face=sans-serif>1,215,508</FONT>&nbsp;</TD>

   <TD width="28%" noWrap align=right><FONT size=1 face=sans-serif>April 30, 2019</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4 align=left>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>Under the recently enacted Regulated Investment Company Modernization Act of 2010, the fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future years will be required to be utilized prior to the losses incurred in pre-enactment tax years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Pursuant to federal income tax regulations applicable to regulated investment companies, the fund has elected to defer $116,057 of losses recognized during the period from November 1, 2011 to April 30, 2012 to its fiscal year ending April 30, 2013.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Distributions to shareholders </FONT></B><FONT size=1 face=sans-serif>Distributions to common and preferred shareholders from net investment income are recorded by the fund on the ex-dividend date. Distributions from capital gains, if any, are recorded on the ex-dividend date and paid at least annually. Dividends on remarketed preferred shares become payable when, as and if declared by the Trustees. Each dividend period for the remarketed preferred shares is generally a 7 day period. The applicable dividend rate for the remarketed preferred shares on April 30, 2012 was 0.381% for Series B and 0.381% for Series C.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>During the reporting period, the fund has experienced unsuccessful remarketings of its remarketed preferred shares. As a result, dividends to the remarketed preferred shares have been paid at the&#8220;maximum dividend rate,&#8221; pursuant to the fund&#8217;s by-laws, which, based on the current credit quality of the remarketed preferred shares, equals 110% of the higher of the 30-day &#8220;AA&#8221; composite commercial paper rate and the taxable equivalent of the short-term municipal bond rate.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. These differences include temporary and/or permanent differences of the expiration of a capital loss carryover, dividends payable, defaulted bond interest and market discount. Reclassifications are made to the fund&#8217;s capital accounts to reflect income</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>36</FONT></P></DIV>

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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>and gains available for distribution (or available capital loss carryovers) under income tax regulations. For the reporting period ended, the fund reclassified $221,562 to decrease distribution in excess of net investment income, $9,759,499 to decrease paid-in-capital and $9,537,937 to decrease accumulated net realized losses.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The tax basis components of distributable earnings and the federal tax cost as of the close of the reporting period were as follows:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="59%"></TD>

   <TD width="40%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Unrealized appreciation</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>$65,487,983</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Unrealized depreciation</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>(8,720,003)</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Net unrealized appreciation</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>56,767,980</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Undistributed tax exempt income</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>2,578,325</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Undistributed ordinary income</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>476,288</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Capital loss carryforward</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>(27,886,223)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Post-October Loss</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>(116,057)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Cost for federal income tax purposes</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>$710,557,973</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><B><FONT size=1 face=sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0px"><B><FONT size=1 face=sans-serif>Determination of net asset value </FONT></B><FONT size=1 face=sans-serif>Net asset value of the common shares is determined by dividing the value of all assets of the fund, less all liabilities and the liquidation preference (redemption value of preferred shares plus any accumulated and unpaid dividends) of any outstanding remarketed preferred shares, by the total number of common shares outstanding as of period end.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Note 2: Management fee, administrative services and other transactions</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The fund pays Putnam Management for management and investment advisory services quarterly based on the average net assets of the fund, including assets attributable to preferred shares. Such fee is based on the following annual rates based on average weekly net assets attributable to common and preferred shares.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The lesser of (i) 0.550% of average net assets attributable to common and preferred shares outstanding, or (ii) the following rates:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="6%"></TD>

   <TD width="93%"></TD></TR>

<TR vAlign=bottom>

   <TD width="6%" noWrap align=left><FONT size=1 face=sans-serif>0.650%</FONT>&nbsp;</TD>

   <TD width="93%" noWrap align=left><FONT size=1 face=sans-serif>of the first $500 million of average net assets,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="6%" noWrap align=left><FONT size=1 face=sans-serif>0.550%</FONT>&nbsp;</TD>

   <TD width="93%" noWrap align=left><FONT size=1 face=sans-serif>of the next $500 million of average net assets,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="6%" noWrap align=left><FONT size=1 face=sans-serif>0.500%</FONT>&nbsp;</TD>

   <TD width="93%" noWrap align=left><FONT size=1 face=sans-serif>of the next $500 million of average net assets,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="6%" noWrap align=left><FONT size=1 face=sans-serif>0.450%</FONT>&nbsp;</TD>

   <TD width="93%" noWrap align=left><FONT size=1 face=sans-serif>of the next $5 billion of average net assets,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="6%" noWrap align=left><FONT size=1 face=sans-serif>0.425%</FONT>&nbsp;</TD>

   <TD width="93%" noWrap align=left><FONT size=1 face=sans-serif>of the next $5 billion of average net assets,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="6%" noWrap align=left><FONT size=1 face=sans-serif>0.405%</FONT>&nbsp;</TD>

   <TD width="93%" noWrap align=left><FONT size=1 face=sans-serif>of the next $5 billion of average net assets,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="6%" noWrap align=left><FONT size=1 face=sans-serif>0.390%</FONT>&nbsp;</TD>

   <TD width="93%" noWrap align=left><FONT size=1 face=sans-serif>of the next $5 billion of average net assets, and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="6%" noWrap align=left><FONT size=1 face=sans-serif>0.380%</FONT>&nbsp;</TD>

   <TD width="93%" noWrap align=left><FONT size=1 face=sans-serif>of any excess thereafter.</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>Putnam Investments Limited (PIL), an affiliate of Putnam Management, is authorized by the Trustees to manage a separate portion of the assets of the fund as determined by Putnam Management from time to time. Putnam Management pays a quarterly sub-management fee to PIL for its services at an annual rate of 0.40% of the average net assets of the portion of the fund managed by PIL.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>If dividends payable on remarketed preferred shares during any dividend payment period plus any expenses attributable to remarketed preferred shares for that period exceed the fund&#8217;s gross income attributable to the proceeds of the remarketed preferred shares during that period, then the fee payable to Putnam Management for that period will be reduced by the amount of the excess (but not more than the effective management and administrative service fees rate under the contracts multiplied by the liquidation preference of the remarketed preferred shares outstanding during the period).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The fund reimburses Putnam Management an allocated amount for the compensation and related expenses of certain officers of the fund and their staff who provide administrative services to the fund. The aggregate amount of all such reimbursements is determined annually by the Trustees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Custodial functions for the fund&#8217;s assets are provided by State Street. Custody fees are based on the fund&#8217;s asset level, the number of its security holdings and transaction volumes.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Putnam Investor Services, Inc., an affiliate of Putnam Management, provides investor servicing agent functions to the fund. Putnam Investor Services, Inc. is paid a monthly fee for investor servicing at an annual rate of 0.05% of the fund&#8217;s average net assets. The amounts incurred for investor servicing agent functions during the reporting period are included in Investor servicing fees in the Statement of operations.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>37</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The fund has entered into expense offset arrangements with Putnam Investor Services, Inc. and State Street whereby Putnam Investor Services, Inc.&#8217;s and State Street&#8217;s fees are reduced by credits allowed on cash balances. For the reporting period, the fund&#8217;s expenses were reduced by $606 under the expense offset arrangements.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Each independent Trustee of the fund receives an annual Trustee fee, of which $420, as a quarterly retainer, has been allocated to the fund, and an additional fee for each Trustees meeting attended. Trustees also are reimbursed for expenses they incur relating to their services as Trustees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The fund has adopted a Trustee Fee Deferral Plan (the Deferral Plan) which allows the Trustees to defer the receipt of all or a portion of Trustees fees payable on or after July 1, 1995. The deferred fees remain invested in certain Putnam funds until distribution in accordance with the Deferral Plan.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The fund has adopted an unfunded noncontributory defined benefit pension plan (the Pension Plan) covering all Trustees of the fund who have served as a Trustee for at least five years and were first elected prior to 2004. Benefits under the Pension Plan are equal to 50% of the Trustee&#8217;s average annual attendance and retainer fees for the three years ended December 31, 2005. The retirement benefit is payable during a Trustee&#8217;s lifetime, beginning the year following retirement, for the number of years of service through December 31, 2006. Pension expense for the fund is included in Trustee compensation and expenses in the Statement of operations. Accrued pension liability is included in Payable for Trustee compensation and expenses in the Statement of assets and liabilities. The Trustees have terminated the Pension Plan with respect to any Trustee first elected after 2003.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Note 3: Purchases and sales of securities</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>During the reporting period, cost of purchases and proceeds from sales of investment securities other than short-term investments aggregated $154,782,881 and $158,037,435, respectively. There were no purchases or proceeds from sales of long-term U.S. government securities.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Note 4: Preferred shares</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The Series B (3,417) and Series C (3,737) Remarketed Preferred shares are redeemable at the option of the fund on any dividend payment date at a redemption price of $25,000 per share, plus an amount equal to any dividends accumulated on a daily basis but unpaid through the redemption date (whether or not such dividends have been declared) and, in certain circumstances, a call premium.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>It is anticipated that dividends paid to holders of remarketed preferred shares will be considered tax-exempt dividends under the Internal Revenue Code of 1986. To the extent that the fund earns taxable income and capital gains by the conclusion of a fiscal year, it may be required to apportion to the holders of the remarketed preferred shares throughout that year additional dividends as necessary to result in an after-tax equivalent to the applicable dividend rate for the period. Total additional dividends for the period were $288.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Under the Investment Company Act of 1940, the fund is required to maintain asset coverage of at least 200% with respect to the remarketed preferred shares. Additionally, the fund&#8217;s bylaws impose more stringent asset coverage requirements and restrictions relating to the rating of the remarketed preferred shares by the shares&#8217; rating agencies. Should these requirements not be met, or should dividends accrued on the remarketed preferred shares not be paid, the fund may be restricted in its ability to declare dividends to common shareholders or may be required to redeem certain of the remarketed preferred shares. At period end, no such restrictions have been placed on the fund.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Note 5: Shares repurchased</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>In September 2011, the Trustees approved the renewal of the repurchase program to allow the fund to repurchase up to 10% of its outstanding common shares over the 12-month period ending October 7, 2012 (based on shares outstanding as of October 7, 2011). Prior to this renewal, the Trustees had approved a repurchase program to allow the fund to repurchase up to 10% of its outstanding common shares over the 12-month period ending October 7, 2011 (based on shares outstanding as of October 7, 2010). Repurchases are made when the fund&#8217;s shares are trading at less than net asset value and in accordance with procedures approved by the fund&#8217;s Trustees. For the reporting period, the fund did not repurchase any of its outstanding common shares.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>At the close of the reporting period, Putnam Investments, LLC owned approximately 499 shares of the fund (0.001% of the fund&#8217;s shares outstanding), valued at $6,472 based on net asset value.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>38</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Note 6: Share ownership</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>At period end, to the fund&#8217;s knowledge, a shareholder owned of record, beneficially, or on behalf of other accounts, 12.63% of the fund&#8217;s outstanding common shares.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Note 7: Market and credit risk</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>In the normal course of business, the fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the contracting party to the transaction to perform (credit risk). The fund may be exposed to additional credit risk that an institution or other entity with which the fund has unsettled or open transactions will default.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Note 8: New accounting pronouncements</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>In May 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2011&#8211;04 </FONT><I><FONT size=1 face=sans-serif>&#8220;Fair Value Measurements and Disclosures (Topic 820)&nbsp;&#8212; Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS&#8221;</FONT></I><FONT size=1 face=sans-serif>. ASU 2011&#8211;04 amends FASB Topic 820 </FONT><I><FONT size=1 face=sans-serif>&#8220;Fair Value Measurement&#8221; </FONT></I><FONT size=1 face=sans-serif>and seeks to develop common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP. ASU 2011&#8211;04 is effective for fiscal years and interim periods beginning after December 15, 2011. The application of ASU 2011&#8211;04 will not have a material impact on the fund&#8217;s financial statements.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>In December 2011, the FASB issued ASU No. 2011&#8211;11 </FONT><I><FONT size=1 face=sans-serif>&#8220;Disclosures about Offsetting Assets and Liabilities&#8221;. </FONT></I><FONT size=1 face=sans-serif>The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of assets and liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within those annual periods. Putnam Management is currently evaluating the application of ASU 2011&#8211;11 and its impact, if any, on the fund&#8217;s financial statements.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>39</FONT></P></DIV>

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<P style="text-align: left;">
<B><FONT size=4 face="sans-serif">Federal tax information (Unaudited)</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">The fund has designated 99.89% of dividends paid from net investment income during the reporting period as tax exempt for Federal income tax purposes.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">The Form 1099 that will be mailed to you in January 2013 will show the tax status of all distributions paid to your account in calendar 2012.</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="sans-serif">40</FONT></P>
</DIV>

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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Shareholder meeting results (Unaudited)</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>April 30, 2012 meeting</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>At the meeting, the proposal to fix the number of Trustees at 13 was approved as follows:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>Votes for</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>Votes against</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>Abstentions</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>32,705,773</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>6,525,674</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>379,916</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>Additionally each of the nominees for Trustees was elected, as follows:</FONT></P>

<P style="MARGIN: 0px"><FONT size=1 face=Arial></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="25%"></TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>Common shares</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>Votes for</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>Votes withheld</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=4 noWrap align=left><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>33,041,375</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>6,569,993</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>33,065,376</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>6,545,992</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>33,080,453</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>6,530,915</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>33,097,969</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>6,513,399</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>33,148,541</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>6,462,826</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>33,138,148</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>6,473,220</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>32,953,123</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>6,658,245</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>33,160,942</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>6,450,426</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>33,088,591</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>6,522,777</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>33,160,329</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>6,451,039</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>33,070,856</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>6,540,512</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>A quorum was not present with respect to the matter of electing two Trustees to be voted on by the preferred shareholders voting as a separate class. As a result, in accordance with the fund&#8217;s Declaration of Trust and Bylaws, independent fund Trustees John A. Hill and Robert E. Patterson remain in office and continue to serve as Trustees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>All tabulations are rounded to the nearest whole number.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>41</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>About the Trustees</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Independent Trustees</FONT></B></P>
<IMG border=0 src="munioppsx43x1.jpg"> <BR>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Ravi Akhoury </FONT></B><I><FONT size=1 face=sans-serif>Born 1947, Trustee since 2009</FONT></I></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Principal occupations during past five years: </FONT></B><FONT size=1 face=sans-serif>Advisor to New York Life Insurance Company. Trustee of American India Foundation and of the Rubin Museum. From 1992 to 2007, was Chairman and CEO of MacKay Shields, a multi-product investment management firm with over $40 billion in assets under management.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Other directorships: </FONT></B><FONT size=1 face=sans-serif>RAGE Frameworks, Inc., a private software company; English Helper, Inc., a private software company</FONT></P>
<IMG border=0 src="munioppsx43x2.jpg"> <BR>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Barbara M. Baumann </FONT></B><I><FONT size=1 face=sans-serif>Born 1955, Trustee since 2010</FONT></I></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Principal occupations during past five years: </FONT></B><FONT size=1 face=sans-serif>President and Owner of Cross Creek Energy Corporation, a strategic consultant to domestic energy firms and direct investor in energy projects. Trustee of Mount Holyoke College and member of the Investment Committee for the college&#8217;s endowment. Former Chair and current board member of Girls Incorporated of Metro Denver. Member of the Finance Committee, The Children&#8217;s Hospital of Colorado.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Other directorships: </FONT></B><FONT size=1 face=sans-serif>SM Energy Company, a domestic exploration and production company; UniSource Energy Corporation, an Arizona utility</FONT></P>
<IMG border=0 src="munioppsx43x3.jpg"> <BR>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Jameson A. Baxter</FONT></B><BR><I><FONT size=1 face=sans-serif>Born 1943, Trustee since 1994, Vice Chair from 2005 to 2011, and Chair since 2011</FONT></I></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Principal occupations during past five years: </FONT></B><FONT size=1 face=sans-serif>President of Baxter Associates, Inc., a private investment firm. Chair of Mutual Fund Directors Forum. Chair Emeritus of the Board of Trustees of Mount Holyoke College. Director of the Adirondack Land Trust and Trustee of the Nature Conservancy&#8217;s Adirondack Chapter.</FONT></P>
<IMG border=0 src="munioppsx43x4.jpg"> <BR>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Charles B. Curtis </FONT></B><I><FONT size=1 face=sans-serif>Born 1940, Trustee since 2001</FONT></I></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Principal occupations during past five years: </FONT></B><FONT size=1 face=sans-serif>Senior Advisor to the Center for Strategic and International Studies. Former President and Chief Operating Officer of the Nuclear Threat Initiative, a private foundation dealing with national security issues. Member of the Council on Foreign Relations and U.S. State Department International Security Advisory Board. Chairman of World Institute of Nuclear Security, a non-profit international non-governmental organization.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Other directorships: </FONT></B><FONT size=1 face=sans-serif>Southern California Edison, a regulated electric utility, and its parent company, Edison International</FONT></P>
<IMG border=0 src="munioppsx43x5.jpg"> <BR>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Robert J. Darretta </FONT></B><I><FONT size=1 face=sans-serif>Born 1946, Trustee since 2007</FONT></I></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Principal occupations during past five years: </FONT></B><FONT size=1 face=sans-serif>Health Care Industry Advisor to Permira, a global private equity firm. Until April 2007, was Vice Chairman of the Board of Directors of Johnson &amp; Johnson. Served as Johnson &amp; Johnson&#8217;s Chief Financial Officer for a decade.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Other directorships: </FONT></B><FONT size=1 face=sans-serif>UnitedHealth Group, a diversified health-care company</FONT></P>

<P align=left>
<IMG border=0 src="munioppsx43x6.jpg"> </P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>John A. Hill </FONT></B><I><FONT size=1 face=sans-serif>Born 1942, Trustee since 1985 and Chairman from 2000 to 2011</FONT></I></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Principal occupations during past five years: </FONT></B><FONT size=1 face=sans-serif>Founder and Vice-Chairman of First Reserve Corporation, the leading private equity buyout firm focused on the worldwide energy industry. Trustee and Chairman of the Board of Trustees of Sarah Lawrence College. Member of the Advisory Board of the Millstein Center for Corporate Governance and Performance at the Yale School of Management.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Other directorships: </FONT></B><FONT size=1 face=sans-serif>Devon Energy Corporation, a leading independent natural gas and oil exploration and production company</FONT></P>

<P align=left>
<IMG border=0 src="munioppsx43x7.jpg"> </P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Paul L. Joskow </FONT></B><I><FONT size=1 face=sans-serif>Born 1947, Trustee since 1997</FONT></I></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Principal occupations during past five years: </FONT></B><FONT size=1 face=sans-serif>Economist and President of the Alfred P. Sloan Foundation, a philanthropic institution focused primarily on research and education on issues related to science, technology, and economic performance. Elizabeth and James Killian Professor of Economics, Emeritus at the Massachusetts Institute of Technology (MIT). Prior to 2007, served as the Director of the Center for Energy and Environmental Policy Research at MIT.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Other directorships: </FONT></B><FONT size=1 face=sans-serif>Yale University; TransCanada Corporation, an energy company focused on natural gas transmission, oil pipeline, and power services; Exelon Corporation, an energy company focused on power services; Boston Symphony Orchestra</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>42</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Elizabeth T. Kennan </FONT></B><I><FONT size=1 face=sans-serif>Born 1938, Trustee from 1992 to 2010 and since 2012</FONT></I></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Principal occupations during the past five years: </FONT></B><FONT size=1 face=sans-serif>Partner of Cambus-Kenneth Farm (thoroughbred horse breeding and general farming). President Emeritus of Mount Holyoke College. Trustee of the National Trust for Historic Preservation and of Centre College. Chairman of the Board of Shaker Village of Pleasant Hill.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Other directorships: </FONT></B><FONT size=1 face=sans-serif>Former Chairman and now Lead Director of Northeast Utilities, which operates New England&#8217;s largest energy delivery system</FONT></P>
<IMG border=0 src="munioppsx44x2.jpg"> <BR>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Kenneth R. Leibler </FONT></B><I><FONT size=1 face=sans-serif>Born 1949, Trustee since 2006</FONT></I></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Principal occupations during past five years: </FONT></B><FONT size=1 face=sans-serif>Founder and former Chairman of Boston </FONT><FONT size=1 face=sans-serif>Options Exchange, an electronic marketplace for the trading of derivative securities. Vice Chairman of the Board of Trustees of Beth Israel Deaconess Hospital in Boston, Massachusetts. Until November 2010, director of Ruder Finn Group, a global communications and advertising firm.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Other directorships: </FONT></B><FONT size=1 face=sans-serif>Northeast Utilities, which operates New England&#8217;s largest energy delivery system</FONT></P>
<IMG border=0 src="munioppsx44x3.jpg"> <BR>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Robert E. Patterson </FONT></B><I><FONT size=1 face=sans-serif>Born 1945, Trustee since 1984</FONT></I></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Principal occupations during past five years: </FONT></B><FONT size=1 face=sans-serif>Senior Partner of Cabot Properties, LP and Co-Chairman of Cabot Properties, Inc., a private equity firm investing in commercial real estate. Past Chairman and Trustee of the Joslin Diabetes Center.</FONT></P>
<IMG border=0 src="munioppsx44x4.jpg"> <BR>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>George Putnam, III </FONT></B><I><FONT size=1 face=sans-serif>Born 1951, Trustee since 1984</FONT></I></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Principal occupations during past five years: </FONT></B><FONT size=1 face=sans-serif>Chairman of New Generation Research, Inc., a publisher of financial advisory and other research services. Founder and President of New Generation Advisors, LLC, a registered investment advisor to private funds. Director of The Boston Family Office, LLC, a registered investment advisor.</FONT></P>
<IMG border=0 src="munioppsx44x5.jpg"> <BR>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>W. Thomas Stephens </FONT></B><I><FONT size=1 face=sans-serif>Born 1942, Trustee from 1997 to 2008 and since 2009</FONT></I></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Principal occupations during past five years: </FONT></B><FONT size=1 face=sans-serif>Retired as Chairman and Chief Executive Officer of Boise Cascade, LLC, a paper, forest products, and timberland assets company, in December 2008. Prior to 2010, Director of Boise Inc., a manufacturer of paper and packaging products.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Other directorships: </FONT></B><FONT size=1 face=sans-serif>TransCanada Pipelines Ltd., an energy infrastructure company</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Interested Trustee</FONT></B></P>
<IMG border=0 src="munioppsx44x6.jpg"> <BR>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Robert L. Reynolds*</FONT></B><BR><I><FONT size=1 face=sans-serif>Born 1952, Trustee since 2008 and President of the Putnam Funds since 2009</FONT></I></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Principal occupations during past five years: </FONT></B><FONT size=1 face=sans-serif>President and Chief Executive Officer of Putnam Investments since 2008. Prior to joining Putnam Investments, served as Vice Chairman and Chief Operating Officer of Fidelity Investments from 2000 to 2007.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The address of each Trustee is One Post Office Square, Boston, MA 02109.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>As of April 30, 2012, there were 109 Putnam funds. All Trustees serve as Trustees of all Putnam funds.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Each Trustee serves for an indefinite term, until his or her resignation, retirement at age 75, removal, or death.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>* Mr. Reynolds is an &#8220;interested person&#8221; (as defined in the Investment Company Act of 1940) of the fund, Putnam Management, and/or Putnam Retail Management. He is President and Chief Executive Officer of Putnam Investments, as well as the President of your fund and each of the other Putnam funds.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>43</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Officers</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In addition to Robert L. Reynolds, the other officers of the fund are shown below:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="50%"></TD>

   <TD width="50%"></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif>Jonathan S. Horwitz </FONT></B><I><FONT size=2 face=sans-serif>(Born 1955)</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif>Robert T. Burns </FONT></B><I><FONT size=2 face=sans-serif>(Born 1961)</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Executive Vice President, Principal Executive</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Vice President and Chief Legal Officer</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Officer, Treasurer and Compliance Liaison</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Since 2011</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Since 2004</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>General Counsel, Putnam Investments and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif></FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Putnam Management</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif>Steven D. Krichmar </FONT></B><I><FONT size=2 face=sans-serif>(Born 1958)</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Vice President and Principal Financial Officer</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif>James P. Pappas </FONT></B><I><FONT size=2 face=sans-serif>(Born 1953)</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Since 2002</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Vice President</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Chief of Operations, Putnam Investments and</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Since 2004</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Management</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Director of Trustee Relations,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif></FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Putnam Investments and Putnam Management</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif>Janet C. Smith </FONT></B><I><FONT size=2 face=sans-serif>(Born 1965)</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Vice President, Assistant Treasurer and</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif>Judith Cohen </FONT></B><I><FONT size=2 face=sans-serif>(Born 1945)</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Principal Accounting Officer</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Vice President, Clerk and Assistant Treasurer</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Since 2007</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Since 1993</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Director of Fund Administration Services,</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Investments and Putnam Management</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif>Michael Higgins&nbsp;</FONT></B><I><FONT size=2 face=sans-serif>(Born 1976)</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif></FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Vice President, Senior Associate Treasurer and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif>Robert R. Leveille </FONT></B><I><FONT size=2 face=sans-serif>(Born 1969)</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Assistant Clerk</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Vice President and Chief Compliance Officer</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Since 2010</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Since 2007</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Manager of Finance, Dunkin&#8217; Brands (2008&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Chief Compliance Officer, Putnam Investments,</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>2010); Senior Financial Analyst, Old Mutual Asset</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Management, and Putnam Retail</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Management (2007&#8211;2008); Senior Financial</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Management</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Analyst, Putnam Investments (1999&#8211;2007)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif></FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif></FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif>Mark C. Trenchard </FONT></B><I><FONT size=2 face=sans-serif>(Born 1962)</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif>Nancy E. Florek </FONT></B><I><FONT size=2 face=sans-serif>(Born 1957)</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Vice President and BSA Compliance Officer</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Vice President, Assistant Clerk, Assistant</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Since 2002</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Treasurer and Proxy Manager</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Director of Operational Compliance,</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Since 2000</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Putnam Investments and Putnam</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif></FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Retail Management</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif>Susan G. Malloy </FONT></B><I><FONT size=2 face=sans-serif>(Born 1957)</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Vice President and Assistant Treasurer</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Since 2007</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Director of Accounting &amp; Control Services,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Management</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The principal occupations of the officers for the past five years have been with the employers as shown above although in some cases, they have held different positions with such employers. The address of each Officer is One Post Office Square, Boston, MA 02109.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>44</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Fund information</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Founded 75 years ago, Putnam Investments was built around the concept that a balance between risk and reward is the hallmark of a well-rounded financial program. We manage over 100 funds across income, value, blend, growth, asset allocation, absolute return, and global sector categories.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>Investment Manager</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Mark C. Trenchard</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Investment</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Elizabeth T. Kennan</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Vice President and</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Management, LLC</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>BSA Compliance Officer</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Robert E. Patterson</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Robert T. Burns</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Vice President</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>Investment Sub-Manager</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>and Chief Legal Officer</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Investments Limited</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>57&#8211;59 St James&#8217;s Street</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>Officers</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>James P. Pappas</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>London, England SW1A 1LD</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Vice President</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>President</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>Marketing Services</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Judith Cohen</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Retail Management</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Jonathan S. Horwitz</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Vice President, Clerk and</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Executive Vice President,</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Assistant Treasurer</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Principal Executive</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Officer, Treasurer and</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Michael Higgins</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>Custodian</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Compliance Liaison</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Vice President, Senior Associate</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>State Street Bank</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Treasurer and Assistant Clerk</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>and Trust Company</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Steven D. Krichmar</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Vice President and</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Nancy E. Florek</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>Legal Counsel</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Principal Financial Officer</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Vice President, Assistant Clerk,</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Ropes &amp; Gray LLP</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Assistant Treasurer and</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif></FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Janet C. Smith</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif></FONT></I><I><FONT size=2 face=sans-serif>Proxy Manager</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>Independent Registered</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Vice President, Assistant</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>Public Accounting Firm</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Treasurer and Principal</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Susan G. Malloy</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>PricewaterhouseCoopers LLP</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Accounting Officer</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Vice President and</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Assistant Treasurer</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>Trustees</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Robert R. Leveille</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Jameson A. Baxter, </FONT><I><FONT size=2 face=sans-serif>Chair</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Vice President and</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Chief Compliance Officer</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>John A. Hill</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><I><FONT size=2 face=sans-serif>Call 1-800-225-1581 Monday through Friday between 8:00 a.m. and 8:00 p.m. Eastern Time, or visit putnam.com anytime for up-to-date information about the fund&#8217;s NAV.</FONT></I></P></DIV>

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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Item 2. Code of Ethics:</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(a) The Fund&rsquo;s principal executive, financial and accounting
officers are employees of Putnam Investment Management, LLC, the Fund's investment manager. As such they are subject to a comprehensive
Code of Ethics adopted and administered by Putnam Investments which is designed to protect the interests of the firm and its clients.
The Fund has adopted a Code of Ethics which incorporates the Code of Ethics of Putnam Investments with respect to all of its officers
and Trustees who are employees of Putnam Investment Management, LLC. For this reason, the Fund has not adopted a separate code
of ethics governing its principal executive, financial and accounting officers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(c) </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">In
May 2008, the Code of Ethics of Putnam Investment Management, LLC was updated in its entirety to include the amendments adopted
in August 2007 as well as a several additional technical, administrative and non-substantive changes. In May of 2009, the Code
of Ethics of Putnam Investment Management, LLC was amended to reflect that all employees will now be subject to a 90-day blackout
restriction on holding Putnam open-end funds, except for portfolio managers and their supervisors (and each of their immediate
family members), who will be subject to a one-year blackout restriction on the funds that they manage or supervise. In June 2010,
the Code of Ethics of Putnam Investments was updated in its entirety to include the amendments adopted in May of 2009 and to change
certain rules and limits contained in the Code of Ethics. In addition, the updated Code of Ethics included numerous technical,
administrative and non-substantive changes, which were intended primarily to make the document easier to navigate and understand</FONT>.
In July 2011, the Code of Ethics of Putnam Investments was updated to reflect several technical, administrative and non-substantive
changes resulting from changes in employee titles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Item 3. Audit Committee Financial Expert:</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The
Funds' Audit and Compliance Committee is comprised solely of Trustees who are &quot;independent&quot; (as such term has been defined
by the Securities and Exchange Commission (&quot;SEC&quot;) in regulations implementing Section 407 of the Sarbanes-Oxley Act (the
&quot;Regulations&quot;)). The Trustees believe that each of the members of the Audit and Compliance Committee also possess a combination
of knowledge and experience with respect to financial accounting matters, as well as other attributes, that qualify them for service
on the Committee. In addition, the Trustees have determined that each of Mr. Leibler, Mr. Hill, Mr. Darretta and Ms. Baumann qualifies
as an &quot;audit committee financial expert&quot; (as such term has been defined by the Regulations) based on their review of
his or her pertinent experience and education. The SEC has stated that the designation or identification of a person as an audit
committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liability
that are greater than the duties, obligations and liability imposed on such person as a member of the Audit and Compliance Committee
and the Board of Trustees in the absence of such designation or identification.</FONT><FONT STYLE="font-family: Tms Rmn,serif">
</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Item 4. Principal Accountant Fees and Services:</U></P>

<P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="text-underline-style: none">The following table
presents fees billed in each of the last two fiscal years for services rendered to the fund by the fund&rsquo;s independent auditor:</FONT></P>

<P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="text-underline-style: none">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 31%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Fiscal</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">year</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>ended</U></P></TD>
    <TD STYLE="width: 22%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Audit</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Fees</U></P></TD>
    <TD STYLE="width: 15%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Audit-Related <U>Fees</U></TD>
    <TD STYLE="width: 17%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Tax</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Fees</U></P></TD>
    <TD STYLE="width: 15%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">All Other <U>Fees</U></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">April 30, 2012</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$71,280</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$31,344</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$12,604</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$1,083</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">April 30, 2011</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$63,628</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$31,344</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$6,398</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$-</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">For the fiscal years ended April 30, 2012 and April 30, 2011, the
fund&rsquo;s independent auditor billed aggregate non-audit fees in the amounts of <FONT STYLE="color: Black">$162,414</FONT> and
<FONT>$</FONT> <FONT STYLE="color: Black">280,963</FONT> respectively, to the fund, Putnam Management and any
entity controlling, controlled by or under common control with Putnam Management that provides ongoing services to the fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Audit Fees represent fees billed for the fund's last two fiscal years
relating to the audit and review of the financial statements included in annual reports and registration statements, and other
services that are normally provided in connection with statutory and regulatory filings or engagements.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Audit-Related Fees represent fees billed in the fund&rsquo;s last
two fiscal years for services traditionally performed by the fund&rsquo;s auditor, including accounting consultation for proposed
transactions or concerning financial accounting and reporting standards and other audit or attest services not required by statute
or regulation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Tax Fees represent fees billed in the fund&rsquo;s last two fiscal
years for tax compliance, tax planning and tax advice services. Tax planning and tax advice services include assistance with tax
audits, employee benefit plans and requests for rulings or technical advice from taxing authorities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">All Other Fees <FONT STYLE="color: black">represent fees billed for
services relating to an analysis of fund profitability</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Pre-Approval Policies of the Audit and Compliance Committee. The
Audit and Compliance Committee of the Putnam funds has determined that, as a matter of policy, all work performed for the funds
by the funds&rsquo; independent auditors will be pre-approved by the Committee itself and thus will generally not be subject to
pre-approval procedures.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Audit and Compliance Committee also has adopted a policy to pre-approve
the engagement by Putnam Management and certain of its affiliates of the funds&rsquo; independent auditors, even in circumstances
where pre-approval is not required by applicable law. Any such requests by Putnam Management or certain of its affiliates are typically
submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees,
and why this work should be performed by that particular audit firm as opposed to another one. In reviewing such requests, the
Committee considers, among other things, whether the provision of such services by the audit firm are compatible with the independence
of the audit firm.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The following table presents fees billed by the fund&rsquo;s independent
auditor for services required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Fiscal</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">year</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>ended</U></P></TD>
    <TD STYLE="width: 20%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Audit-</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Related</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Fees</U></P></TD>
    <TD STYLE="width: 20%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Tax</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Fees</U></P></TD>
    <TD STYLE="width: 20%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">All</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Other</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Fees</U></P></TD>
    <TD STYLE="width: 20%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Total</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Non-Audit</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Fees</U></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: windowtext 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">April 30,<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">2012</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: Black">$ -</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: Black">$ 97,505</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: Black">$ -</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: Black">$ -</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: windowtext 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">April 30 ,</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: red">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: red">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: red">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: red">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;2011</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: Black">$ -</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: Black">$ 206,000</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: Black">$ -</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: Black">$ -</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Item 5. Audit Committee of Listed Registrants</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(a) The fund has a separately-designated Audit and Compliance Committee
established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The Audit and Compliance
Committee of the fund's Board of Trustees is composed of the following persons:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Kenneth R. Leibler (Chairperson)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Robert J. Darretta</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">John A. Hill</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Barbara M. Baumann</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Charles B. Curtis</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(b) Not applicable</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Item 6. Schedule of Investments: </U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The registrant&rsquo;s schedule of investments in unaffiliated issuers
is included in the report to shareholders in Item 1 above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Item 7. Disclosure of Proxy Voting Policies and Procedures For
Closed-End Management Investment Companies:</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman Bold; margin: 0 0 12pt; text-align: center">Proxy voting guidelines of the Putnam funds</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">The proxy voting guidelines below summarize the funds&rsquo;
positions on various issues of concern to investors, and give a general indication of how fund portfolio securities will be voted
on proposals dealing with particular issues. The funds&rsquo; proxy voting service is instructed to vote all proxies relating to
fund portfolio securities in accordance with these guidelines, except as otherwise instructed by the Proxy Manager, a member of
the Office of the Trustees who is appointed to assist in the coordination and voting of the funds&rsquo; proxies.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">The proxy voting guidelines are just that &ndash; guidelines.
The guidelines are not exhaustive and do not address all potential voting issues. Because the circumstances of individual companies
are so varied, there may be instances when the funds do not vote in strict adherence to these guidelines. For example, the proxy
voting service is expected to bring to the Proxy Manager&rsquo;s attention proxy questions that are company-specific and of a non-routine
nature and that, even if covered by the guidelines, may be more appropriately handled on a case-by-case basis.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Similarly, Putnam Management&rsquo;s investment professionals,
as part of their ongoing review and analysis of all fund portfolio holdings, are responsible for monitoring significant corporate
developments, including proxy proposals submitted to shareholders, and notifying the Proxy Manager of circumstances where the interests
of fund shareholders may warrant a vote contrary to these guidelines. In such instances, the investment professionals submit a
written recommendation to the Proxy Manager and the person or persons designated by Putnam Management&rsquo;s Legal and Compliance
Department to assist in processing referral items under the funds&rsquo; &ldquo;Proxy Voting Procedures.&rdquo; The Proxy Manager,
in consultation with the funds&rsquo; Executive Vice President and/or the Chair of the Board Policy and Nominating Committee, as
appropriate, will determine how the funds&rsquo; proxies will be voted. When indicated, the Chair of the Board Policy and Nominating
Committee may consult with other members of the Committee or the full Board of Trustees.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">The following guidelines are grouped according to the types
of proposals generally presented to shareholders. Part I deals with proposals submitted by management and approved and recommended
by a company&rsquo;s board of directors. Part II deals with proposals submitted by shareholders. Part III addresses unique considerations
pertaining to non-U.S. issuers.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">The Trustees of the Putnam funds are committed to promoting
strong corporate governance practices and encouraging corporate actions that enhance shareholder value through the judicious voting
of the funds&rsquo; proxies. It is the funds&rsquo; policy to vote their proxies at all shareholder meetings where it is practicable
to do so. In furtherance of this, the funds&rsquo; have requested that their securities lending agent recall each domestic issuer&rsquo;s
voting securities that are on loan, in advance of the record date for the issuer&rsquo;s shareholder meetings, so that the funds
may vote at the meetings.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">The Putnam funds will disclose their proxy votes not later
than August 31 of each year for the most recent 12-month period ended June 30, in accordance with the timetable established by
SEC rules.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase">I.&#9;BOARD-APPROVED PROPOSALS</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">The vast majority of matters presented to shareholders for
a vote involve proposals made by a company itself (sometimes referred to as &ldquo;management proposals&rdquo;), which have been
approved and recommended by its board of directors. In view of the enhanced corporate governance practices currently being implemented
in public companies and of the funds&rsquo; intent to hold corporate boards accountable for their actions in promoting shareholder
interests, the funds&rsquo; proxies generally will be voted <B><U>for</U></B> the decisions reached by majority independent boards
of directors, except as otherwise indicated in these guidelines. Accordingly, the funds&rsquo; proxies will be voted <B><U>for</U></B>
board-approved proposals, except as follows:</P>

<P STYLE="font: bold 12pt Times New Roman Bold; margin: 0 0 12pt"><U>Matters relating to the Board of Directors</U></P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">Uncontested Election of Directors</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">The funds&rsquo; proxies will be voted <B><U>for</U></B>
the election of a company&rsquo;s nominees for the board of directors, except as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></TD><TD>The funds will <B><U>withhold votes</U></B> from the entire board of directors if</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the board does not have a majority of independent directors,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the board has not established independent nominating, audit, and compensation committees,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the board has more than <U>19</U> members or fewer than <U>five</U> members, absent special circumstances,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the board has not acted to implement a policy requested in a shareholder proposal that received the support of a majority of
the shares of the company cast at its previous two annual meetings, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the board has adopted or renewed a shareholder rights plan (commonly referred to as a &ldquo;poison pill&rdquo;) without shareholder
approval during the current or prior calendar year.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings 3"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></FONT></FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;
</FONT>The funds will on a <B><U>case-by-case basis withhold votes</U></B> from the entire board of directors, or from particular
directors as may be appropriate, if the board has approved compensation arrangements for one or more company executives that the
funds determine are unreasonably excessive relative to the company&rsquo;s performance or has otherwise failed to observe good
corporate governance practices.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9658;</TD><TD>The funds will <B><U>withhold votes</U></B> from any nominee for director:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>who is considered an independent director by the company and who has received compensation within the last three years from
the company other than for service as a director (<I>e.g.</I>, investment banking, consulting, legal, or financial advisory fees),</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>who attends less than 75% of board and committee meetings without valid reasons for the absences (<I>e.g.</I>, illness, personal
emergency, etc.),</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>of a public company (Company A) who is employed as a senior executive of another company (Company B), if a director of Company
B serves as a senior executive of Company A (commonly referred to as an &ldquo;interlocking directorate&rdquo;), or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>who serves on more than <U>five</U> unaffiliated public company boards (for the purpose of this guideline, boards of affiliated
registered investment companies will count as one board).</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>Commentary</U>:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Board independence</B>: Unless otherwise indicated, for
the purposes of determining whether a board has a majority of independent directors and independent nominating, audit, and compensation
committees, an &ldquo;independent director&rdquo; is a director who (1) meets all requirements to serve as an independent director
of a company under the NYSE Corporate Governance Rules (<I>e.g.</I>, no material business relationships with the company and no
present or recent employment relationship with the company including employment of an immediate family member as an executive officer),
and (2) has not within the last three years accepted directly or indirectly any consulting, advisory, or other compensatory fee
from the company other than in his or her capacity as a member of the board of directors or any board committee. The funds&rsquo;
Trustees believe that the recent (<I>i.e.</I>, within the last three years) receipt of any amount of compensation for services
other than service as a director raises significant independence issues.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Board size</B>: The funds&rsquo; Trustees believe that
the size of the board of directors can have a direct impact on the ability of the board to govern effectively. Boards that have
too many members can be unwieldy and ultimately inhibit their ability to oversee management performance. Boards that have too few
members can stifle innovation and lead to excessive influence by management.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Time commitment</B>: Being a director of a company requires
a significant time commitment to adequately prepare for and attend the company&rsquo;s board and committee meetings. Directors
must be able to commit the time and attention necessary to perform their fiduciary duties in proper fashion, particularly in times
of crisis. The funds&rsquo; Trustees are concerned about over-committed directors. In some cases, directors may serve on too many
boards to make a meaningful contribution. This may be particularly true for senior executives of public companies (or other directors
with substantially full-time employment) who serve on more than a few outside boards. The funds may withhold votes from such directors
on a case-by-case basis where it appears that they may be unable to discharge their duties properly because of excessive commitments.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Interlocking directorships</B>: The funds&rsquo; Trustees
believe that interlocking directorships are inconsistent with the degree of independence required for outside directors of public
companies.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Corporate governance practices</B>: Board independence
depends not only on its members&rsquo; individual relationships, but also on the board&rsquo;s overall attitude toward management.
Independent boards are committed to good corporate governance practices and, by providing objective independent judgment, enhancing
shareholder value. The funds may withhold votes on a case-by-case basis from some or all directors who, through their lack of independence
or otherwise, have failed to observe good corporate governance practices or, through specific corporate action, have demonstrated
a disregard for the interests of shareholders. Such instances may include cases where a board of directors has approved compensation
arrangements for one or more members of management that, in the judgment of the funds&rsquo; Trustees, are excessive by reasonable
corporate standards relative to the company&rsquo;s record of performance. It may also represent a disregard for the interests
of shareholders if a board of directors fails to register an appropriate response when a director who fails to win the support
of a majority of shareholders in an election (sometimes referred to as a &ldquo;rejected director&rdquo;) continues to serve on
the board. While the Trustees recognize that it may in some circumstances be appropriate for a rejected director to continue his
or her service on the board, steps should be taken to address the concerns reflected by the shareholders&rsquo; lack of support
for the rejected director.</P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">Contested Elections of Directors</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9658;</TD><TD>The funds will vote on a <B><U>case-by-case basis</U></B> in contested elections of directors.</TD></TR></TABLE>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">Classified Boards</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></FONT></TD><TD>The funds will vote <B><U>against</U></B> proposals to classify a board, absent special circumstances indicating that shareholder
interests would be better served by this structure.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>Commentary</U>: Under a typical classified board structure,
the directors are divided into three classes, with each class serving a three-year term. The classified board structure results
in directors serving staggered terms, with usually only a third of the directors up for re-election at any given annual meeting.
The funds&rsquo; Trustees generally believe that it is appropriate for directors to stand for election each year, but recognize
that, in special circumstances, shareholder interests may be better served under a classified board structure.</P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">Other Board-Related Proposals</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">The funds will generally vote <B><U>for</U></B> proposals
that have been approved by a majority independent board, and on a <B><U>case-by-case basis</U></B> on proposals that have been
approved by a board that fails to meet the guidelines&rsquo; basic independence standards (<I>i.e.</I>, majority of independent
directors and independent nominating, audit, and compensation committees).</P>

<P STYLE="font: bold 12pt Times New Roman Bold; margin: 0 0 12pt"><U>Executive Compensation</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">The funds generally favor compensation programs that relate
executive compensation to a company&rsquo;s long-term performance. The funds will vote on a <B><U>case-by-case basis</U></B> on
board-approved proposals relating to executive compensation, except as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></FONT></TD><TD>Except where the funds are otherwise withholding votes for the entire board of directors, the funds will vote <B><U>for</U></B>
stock option and restricted stock plans that will result in an average <U>annual</U> dilution of 1.67% or less (based on the disclosed
term of the plan and including all equity-based plans).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></FONT></TD><TD>The funds will vote <B><U>against</U></B> stock option and restricted stock plans that will result in an average <U>annual</U>
dilution of greater than 1.67% (based on the disclosed term of the plan and including all equity-based plans).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></FONT></TD><TD>The funds will vote <B><U>against</U></B> any stock option or restricted stock plan where the company&rsquo;s actual grants
of stock options and restricted stock under all equity-based compensation plans during the prior three (3) fiscal years have resulted
in an average annual dilution of greater than 1.67%.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></FONT></TD><TD>The funds will vote <B><U>against</U></B> stock option plans that permit the replacing or repricing of underwater options (and
against any proposal to authorize a replacement or repricing of underwater options).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></FONT></TD><TD>The funds will vote <B><U>against</U></B> stock option plans that permit issuance of options with an exercise price below the
stock&rsquo;s current market price.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></FONT></TD><TD>Except where the funds are otherwise withholding votes for the entire board of directors, the funds will vote <B><U>for</U></B>
an employee stock purchase plan that has the following features: (1) the shares purchased under the plan are acquired for no less
than 85% of their market value; (2) the offering period under the plan is 27 months or less; and (3) dilution is 10% or less.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></FONT></TD><TD>The funds will vote <B><U>for</U></B> proposals to approve a company&rsquo;s executive compensation program (<I>i.e.,</I> &ldquo;say
on pay&rdquo; proposals in which the company&rsquo;s board proposes that shareholders indicate their support for the company&rsquo;s
compensation philosophy, policies, and practices), except that the funds will vote on a <B>case-by-case basis</B> if the company
is assigned to the lowest category, through independent third party benchmarking performed by the funds&rsquo; proxy voting service,
for the correlation of the company&rsquo;s executive compensation program with its performance.<B> </B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></FONT></TD><TD>The funds will vote <B><U>for</U></B> bonus plans under which payments are treated as performance-based compensation that is
deductible under Section 162(m) of the Internal Revenue Code of 1986, as amended, except that the funds will vote on a <B><U>case-by-case
basis</U></B> if any of the following circumstances exist:</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.75in; text-indent: -0.25in">the award pool or amount per
employee under the plan is unlimited, or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.75in; text-indent: -0.25in">the plan&rsquo;s performance
criteria is undisclosed, or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.75in; text-indent: -0.25in">the company is assigned to the
lowest category, through independent third party benchmarking performed by the funds&rsquo; proxy voting service, for the correlation
of the company&rsquo;s executive compensation program with its performance.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>Commentary</U>: Companies should have compensation programs
that are reasonable and that align shareholder and management interests over the longer term. Further, disclosure of compensation
programs should provide absolute transparency to shareholders regarding the sources and amounts of, and the factors influencing,
executive compensation. Appropriately designed equity-based compensation plans can be an effective way to align the interests of
long-term shareholders with the interests of management. However, the funds may vote against these or other executive compensation
proposals on a case-by-case basis where compensation is excessive by reasonable corporate standards, where a company fails to provide
transparent disclosure of executive compensation, or, in some instances, where independent third-party benchmarking indicates that
compensation is inadequately correlated with performance, relative to peer companies. (Examples of excessive executive compensation
may include, but are not limited to, equity incentive plans that exceed the dilution criteria noted above, excessive perquisites,
performance-based compensation programs that do not properly correlate reward and performance, &ldquo;golden parachutes&rdquo;
or other severance arrangements that present conflicts between management&rsquo;s interests and the interests of shareholders,
and &ldquo;golden coffins&rdquo; or unearned death benefits.) In voting on a proposal relating to executive compensation, the funds
will consider whether the proposal has been approved by an independent compensation committee of the board.</P>

<P STYLE="font: bold 12pt Times New Roman Bold; margin: 0 0 12pt"><U>Capitalization</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Many proxy proposals involve changes in a company&rsquo;s
capitalization, including the authorization of additional stock, the issuance of stock, the repurchase of outstanding stock, or
the approval of a stock split. The management of a company&rsquo;s capital structure involves a number of important issues, including
cash flow, financing needs, and market conditions that are unique to the circumstances of the company. As a result, the funds will
vote on a <B><U>case-by-case basis</U></B> on board-approved proposals involving changes to a company&rsquo;s capitalization, except
that where the funds are not otherwise withholding votes from the entire board of directors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></FONT></TD><TD>The funds will vote <B><U>for</U></B> proposals relating to the authorization and issuance of additional common stock (except
where such proposals relate to a specific transaction).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></FONT></TD><TD>The funds will vote <B><U>for</U></B> proposals to effect stock splits (excluding reverse stock splits).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></FONT></TD><TD>The funds will vote <B><U>for</U></B> proposals authorizing share repurchase programs.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>Commentary</U>: A company may decide to authorize additional
shares of common stock for reasons relating to executive compensation or for routine business purposes. For the most part, these
decisions are best left to the board of directors and senior management. The funds will vote on a case-by-case basis, however,
on other proposals to change a company&rsquo;s capitalization, including the authorization of common stock with special voting
rights, the authorization or issuance of common stock in connection with a specific transaction (<I>e.g.</I>, an acquisition, merger
or reorganization), or the authorization or issuance of preferred stock. Actions such as these involve a number of considerations
that may affect a shareholder&rsquo;s investment and that warrant a case-by-case determination.</P>

<P STYLE="font: bold 12pt Times New Roman Bold; margin: 0 0 12pt"><U>Acquisitions, Mergers, Reincorporations, Reorganizations and
Other Transactions</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Shareholders may be confronted with a number of different
types of transactions, including acquisitions, mergers, reorganizations involving business combinations, liquidations, and the
sale of all or substantially all of a company&rsquo;s assets, which may require their consent. Voting on such proposals involves
considerations unique to each transaction. As a result, the funds will vote on a <B><U>case-by-case basis</U></B> on board-approved
proposals to effect these types of transactions, except as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></FONT></TD><TD>The funds will vote <B><U>for</U></B> mergers and reorganizations involving business combinations designed solely to reincorporate
a company in Delaware.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>Commentary</U>: A company may reincorporate into another
state through a merger or reorganization by setting up a &ldquo;shell&rdquo; company in a different state and then merging the
company into the new company. While reincorporation into states with extensive and established corporate laws &ndash; notably Delaware
&ndash; provides companies and shareholders with a more well-defined legal framework, shareholders must carefully consider the
reasons for a reincorporation into another jurisdiction, including especially an offshore jurisdiction.</P>

<P STYLE="font: bold 12pt Times New Roman Bold; margin: 0 0 12pt"><U>Anti-Takeover Measures</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Some proxy proposals involve efforts by management to make
it more difficult for an outside party to take control of the company without the approval of the company&rsquo;s board of directors.
These include the adoption of a shareholder rights plan, requiring supermajority voting on particular issues, the adoption of fair
price provisions, the issuance of blank check preferred stock, and the creation of a separate class of stock with disparate voting
rights. Such proposals may adversely affect shareholder rights, lead to management entrenchment, or create conflicts of interest.
As a result, the funds will vote <B><U>against</U></B> board-approved proposals to adopt such anti-takeover measures, except as
follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></FONT></TD><TD>The funds will vote on a <B><U>case-by-case basis</U></B> on proposals to ratify or approve shareholder rights plans; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></FONT></TD><TD>The funds will vote on a <B><U>case-by-case basis</U></B> on proposals to adopt fair price provisions.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>Commentary</U>: The funds&rsquo; Trustees recognize that
poison pills and fair price provisions may enhance or protect shareholder value under certain circumstances. For instance, where
a company has incurred significant operating losses, a shareholder rights plan may be appropriately tailored to protect shareholder
value by preserving a company&rsquo;s net operating losses. Thus, the funds will consider proposals to approve such matters on
a case-by-case basis.</P>

<P STYLE="font: bold 12pt Times New Roman Bold; margin: 0 0 12pt"><U>Other Business Matters</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Many proxies involve approval of routine business matters,
such as changing a company&rsquo;s name, ratifying the appointment of auditors, and procedural matters relating to the shareholder
meeting. For the most part, these routine matters do not materially affect shareholder interests and are best left to the board
of directors and senior management of the company. The funds will vote <B><U>for</U></B> board-approved proposals approving such
matters, except as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></FONT></TD><TD>The funds will vote on a <B><U>case-by-case basis</U></B> on proposals to amend a company&rsquo;s charter or bylaws (except
for charter amendments necessary to effect stock splits, to change a company&rsquo;s name or to authorize additional shares of
common stock).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></FONT></TD><TD>The funds will vote <B><U>against</U></B> authorization to transact other unidentified, substantive business at the meeting.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></FONT></TD><TD>The funds will vote on a <B><U>case-by-case basis</U></B> on proposals to ratify the selection of independent auditors if there
is evidence that the audit firm&rsquo;s independence or the integrity of an audit is compromised.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></FONT></TD><TD>The funds will vote on a <B><U>case-by-case basis</U></B> on other business matters where the funds are otherwise withholding
votes for the entire board of directors.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>Commentary</U>: Charter and bylaw amendments and the transaction
of other unidentified, substantive business at a shareholder meeting may directly affect shareholder rights and have a significant
impact on shareholder value. As a result, the funds do not view these items as routine business matters. Putnam Management&rsquo;s
investment professionals and the funds&rsquo; proxy voting service may also bring to the Proxy Manager&rsquo;s attention company-specific
items that they believe to be non-routine and warranting special consideration. Under these circumstances, the funds will vote
on a case-by-case basis.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The fund&rsquo;s proxy voting service may identify circumstances
that call into question an audit firm&rsquo;s independence or the integrity of an audit. These circumstances may include recent
material restatements of financials, unusual audit fees, egregious contractual relationships, and aggressive accounting policies.
The funds will consider proposals to ratify the selection of auditors in these circumstances on a case-by-case basis. In all other
cases, given the existence of rules that enhance the independence of audit committees and auditors by, for example, prohibiting
auditors from performing a range of non-audit services for audit clients, the funds will vote for the ratification of independent
auditors.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase">II.&#9;SHAREHOLDER PROPOSALS</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">SEC regulations permit shareholders to submit proposals for
inclusion in a company&rsquo;s proxy statement. These proposals generally seek to change some aspect of the company&rsquo;s corporate
governance structure or to change some aspect of its business operations. The funds generally will vote <B><U>in accordance with
the recommendation of the company&rsquo;s board of directors</U></B> on all shareholder proposals, except as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></FONT></TD><TD>The funds will vote on a <B><U>case-by-case basis</U></B> on shareholder proposals requiring that the chairman&rsquo;s position
be filled by someone other than the chief executive officer.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></FONT></TD><TD>The funds will vote <B><U>for</U></B> shareholder proposals asking that director nominees receive support from holders of a
majority of votes cast or a majority of shares outstanding in order to be (re)elected.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></FONT></TD><TD>The funds will vote <B><U>for</U></B> shareholder proposals to declassify a board, absent special circumstances which would
indicate that shareholder interests are better served by a classified board structure.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></FONT></TD><TD>The funds will vote <B><U>for</U></B> shareholder proposals to eliminate supermajority vote requirements in the company&rsquo;s
charter documents.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></FONT></TD><TD>The funds will vote <B><U>for</U></B> shareholder proposals to require shareholder approval of shareholder rights plans.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></TD><TD>The funds will vote <B><U>for</U> </B>shareholder proposals to amend a company&rsquo;s charter documents to permit shareholders
to call special meetings, but only if both of the following conditions are met:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the proposed amendment limits the right to call special meetings to shareholders holding at least 15% of the company&rsquo;s
outstanding shares, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>applicable state law does not otherwise provide shareholders with the right to call special meetings.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></FONT></TD><TD>The funds will vote <B><U>for</U></B> shareholder proposals requiring companies to make cash payments under management severance
agreements only if both of the following conditions are met:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the company undergoes a change in control, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the change in control results in the termination of employment for the person receiving the severance payment.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></FONT></TD><TD>The funds will vote <B><U>on a case-by-case basis</U></B> on shareholder proposals requiring companies to accelerate vesting
of equity awards under management severance agreements only if both of the following conditions are met:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the company undergoes a change in control, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the change in control results in the termination of employment for the person receiving the severance payment.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></FONT></TD><TD>The funds will vote <B><U>on a case-by-case basis</U></B> on shareholder proposals to limit a company&rsquo;s ability to make
excise tax gross-up payments under management severance agreements.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></FONT></TD><TD>The funds will vote <B><U>on a case-by-case basis</U></B> on shareholder proposals requesting that the board adopt a policy
to recoup, in the event of a significant restatement of financial results or significant extraordinary write-off, to the fullest
extent practicable, for the benefit of the company, all performance-based bonuses or awards that were paid to senior executives
based on the company having met or exceeded specific performance targets to the extent that the specific performance targets were
not, in fact, met.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></FONT></TD><TD>The funds will vote <B><U>for</U></B> shareholder proposals calling for the company to obtain shareholder approval for any
future golden coffins or unearned death benefits (payments or awards of unearned salary or bonus, accelerated vesting or the continuation
of unvested equity awards, perquisites or other payments or awards in respect of an executive following his or her death), and
<B><U>for</U></B> shareholder proposals calling for the company to cease providing golden coffins or unearned death benefits.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></TD><TD>The funds will vote <B><U>for</U></B> shareholder proposals requiring a company to report on its executive retirement benefits
(<I>e.g.</I>, deferred compensation, split-dollar life insurance, SERPs and pension benefits).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></TD><TD>The funds will vote <B><U>for</U></B> shareholder proposals requiring a company to disclose its relationships with executive
compensation consultants (<I>e.g.</I>, whether the company, the board or the compensation committee retained the consultant, the
types of services provided by the consultant over the past five years, and a list of the consultant&rsquo;s clients on which any
of the company&rsquo;s executives serve as a director).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></TD><TD>The funds will vote <B><U>for</U></B> shareholder proposals that are consistent with the funds&rsquo; proxy voting guidelines
for board-approved proposals.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></TD><TD>The funds will vote on a <B><U>case-by-case basis</U></B> on other shareholder proposals where the funds are otherwise withholding
votes for the entire board of directors.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>Commentary</U>: In light of the substantial reforms in
corporate governance that are currently underway, the funds&rsquo; Trustees believe that effective corporate reforms should be
promoted by holding boards of directors &ndash; and in particular their independent directors &ndash; accountable for their actions,
rather than by imposing additional legal restrictions on board governance through piecemeal proposals. Generally speaking, shareholder
proposals relating to business operations are often motivated primarily by political or social concerns, rather than the interests
of shareholders as investors in an economic enterprise. As stated above, the funds&rsquo; Trustees believe that boards of directors
and management are responsible for ensuring that their businesses are operating in accordance with high legal and ethical standards
and should be held accountable for resulting corporate behavior. Accordingly, the funds will generally support the recommendations
of boards that meet the basic independence and governance standards established in these guidelines. Where boards fail to meet
these standards, the funds will generally evaluate shareholder proposals on a case-by-case basis. The funds will also consider
proposals requiring that the chairman&rsquo;s position be filled by someone other than the company&rsquo;s chief executive officer
on a case-by-case basis, recognizing that in some cases this separation may advance the company&rsquo;s corporate governance while
in other cases it may be less necessary to the sound governance of the company. The funds will take into account the level of independent
leadership on a company&rsquo;s board in evaluating these proposals.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">However, the funds generally support shareholder proposals
to implement majority voting for directors, observing that majority voting is an emerging standard intended to encourage directors
to be attentive to shareholders&rsquo; interests. The funds also generally support shareholder proposals to declassify a board,
to eliminate supermajority vote requirements, or to require shareholder approval of shareholder rights plans. The funds&rsquo;
Trustees believe that these shareholder proposals further the goals of reducing management entrenchment and conflicts of interest,
and aligning management&rsquo;s interests with shareholders&rsquo; interests in evaluating proposed acquisitions of the company.
The Trustees also believe that shareholder proposals to limit severance payments may further these goals in some instances. In
general, the funds favor arrangements in which severance payments are made to an executive only when there is a change in control
and the executive loses his or her job as a result. Arrangements in which an executive receives a payment upon a change of control
even if the executive retains employment introduce potential conflicts of interest and may distract management focus from the long
term success of the company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">In evaluating shareholder proposals that address severance
payments, the funds distinguish between cash and equity payments. The funds generally do not favor cash payments to executives
upon a change in control transaction if the executive retains employment. However, the funds recognize that accelerated vesting
of equity incentives, even without termination of employment, may help to align management and shareholder interests in some instances,
and will evaluate shareholder proposals addressing accelerated vesting of equity incentive payments on a case-by-case basis.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">When severance payments exceed a certain amount based on
the executive&rsquo;s previous compensation, the payments may be subject to an excise tax. Some compensation arrangements provide
for full excise tax gross-ups, which means that the company pays the executive sufficient additional amounts to cover the cost
of the excise tax. The funds are concerned that the benefits of providing full excise tax gross-ups to executives may be outweighed
by the cost to the company of the gross-up payments. Accordingly, the funds will vote on a case-by-case basis on shareholder proposals
to curtail excise tax gross-up payments. The funds generally favor arrangements in which severance payments do not trigger an excise
tax or in which the company&rsquo;s obligations with respect to gross-up payments are limited in a reasonable manner.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">The funds&rsquo; Trustees believe that performance-based
compensation can be an effective tool for aligning management and shareholder interests. However, to fulfill its purpose, performance
compensation should only be paid to executives if the performance targets are actually met. A significant restatement of financial
results or a significant extraordinary write-off may reveal that executives who were previously paid performance compensation did
not actually deliver the required business performance to earn that compensation. In these circumstances, it may be appropriate
for the company to recoup this performance compensation. The funds will consider on a case-by-case basis shareholder proposals
requesting that the board adopt a policy to recoup, in the event of a significant restatement of financial results or significant
extraordinary write-off, performance-based bonuses or awards paid to senior executives based on the company having met or exceeded
specific performance targets to the extent that the specific performance targets were not, in fact, met. The funds do not believe
that such a policy should necessarily disadvantage a company in recruiting executives, as executives should understand that they
are only entitled to performance compensation based on the actual performance they deliver.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">The funds&rsquo; Trustees disfavor golden coffins or unearned
death benefits, and the funds will generally support shareholder proposals to restrict or terminate these practices. The Trustees
will also consider whether a company&rsquo;s overall compensation arrangements, taking all of the pertinent circumstances into
account, constitute excessive compensation or otherwise reflect poorly on the corporate governance practices of the company. As
the Trustees evaluate these matters, they will be mindful of evolving practices and legislation relevant to executive compensation
and corporate governance.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">The funds&rsquo; Trustees also believe that shareholder proposals
that are intended to increase transparency, particularly with respect to executive compensation, without establishing rigid restrictions
upon a company&rsquo;s ability to attract and motivate talented executives, are generally beneficial to sound corporate governance
without imposing undue burdens. The funds will generally support shareholder proposals calling for reasonable disclosure.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase">III.&#9;VOTING SHARES OF
NON-U.S. ISSUERS</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Many of the Putnam funds invest on a global basis, and, as
a result, they may hold, and have an opportunity to vote, shares in non-U.S. issuers &ndash; i.e., issuers that are incorporated
under the laws of foreign jurisdictions and whose shares are not listed on a U.S. securities exchange or the NASDAQ stock market.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">In many non-U.S. markets, shareholders who vote proxies of
a non-U.S. issuer are not able to trade in that company&rsquo;s stock on or around the shareholder meeting date. This practice
is known as &ldquo;share blocking.&rdquo; In countries where share blocking is practiced, the funds will vote proxies only with
direction from Putnam Management&rsquo;s investment professionals.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">In addition, some non-U.S. markets require that a company&rsquo;s
shares be re-registered out of the name of the local custodian or nominee into the name of the shareholder for the shareholder
to be able to vote at the meeting. This practice is known as &ldquo;share re-registration.&rdquo; As a result, shareholders, including
the funds, are not able to trade in that company&rsquo;s stock until the shares are re-registered back in the name of the local
custodian or nominee following the meeting. In countries where share re-registration is practiced, the funds will generally not
vote proxies.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Protection for shareholders of non-U.S. issuers may vary
significantly from jurisdiction to jurisdiction. Laws governing non-U.S. issuers may, in some cases, provide substantially less
protection for shareholders than do U.S. laws. As a result, the guidelines applicable to U.S. issuers, which are premised on the
existence of a sound corporate governance and disclosure framework, may not be appropriate under some circumstances for non-U.S.
issuers. However, the funds will vote proxies of non-U.S. issuers <B><U>in accordance with the guidelines applicable to U.S. issuers</U></B>,
except as follows:</P>

<P STYLE="font: bold 12pt Times New Roman Bold; margin: 0 0 12pt"><U>Uncontested Board Elections</U></P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">Germany</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></TD><TD>For companies subject to &ldquo;co-determination,&rdquo; the funds will vote <B><U>for</U></B> the election of nominees to
the supervisory board, except that the funds will vote on a<B> <U>case-by-case basis</U></B> for any nominee who is either an employee
of the company or who is otherwise affiliated with the company (as determined by the funds&rsquo; proxy voting service).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></TD><TD>The funds will <B><U>withhold votes</U></B> for the election of a former member of the company&rsquo;s managerial board to
chair of the supervisory board.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>Commentary</U>: German corporate governance is characterized
by a two-tier board system&mdash;a managerial board composed of the company&rsquo;s executive officers, and a supervisory board.
The supervisory board appoints the members of the managerial board. Shareholders elect members of the supervisory board, except
that in the case of companies with a large number of employees, company employees are allowed to elect some of the supervisory
board members (one-half of supervisory board members are elected by company employees at companies with more than 2,000 employees;
one-third of the supervisory board members are elected by company employees at companies with more than 500 employees but fewer
than 2,000). This &ldquo;co-determination&rdquo; practice may increase the chances that the supervisory board of a large German
company does not contain a majority of independent members. In this situation, under the Fund&rsquo;s proxy voting guidelines applicable
to U.S. issuers, the funds would vote against all nominees. However, in the case of companies subject to &ldquo;co-determination&rdquo;
and with the goal of supporting independent nominees, the Funds will vote for supervisory board members who are neither employees
of the company nor otherwise affiliated with the company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Consistent with the funds&rsquo; belief that the interests
of shareholders are best protected by boards with strong, independent leadership, the funds will withhold votes for the election
of former chairs of the managerial board to chair of the supervisory board.</P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">Japan</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></TD><TD>For companies that have established a U.S.-style corporate governance structure, the funds will <B><U>withhold votes</U></B>
from the entire board of directors if</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the board does not have a majority of <U>outside directors</U>,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the board has not established nominating and compensation committees composed of a majority of <U>outside directors</U>, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the board has not established an audit committee composed of a majority of <U>independent directors</U>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></TD><TD>The funds will <B><U>withhold votes</U></B> for the appointment of members of a company&rsquo;s board of statutory auditors
if a majority of the members of the board of statutory auditors is not independent.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>Commentary</U>:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Board structure</B>: Recent amendments to the Japanese
Commercial Code give companies the option to adopt a U.S.-style corporate governance structure (<I>i.e.</I>, a board of directors
and audit, nominating, and compensation committees). The funds will vote <B><U>for</U></B> proposals to amend a company&rsquo;s
articles of incorporation to adopt the U.S.-style corporate structure.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Definition of outside director and independent director</B>:
Corporate governance principles in Japan focus on the distinction between outside directors and independent directors. Under these
principles, an outside director is a director who is not and has never been a director, executive, or employee of the company or
its parent company, subsidiaries or affiliates. An outside director is &ldquo;independent&rdquo; if that person can make decisions
completely independent from the managers of the company, its parent, subsidiaries, or affiliates and does not have a material relationship
with the company (<I>i.e.</I>, major client, trading partner, or other business relationship; familial relationship with current
director or executive; etc.). The guidelines have incorporated these definitions in applying the board independence standards above.</P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">Korea</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></TD><TD>The funds will <B><U>withhold votes</U></B> from the entire board of directors if</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>fewer than half of the directors are outside directors,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the board has not established a nominating committee with at least half of the members being outside directors, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the board has not established an audit committee composed of at least three members and in which at least two-thirds of its
members are outside directors.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>Commentary</U>: For purposes of these guidelines, an &ldquo;outside
director&rdquo; is a director that is independent from the management or controlling shareholders of the company, and holds no
interests that might impair performing his or her duties impartially from the company, management or controlling shareholder. In
determining whether a director is an outside director, the funds will also apply the standards included in Article 415-2(2) of
the Korean Commercial Code (<I>i.e.</I>, no employment relationship with the company for a period of two years before serving on
the committee, no director or employment relationship with the company&rsquo;s largest shareholder, etc.) and may consider other
business relationships that would affect the independence of an outside director.</P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">Russia</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></TD><TD>The funds will vote on a <B><U>case-by-case basis</U></B> for the election of nominees to the board of directors.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>Commentary</U>: In Russia, director elections are typically
handled through a cumulative voting process. Cumulative voting allows shareholders to cast all of their votes for a single nominee
for the board of directors, or to allocate their votes among nominees in any other way. In contrast, in &ldquo;regular&rdquo; voting,
shareholders may not give more than one vote per share to any single nominee. Cumulative voting can help to strengthen the ability
of minority shareholders to elect a director.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">In Russia, as in some other emerging markets, standards of
corporate governance are usually behind those in developed markets. Rather than vote against the entire board of directors, as
the funds generally would in the case of a company whose board fails to meet the funds&rsquo; standards for independence, the funds
may, on a case by case basis, cast all of their votes for one or more independent director nominees. The funds believe that it
is important to increase the number of independent directors on the boards of Russian companies to mitigate the risks associated
with dominant shareholders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><I>United Kingdom</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>The funds will <B><U>withhold votes</U></B> from the entire board of directors if</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the board does not have at least a majority of independent non-executive directors,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the board has not established a nomination committee composed of a majority of independent non-executive directors, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the board has not established compensation and audit committees composed of (1) at least three directors (in the case of smaller
companies, two directors) and (2) solely independent non-executive directors, provided that, to the extent permitted under the
United Kingdom&rsquo;s Combined Code on Corporate Governance, the company chairman may serve on (but not serve as chairman of)
the compensation and audit committees if the chairman was considered independent upon his or her appointment as chairman.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></TD><TD>The funds will <B><U>withhold votes</U></B> from any nominee for director who is considered an independent director by the
company and who has received compensation within the last three years from the company other than for service as a director, such
as investment banking, consulting, legal, or financial advisory fees.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></TD><TD>The funds will vote <B><U>for</U></B> proposals to amend a company&rsquo;s articles of association to authorize boards to approve
situations that might be interpreted to present potential conflicts of interest affecting a director.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>Commentary</U>:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Application of guidelines</B>: Although the United Kingdom&rsquo;s
Combined Code on Corporate Governance (&ldquo;Combined Code&rdquo;) has adopted the &ldquo;comply and explain&rdquo; approach to
corporate governance, the funds&rsquo; Trustees believe that the guidelines discussed above with respect to board independence
standards are integral to the protection of investors in U.K. companies. As a result, these guidelines will generally be applied
in a prescriptive manner.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Definition of independence</B>: For the purposes of these
guidelines, a non-executive director shall be considered independent if the director meets the independence standards in section
A.3.1 of the Combined Code (<I>i.e.</I>, no material business or employment relationships with the company, no remuneration from
the company for non-board services, no close family ties with senior employees or directors of the company, etc.), except that
the funds do not view service on the board for more than nine years as affecting a director&rsquo;s independence. Company chairmen
in the U.K. are generally considered affiliated upon appointment as chairman due to the nature of the position of chairman. Consistent
with the Combined Code, a company chairman who was considered independent upon appointment as chairman: may serve as a member of,
but not as the chairman of, the compensation (remuneration) committee; and, in the case of smaller companies, may serve as a member
of, but not as the chairman of, the audit committee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Smaller companies</B>: A smaller company is one that is
below the FTSE 350 throughout the year immediately prior to the reporting year.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Conflicts of interest</B>: The Companies Act 2006 requires
a director to avoid a situation <FONT STYLE="color: black">in which he or she has, or can have, a direct or indirect interest that
conflicts, or possibly may conflict, with the interests of the company</FONT>. This broadly written requirement could be construed
to prevent a director from becoming a trustee or director of another organization. Provided there are reasonable safeguards, such
as the exclusion of the relevant director from deliberations, the funds believe that the board may approve this type of potential
conflict of interest in its discretion.</P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">All other jurisdictions</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></TD><TD>The funds will vote <B><U>for</U></B> supervisory board nominees when the supervisory board meets the funds&rsquo; independence
standards, otherwise the funds will vote <B><U>against</U></B> supervisory board nominees.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>Commentary</U>: Companies in many jurisdictions operate
under the oversight of supervisory boards. In the absence of jurisdiction-specific guidelines, the funds will generally hold supervisory
boards to the same standards of independence as it applies to boards of directors in the United States.</P>

<P STYLE="font: 12pt Times New Roman Bold; margin: 0 0 12pt"><FONT STYLE="font-weight: normal; text-underline-style: none">Contested
Board Elections</FONT></P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">Italy</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></TD><TD>The funds will vote <B><U>for</U></B> the management- or board-sponsored slate of nominees if the board meets the funds&rsquo;
independence standards, and <B><U>against</U></B> the management- or board-sponsored slate of nominees if the board does not meet
the funds&rsquo; independence standards; the funds will not vote on shareholder-proposed slates of nominees.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>Commentary</U>: Contested elections in Italy may involve
a variety of competing slates of nominees. In these circumstances, the funds will focus their analysis on the board- or management-sponsored
slate.</P>

<P STYLE="font: bold 12pt Times New Roman Bold; margin: 0 0 12pt"><U>Corporate Governance</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></TD><TD>The funds will vote <B><U>for</U></B> proposals to change the size of a board if the board meets the funds&rsquo; independence
standards, and <B><U>against</U></B> proposals to change the size of a board if the board does not meet the funds&rsquo; independence
standards.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></TD><TD>The funds will vote <B><U>for</U></B> shareholder proposals calling for a majority of a company&rsquo;s directors to be independent
of management.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></TD><TD>The funds will vote <B><U>for</U></B> shareholder proposals seeking to increase the independence of board nominating, audit,
and compensation committees.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></TD><TD>The funds will vote <B><U>for</U></B> shareholder proposals that implement corporate governance standards similar to those
established under U.S. federal law and the listing requirements of U.S. stock exchanges, and that do not otherwise violate the
laws of the jurisdiction under which the company is incorporated.</TD></TR></TABLE>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">Taiwan</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></TD><TD>The funds will vote <B><U>against</U></B> proposals to release directors from their non-competition obligations (their obligations
not to engage in any business that is competitive with the company), unless the proposal is narrowly drafted to permit directors
to engage in a business that is competitive with the company only on behalf of a wholly-owned subsidiary of the company.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: -0.5in"><B><U>Compensation </U></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></TD><TD>The funds will vote <B><U>for</U></B> proposals to approve annual directors&rsquo; fees, except that the funds will consider
these proposals on a <B><U>case-by-case basis</U></B> in each case in which the funds&rsquo; proxy voting service has recommended
a vote against such a proposal.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></TD><TD>The funds will vote <B><U>for</U></B> non-binding proposals to approve remuneration reports, except that the funds will vote
<B><U>against</U></B> proposals to approve remuneration reports that indicate that awards under a long-term incentive plan are
not linked to performance targets.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>Commentary:</U> Since proposals relating to directors&rsquo;
fees for non-U.S. issuers generally address relatively modest fees paid to non-executive directors, the funds generally support
these proposals, provided that the fees are consistent with directors&rsquo; fees paid by the company&rsquo;s peers and do not
otherwise appear unwarranted. Consistent with the approach taken for U.S. issuers, the funds generally favor compensation programs
that relate executive compensation to a company&rsquo;s long-term performance and will support non-binding remuneration reports
unless such a correlation is not made.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><U>Capitalization</U></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></TD><TD>The funds will vote <B><U>for</U></B> proposals</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>to issue additional common stock representing up to 20% of the company&rsquo;s outstanding common stock, where shareholders
<I>do not</I> have preemptive rights, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>to issue additional common stock representing up to 100% of the company&rsquo;s outstanding common stock, where shareholders
<I>do have</I> preemptive rights.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></TD><TD>The funds will vote <B><U>for</U></B> proposals to authorize share repurchase programs that are recommended for approval by
the funds&rsquo; proxy voting service; otherwise, the funds will vote <B><U>against</U></B> such proposals.</TD></TR></TABLE>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">Australia</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></TD><TD>The funds will vote <B><U>for</U></B> proposals to carve out, from the general cap on non-<I>pro rata</I> share issues of 15%
of total equity in a rolling 12-month period, a particular proposed issue of shares or a particular issue of shares made previously
within the 12-month period, if the company&rsquo;s board meets the funds&rsquo; independence standards; if the company&rsquo;s
board does not meet the funds&rsquo; independence standards, then the funds will vote <B><U>against</U></B> these proposals.</TD></TR></TABLE>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">Hong Kong</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></TD><TD>The funds will vote <B><U>for</U></B> proposals to approve a general mandate permitting the company to engage in non-<I>pro
rata</I> share issues of up to 20% of total equity in a year if the company&rsquo;s board meets the funds&rsquo; independence standards;
if the company&rsquo;s board does not meet the funds&rsquo; independence standards, then the funds will vote <B><U>against</U></B>
these proposals.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><U>Commentary</U>: In light of the prevalence
of certain types of capitalization proposals in Australia and Hong Kong, the funds have adopted guidelines specific to those jurisdictions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B><U>Other Business Matters</U></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></TD><TD>The funds will vote <B><U>for</U></B> proposals permitting companies to deliver reports and other materials electronically
(<I>e.g.</I>, via website posting).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></TD><TD>The funds will vote <B><U>for</U></B> proposals permitting companies to issue regulatory reports in English.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></TD><TD>The funds will vote <B><U>against</U></B> proposals to shorten shareholder meeting notice periods to fourteen days.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><U>Commentary:</U> Under Directive 2007/36/EC
of the European Parliament and the Council of the European Union, companies have the option to request shareholder approval to
set the notice period for special meetings at 14 days provided that certain electronic voting and communication requirements are
met. The funds believe that the 14 day notice period is too short to provide overseas shareholders with sufficient time to analyze
proposals and to participate meaningfully at special meetings and, as a result, have determined to vote against such proposals.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><I>France</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></TD><TD>The funds will vote <B><U>for</U></B> proposals to approve a company&rsquo;s related party transactions, except that the funds
will consider these proposals on a <B><U>case-by-case basis</U></B> if the funds&rsquo; proxy voting service has recommended a
vote against the proposal.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><U>Commentary:</U>&#9;In France, shareholders
are generally requested to approve any agreement between the company and: (i) its directors, chair of the board, CEO and deputy
CEOs; (ii) the members of the supervisory board and management board, for companies with a dual structure; and (iii) a shareholder
who directly or indirectly owns at least 10% of the company&rsquo;s voting rights. This includes agreements under which compensation
may be paid to executive officers after the end of their employment, such as severance payments, supplementary retirement plans
and non-competition agreements. The funds will generally support these proposals unless the funds&rsquo; proxy voting service recommends
a vote against, in which case the funds will consider the proposal on a case-by-case basis.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><I>Germany </I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></TD><TD>The funds will vote <B><U>in accordance with the recommendation of the company&rsquo;s board of directors</U></B> on shareholder
countermotions added to a company&rsquo;s meeting agenda, unless the countermotion is directly addressed by one of the funds&rsquo;
other guidelines.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><U>Commentary:</U>&#9;In Germany, shareholders
are able to add both proposals and countermotions to a meeting agenda. Countermotions, which must correspond to a proposal on the
agenda, generally call for shareholders to oppose the existing proposal, although they may also propose separate voting decisions.
Countermotions may be proposed by any shareholder and they are typically added throughout the period between the publication of
the meeting agenda and the meeting date. This guideline reflects the funds&rsquo; intention to focus on the original proposal,
which is expected to be presented a reasonable period of time before the shareholder meeting so that the funds will have an appropriate
opportunity to evaluate it.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></TD><TD>The funds will vote <B><U>for</U></B> proposals to approve profit-and-loss transfer agreements between a controlling company
and its subsidiaries.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>Commentary:</U>&#9;These agreements are customary in Germany
and are typically entered into for tax purposes. In light of this and the prevalence of these proposals, the funds have adopted
a guideline to vote for this type of proposal.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><I>Taiwan</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9658;</FONT></TD><TD>The funds will vote <B><U>for</U></B> proposals to amend a Taiwanese company&rsquo;s procedural rules.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>Commentary:</U>&#9;Since procedural rules, which address
such matters as a company&rsquo;s policies with respect to capital loans, endorsements and guarantees, and acquisitions and disposal
of assets, are generally adopted or amended to conform to changes in local regulations governing these transactions, the funds
have adopted a guideline to vote for these transactions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">As adopted December 9, 2011</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Proxy voting procedures of the Putnam funds</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The proxy voting procedures below explain the role of the funds&rsquo;
Trustees, the proxy voting service and the Proxy Manager, as well as how the process will work when a proxy question needs to be
handled on a case-by-case basis, or when there may be a conflict of interest.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>The role of the funds&rsquo; Trustees</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The Trustees of the Putnam funds exercise control of the voting
of proxies through their Board Policy and Nominating Committee, which is composed entirely of independent Trustees. The Board Policy
and Nominating Committee oversees the proxy voting process and participates, as needed, in the resolution of issues that need to
be handled on a case-by-case basis. The Committee annually reviews and recommends, for Trustee approval, guidelines governing the
funds&rsquo; proxy votes, including how the funds vote on specific proposals and which matters are to be considered on a case-by-case
basis. The Trustees are assisted in this process by their independent administrative staff (&ldquo;Office of the Trustees&rdquo;),
independent legal counsel, and an independent proxy voting service. The Trustees also receive assistance from Putnam Investment
Management, LLC (&ldquo;Putnam Management&rdquo;), the funds&rsquo; investment advisor, on matters involving investment judgments.
In all cases, the ultimate decision on voting proxies rests with the Trustees, acting as fiduciaries on behalf of the shareholders
of the funds.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>The role of the proxy voting service</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The funds have engaged an independent proxy voting service to assist
in the voting of proxies. The proxy voting service is responsible for coordinating with the funds&rsquo; custodians to ensure that
all proxy materials received by the custodians relating to the funds&rsquo; portfolio securities are processed in a timely fashion.
To the extent applicable, the proxy voting service votes all proxies in accordance with the proxy voting guidelines established
by the Trustees. The proxy voting service will refer proxy questions to the Proxy Manager (described below) for instructions under
circumstances where: (1) the application of the proxy voting guidelines is unclear; (2) a particular proxy question is not covered
by the guidelines; or (3) the guidelines call for specific instructions on a case-by-case basis. The proxy voting service is also
requested to call to the Proxy Manager&rsquo;s attention specific proxy questions that, while governed by a guideline, appear to
involve unusual or controversial issues. The funds also utilize research services relating to proxy questions provided by the proxy
voting service and by other firms.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>The role of the Proxy Manager</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Each year, a member of the Office of the Trustees is appointed Proxy
Manager to assist in the coordination and voting of the funds&rsquo; proxies. The Proxy Manager will deal directly with the proxy
voting service and, in the case of proxy questions referred by the proxy voting service, will solicit voting recommendations and
instructions from the Office of the Trustees, the Chair of the Board Policy and Nominating Committee, and Putnam Management&rsquo;s
investment professionals, as appropriate. The Proxy Manager is responsible for ensuring that these questions and referrals are
responded to in a timely fashion and for transmitting appropriate voting instructions to the proxy voting service.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>Voting procedures for referral items </I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">As discussed above, the proxy voting service will refer proxy questions
to the Proxy Manager under certain circumstances. When the application of the proxy voting guidelines is unclear or a particular
proxy question is not covered by the guidelines (and does not involve investment considerations), the Proxy Manager will assist
in interpreting the guidelines and, as appropriate, consult with one or more senior staff members of the Office of the Trustees
and the Chair of the Board Policy and Nominating Committee on how the funds&rsquo; shares will be voted.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">For proxy questions that require a case-by-case analysis pursuant
to the guidelines or that are not covered by the guidelines but involve investment considerations, the Proxy Manager will refer
such questions, through an electronic request form, to Putnam Management&rsquo;s investment professionals for a voting recommendation.
Such referrals will be made in cooperation with the person or persons designated by Putnam Management&rsquo;s Legal and Compliance
Department to assist in processing such referral items. In connection with each referral item, the Legal and Compliance Department
will conduct a conflicts of interest review, as described below under &ldquo;Conflicts of interest,&rdquo; and provide electronically
a conflicts of interest report (the &ldquo;Conflicts Report&rdquo;) to the Proxy Manager describing the results of such review.
After receiving a referral item from the Proxy Manager, Putnam Management&rsquo;s investment professionals will provide a recommendation
electronically to the Proxy Manager and the person or persons designated by the Legal and Compliance Department to assist in processing
referral items. Such recommendation will set forth (1) how the proxies should be voted; (2) the basis and rationale for such recommendation;
and (3) any contacts the investment professionals have had with respect to the referral item with non-investment personnel of Putnam
Management or with outside parties (except for routine communications from proxy solicitors). The Proxy Manager will then review
the investment professionals&rsquo; recommendation and the Conflicts Report with one or more senior staff members of the Office
of the Trustees in determining how to vote the funds&rsquo; proxies. The Proxy Manager will maintain a record of all proxy questions
that have been referred to Putnam Management&rsquo;s investment professionals, the voting recommendation, and the Conflicts Report.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">In some situations, the Proxy Manager and/or one or more senior
staff members of the Office of the Trustees may determine that a particular proxy question raises policy issues requiring consultation
with the Chair of the Board Policy and Nominating Committee, who, in turn, may decide to bring the particular proxy question to
the Committee or the full Board of Trustees for consideration.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>Conflicts of interest</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Occasions may arise where a person or organization involved in the
proxy voting process may have a conflict of interest. A conflict of interest may exist, for example, if Putnam Management has a
business relationship with (or is actively soliciting business from) either the company soliciting the proxy or a third party that
has a material interest in the outcome of a proxy vote or that is actively lobbying for a particular outcome of a proxy vote. Any
individual with knowledge of a personal conflict of interest (e.g., familial relationship with company management) relating to
a particular referral item shall disclose that conflict to the Proxy Manager and the Legal and Compliance Department and otherwise
remove himself or herself from the proxy voting process. The Legal and Compliance Department will review each item referred to
Putnam Management&rsquo;s investment professionals to determine if a conflict of interest exists and will provide the Proxy Manager
with a Conflicts Report for each referral item that (1) describes any conflict of interest; (2) discusses the procedures used to
address such conflict of interest; and (3) discloses any contacts from parties outside Putnam Management (other than routine communications
from proxy solicitors) with respect to the referral item not otherwise reported in an investment professional&rsquo;s recommendation.
The Conflicts Report will also include written confirmation that any recommendation from an investment professional provided under
circumstances where a conflict of interest exists was made solely on the investment merits and without regard to any other consideration.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>As adopted March 11, 2005 and revised June 12, 2009</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Item 8. Portfolio Managers of Closed-End Management Investment
Companies</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(a)(1) <B>Portfolio Managers.</B> <FONT STYLE="color: black">The
officers of Putnam Management identified below are primarily responsible for the day-to-day management of the fund&rsquo;s portfolio
<FONT STYLE="font: 10pt Helv,sans-serif">as of the filing date of this report</FONT>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="width: 24%; border: windowtext 1pt solid; font: bold 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Portfolio Managers</TD>
    <TD STYLE="width: 12%; border: windowtext 1pt solid; font: bold 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Joined Fund</TD>
    <TD STYLE="width: 18%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Employer</B></P></TD>
    <TD STYLE="width: 46%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 18.1pt; text-indent: -18.1pt"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 18.1pt; text-indent: -18.1pt"><B>Positions Over Past Five Years</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Thalia Meehan</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2006</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Putnam Management</B></P>
        <P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0">1989 &ndash; Present</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0">Portfolio Manager,</P>
        <P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0">Previously, Team Leader, Tax Exempt</P>
        <P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Paul Drury</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2002</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Putnam Management</B></P>
        <P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0">1989 &ndash; Present</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0">Portfolio Manager,</P>
        <P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0">Previously, Tax Exempt Specialist</P>
        <P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 18.1pt; text-indent: -18.1pt">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Susan McCormack</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2002</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Putnam Management</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">1994 &ndash; Present</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0">Portfolio Manager,</P>
        <P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0">Previously, Tax Exempt Specialist</P>
        <P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 18.1pt; text-indent: -18.1pt">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(a)(2) <B>Other Accounts Managed by the Fund&rsquo;s Portfolio Managers.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The following table shows the number and approximate assets of other
investment accounts (or portions of investment accounts) that the fund&rsquo;s Portfolio Managers managed as of the fund&rsquo;s
most recent fiscal year-end. Unless noted, none of the other accounts pays a fee based on the account&rsquo;s performance.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Portfolio Leader or Member</B></P></TD>
    <TD COLSPAN="2" STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Other SEC-registered open-end and closed-end
        funds</B></P></TD>
    <TD COLSPAN="2" STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Other accounts that pool assets from more
        than one client</B></P></TD>
    <TD COLSPAN="2" STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Other accounts (including separate accounts,
        managed account programs <FONT STYLE="color: black">and single-sponsor defined contribution plan offerings)</FONT></B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%; padding-right: 5.4pt; padding-left: 5.4pt; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Number of accounts</TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Assets</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Number of accounts</TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Assets</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Number of accounts</TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Assets</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Thalia Meehan</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">13</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">$7,433,000,000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">0</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">$-</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">1</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">$1,100,000</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Susan McCormack</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">13</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">$7,433,000,000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">0</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">$-</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">1</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">$1,500,000</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Paul Drury</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">13</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">$7,433,000,000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">0</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">$-</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">0</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">$-</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><U>Potential conflicts of interest in managing multiple accounts.</U>
Like other investment professionals with multiple clients, the fund&rsquo;s Portfolio Managers may face certain potential conflicts
of interest in connection with managing both the fund and the other accounts listed under &ldquo;Other Accounts Managed by the
Fund&rsquo;s Portfolio Managers&rdquo; at the same time. The paragraphs below describe some of these potential conflicts, which
Putnam Management believes are faced by investment professionals at most major financial firms. As described below, Putnam Management
and the Trustees of the Putnam funds have adopted compliance policies and procedures that attempt to address certain of these potential
conflicts.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-weight: normal">The management of accounts with
different advisory fee rates and/or fee structures, including accounts that pay advisory fees based on account performance (&ldquo;performance
fee accounts&rdquo;), may raise potential conflicts of interest by creating an incentive to favor higher-fee accounts. These potential
conflicts may include, among others:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-weight: normal">&bull; The most attractive
investments could be allocated to higher-fee accounts or performance fee accounts. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-weight: normal">&bull; The trading of
higher-fee accounts could be favored as to timing and/or execution price. For example, higher-fee accounts could be permitted to
sell securities earlier than other accounts when a prompt sale is desirable or to buy securities at an earlier and more opportune
time.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-weight: normal">&bull; The trading of
other accounts could be used to benefit higher-fee accounts (front- running). </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-weight: normal">&bull; The investment
management team could focus their time and efforts primarily on higher-fee accounts due to a personal stake in compensation. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-weight: normal">Putnam Management attempts to
address these potential conflicts of interest relating to higher-fee accounts through various compliance policies that are generally
intended to place all accounts, regardless of fee structure, on the same footing for investment management purposes. For example,
under Putnam Management&rsquo;s policies:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-weight: normal">&bull; Performance fee
accounts must be included in all standard trading and allocation procedures with all other accounts. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-weight: normal">&bull; All accounts
must be allocated to a specific category of account and trade in parallel with allocations of similar accounts based on the procedures
generally applicable to all accounts in those groups (e.g., based on relative risk budgets of accounts). </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-weight: normal">&bull; All trading must
be effected through Putnam&rsquo;s trading desks and normal queues and procedures must be followed (i.e., no special treatment
is permitted for performance fee accounts or higher-fee accounts based on account fee structure). </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-weight: normal">&bull; Front running
is strictly prohibited. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-weight: normal">&bull; The fund&rsquo;s
Portfolio Manager(s) may not be guaranteed or specifically allocated any portion of a performance fee. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">As part of these policies, Putnam Management has also implemented
trade oversight and review procedures in order to monitor whether particular accounts (including higher-fee accounts or performance
fee accounts) are being favored over time.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: black">Potential conflicts of interest
may also arise when the Portfolio Manager(s) have personal investments in other accounts that may create an incentive to favor
those accounts. As a general matter and subject to limited exceptions, Putnam Management&rsquo;s investment professionals do not
have the opportunity to invest in client accounts, other than the Putnam funds. However, in the ordinary course of business, Putnam
Management or related persons may from time to time establish &ldquo;pilot&rdquo; or &ldquo;incubator&rdquo; funds for the purpose
of testing proposed investment strategies and products prior to offering them to clients. These pilot accounts may be in the form
of registered investment companies, private funds such as partnerships or separate accounts established by Putnam Management or
an affiliate. Putnam Management or an affiliate supplies the funding for these accounts. Putnam employees, including the fund&rsquo;s
Portfolio Manager(s), may also invest in certain pilot accounts. Putnam Management, and to the extent applicable, the Portfolio
Manager(s) will benefit from the favorable investment performance of those funds and accounts. Pilot funds and accounts may, and
frequently do, invest in the same securities as the client accounts. Putnam Management&rsquo;s policy is to treat pilot accounts
in the same manner as client accounts for purposes of trading allocation &ndash; neither favoring nor disfavoring them except as
is legally required. For example, pilot accounts are normally included in Putnam Management&rsquo;s daily block trades to the same
extent as client accounts</FONT> (except that pilot accounts do not participate in initial public offerings).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">A potential conflict of interest may arise when the fund and other
accounts purchase or sell the same securities. On occasions when the Portfolio Manager(s) consider the purchase or sale of a security
to be in the best interests of the fund as well as other accounts, Putnam Management&rsquo;s trading desk may, to the extent permitted
by applicable laws and regulations, aggregate the securities to be sold or purchased in order to obtain the best execution and
lower brokerage commissions, if any. Aggregation of trades may create the potential for unfairness to the fund or another account
if one account is favored over another in allocating the securities purchased or sold &ndash; for example, by allocating a disproportionate
amount of a security that is likely to increase in value to a favored account. Putnam Management&rsquo;s trade allocation policies
generally provide that each day&rsquo;s transactions in securities that are purchased or sold by multiple accounts are, insofar
as possible, averaged as to price and allocated between such accounts (including the fund) in a manner which in Putnam Management&rsquo;s
opinion is equitable to each account and in accordance with the amount being purchased or sold by each account. Certain exceptions
exist for specialty, regional or sector accounts. Trade allocations are reviewed on a periodic basis as part of Putnam Management&rsquo;s
trade oversight procedures in an attempt to ensure fairness over time across accounts.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: black">&ldquo;Cross trades,&rdquo; in which
one Putnam account sells a particular security to another account (potentially saving transaction costs for both accounts), may
also pose a potential conflict of interest. Cross trades may be seen to involve a potential conflict of interest if, for example,
one account is permitted to sell a security to another account at a higher price than an independent third party would pay</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">,
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">or if such trades result in more attractive investments being allocated
to higher-fee accounts</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">.</FONT> Putnam Management and
the fund&rsquo;s Trustees have adopted compliance procedures that provide that any transactions between the fund and another Putnam-advised
account are to be made at an independent current market price, as required by law.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Another potential conflict of interest may arise based on the different
investment objectives and strategies of the fund and other accounts. For example, another account may have a shorter-term investment
horizon or different investment objectives, policies or restrictions than the fund. Depending on another account&rsquo;s objectives
or other factors, the Portfolio Manager(s) may give advice and make decisions that may differ from advice given, or the timing
or nature of decisions made, with respect to the fund. In addition, investment decisions are the product of many factors in addition
to basic suitability for the particular account involved. Thus, a particular security may be bought or sold for certain accounts
even though it could have been bought or sold for other accounts at the same time. More rarely, a particular security may be bought
for one or more accounts managed by the Portfolio Manager(s) when one or more other accounts are selling the security (including
short sales). There may be circumstances when purchases or sales of portfolio securities for one or more accounts may have an adverse
effect on other accounts. As noted above, Putnam Management has implemented trade oversight and review procedures to monitor whether
any account is systematically favored over time.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0">The fund&rsquo;s Portfolio Manager(s) may also face other potential
conflicts of interest in managing the fund, and the description above is not a complete description of every conflict that could
be deemed to exist in managing both the fund and other accounts.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(a)(3) <B>Compensation of portfolio managers.</B> <FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Putnam&rsquo;s
goal for our products and investors is to deliver strong performance versus peers or performance ahead of benchmark, depending
on the product, over a rolling 3-year period. Portfolio managers are evaluated and compensated, in part, based on their performance
relative to this goal across the products they manage. In addition to their individual performance, evaluations take into account
the performance of their group and a subjective component. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Each portfolio manager is assigned an industry competitive incentive
compensation target consistent with this goal and evaluation framework. Actual incentive compensation may be higher or lower than
the target, based on individual, group, and subjective performance, and may also reflect the performance of Putnam as a firm. Typically,
performance is measured over the lesser of three years or the length of time a portfolio manager has managed a product.<BR>
<BR>
Incentive compensation includes a cash bonus and may also include grants of deferred cash, stock or options. In addition to incentive
compensation, portfolio managers receive fixed annual salaries typically based on level of responsibility and experience.<BR>
<BR>
<FONT STYLE="color: black">For this fund, the peer group Putnam compares fund performance against is its broad investment category
as determined by Lipper Inc. and identified in the shareholder report included in Item 1.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(a)(4) <B>Fund ownership. </B>The following table shows the dollar
ranges of shares of the fund owned by the professionals listed above at the end of the fund&rsquo;s last two fiscal years, including
investments by their immediate family members and amounts invested through retirement and deferred compensation plans.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="color: blue; font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="color: blue; font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">* Assets in the fund &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 21%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 6%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 6%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 7%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: black">
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: white">&nbsp;</TD>
    <TD NOWRAP STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: white">&nbsp;</TD>
    <TD NOWRAP STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="border-top: windowtext 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: white; text-align: center">$1&ndash;$10,000</TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="border-top: windowtext 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: white; text-align: center">$10,001&ndash; $50,000</TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="border-top: windowtext 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; color: white;padding-left: 5.4pt">$50,001&ndash; $100,000</TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="border-top: windowtext 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; color: white;padding-left: 5.4pt">$100,001&ndash; $500,000</TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="border-top: windowtext 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; color: white;padding-left: 5.4pt">$500,001&ndash; $1,000,000</TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="border-top: windowtext 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; color: white;padding-left: 5.4pt">$1,000,001 and over</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: black">
    <TD NOWRAP STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: white">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: white; text-align: right">Year</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: white; text-align: center">$0</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Thalia Meehan</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2011</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">*</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: red; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #FF6600; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #FF6600; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #FF6600; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #FF6600; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #FF6600; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; color: #FF6600; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-style: italic">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2010</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">*</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: red; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #FF6600; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #FF6600; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #FF6600; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #FF6600; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #FF6600; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; color: #FF6600; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Susan McCormack</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2011</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">*</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: red; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #FF6600; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #FF6600; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #FF6600; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #FF6600; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; color: #FF6600; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #FF6600; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-style: italic">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2010</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">*</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: red; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #FF6600; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #FF6600; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #FF6600; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #FF6600; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; color: #FF6600; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #FF6600; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Paul Drury</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2011</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">*</TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: red; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #FF6600; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #FF6600; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #FF6600; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #FF6600; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #FF6600; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; color: #FF6600; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-style: italic">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2010</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: red; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #FF6600; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #FF6600; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #FF6600; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; color: #FF6600; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #FF6600; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; color: #FF6600; font-weight: bold; text-align: center">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(b) Not applicable</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Item 9. Purchases of Equity Securities by Closed-End Management
Investment Companies and Affiliated Purchasers:</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: -13.5pt; padding-left: 5.4pt">Registrant Purchase of Equity Securities</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 27%; padding-right: -13.5pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 14%; padding-right: -13.5pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 16%; padding-right: -13.5pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 20%; padding-right: -13.5pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 23%; padding-right: -13.5pt; padding-left: 5.4pt">Maximum</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">Total Number</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">Number (or</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">of Shares</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">Approximate</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">Purchased</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">Dollar Value )</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">as Part</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">of Shares</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">of Publicly</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">that May Yet Be</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">Total Number</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">Average</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">Announced</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">Purchased</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">of Shares</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">Price Paid</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">Plans or</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">under the Plans</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt; text-decoration: underline">Period</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt; text-decoration: underline">Purchased</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt; text-decoration: underline">per Share</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt; text-decoration: underline">Programs*</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt; text-decoration: underline">or Programs**</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">May 1 - May 31, 2011</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">4,287,137</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">June 1 - June 30, 2011</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">4,287,137</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">July 1 - July 31, 2011</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">4,287,137</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">August 1 - August 31, 2011</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">4,287,137</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">September 1 - September 30, 2011</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">4,287,137</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt; color: Black">October 1 - October 7, 2011</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">4,287,137</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt; color: Black">October 8 - October 31, 2011</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">4,287,137</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">November 1 - November 30, 2011</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">4,287,137</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">December 1 - December 31, 2011</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">4,287,137</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">January 1 - January 31, 2012</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">4,287,137</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">February 1 - February 28, 2012</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">4,287,137</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">March 1 - March 31, 2012</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">4,287,137</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">April 1 - April 30, 2012</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">-</TD>
    <TD NOWRAP STYLE="padding-right: -13.5pt; padding-left: 5.4pt">4,287,137</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="margin: 0">* In October 2005, the Board of Trustees of the Putnam Funds initiated the closed-end fund share repurchase program, which, as subsequently amended, authorized the repurchase of up to 10% of the fund's outstanding common shares over the two-years ending October 5, 2007.&nbsp; The Trustees subsequently renewed the program on five occasions, to permit the repurchase of an additional 10% of the fund's outstanding common shares over each of the twelve-month periods beginning on October 8, 2007, October 8, 2008 ,October 8, 2009,.October 8, 2010 and October 8, 2011.&nbsp; The October 8, 2008 - October 7, 2009 program, which was announced in September 2008, allowed repurchases up to a total of 4,287,137 shares of the fund.&nbsp; The October 8, 2009 - October 7, 2010 program, which was announced in September 2009, allows repurchases up to a total of 4,287,137 shares of the fund. The October 8, 2010 - October 7, 2011 program, which was announced in September 2010, allows repurchases up to a total of 4,287,137 shares of the fund. The October 8, 2011 - October 7, 2012 program, which was announced in September 2011, allows repurchases up to a total of 4,287,137 shares of the fund.</P>


<P STYLE="color: #3366FF; font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="margin: 0">**Information prior to October 7, 2011 is based on the total number of shares eligible for repurchase under the program, as amended through September 2010.&nbsp; Information from October 8, 2011 forward is based on the total number of shares eligible for repurchase under the program, as amended through September&nbsp; 2011. &nbsp; &nbsp; &nbsp;</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Item 10. Submission of Matters to a Vote of Security Holders:</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Not applicable</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Item 11. Controls and Procedures:</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(b) Changes in internal control over financial reporting: Not applicable</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="color: red; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Item 12. Exhibits:</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(a)(1) The Code of Ethics of The Putnam Funds, which incorporates
the Code of Ethics of Putnam Investments, is filed herewith.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(a)(2) Separate certifications for the principal executive officer
and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended,
are filed herewith.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(b) The certifications required by Rule 30a-2(b) under the Investment
Company Act of 1940, as amended, are filed herewith.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>SIGNATURES</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Putnam Municipal Opportunities Trust</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">By (Signature and Title):</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>/s/Janet C. Smith</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Janet C. Smith</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Principal Accounting Officer</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Date: June 28, 2012</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">By (Signature and Title):</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>/s/Jonathan S. Horwitz</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Jonathan S. Horwitz</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Principal Executive Officer</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Date: June 28, 2012</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">By (Signature and Title):</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>/s/Steven D. Krichmar</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Steven D. Krichmar</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Principal Financial Officer</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Date: June 28, 2012</P>

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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>b_582certifications.htm
<DESCRIPTION>EX-99.CERT
<TEXT>

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<br><br>

<table width=95% border=0 cellspacing=0 cellpadding=1>
<tr>
<td width=5%></td>
<td width=95%></td>
</tr>	<tr><td></td><td><u>Certifications<br><br></u></td></tr>
<tr><td></td><td>I, Jonathan S. Horwitz, the Principal Executive Officer of the funds listed on Attachment A, certify that:</td></tr>
<tr><td></td><td><br>1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A:</td></tr>
<tr><td></td><td><br>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;</td></tr>
<tr><td></td><td><br>3. Based on my knowledge, the financial statements, and other financial information included in each report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in each report;</td></tr>
<tr><td></td><td><br>4. The registrant&#8217;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</td></tr>
<tr><td></td><td><br><br>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;</td></tr>
<tr><td></td><td><br><br>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;</td></tr>
<tr><td></td><td><br><br>c) evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of each report based on such evaluation; and</td></tr>
<tr><td></td><td><br><br>d) disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the registrant&#8217;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</td></tr>
<tr><td></td><td><br>5. The registrant&#8217;s other certifying officer and I have disclosed to each registrant&#8217;s auditors and the audit committee of each registrant&#8217;s board of directors (or persons performing the equivalent functions):</td></tr>
<tr><td></td><td><br><br>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&#8217;s ability to record, process, summarize, and report financial information; and</td></tr>
<tr><td></td><td><br><br>b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant&#8217;s internal control over financial reporting.</td></tr>
<tr><td></td><td><br>Date: June 27, 2012</td></tr>


<tr><td></td><td><br>/s/ Jonathan S. Horwitz</td></tr>
<tr><td></td><td>_______________________</td></tr>
<tr><td></td><td>Jonathan S. Horwitz</td></tr>
<tr><td></td><td>Principal Executive Officer</td></tr>

<tr><td></td><td><br><br><br><u><br><br><br><br><br><hr weight=2 noshade><br><br><br><br><br><u>Certifications<br><br></u></td></tr>
<tr><td></td><td>I, Steven D. Krichmar, the Principal Financial Officer of the funds listed on Attachment A, certify that:</td></tr>
<tr><td></td><td><br>1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A:</td></tr>
<tr><td></td><td><br>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;</td></tr>
<tr><td></td><td><br>3. Based on my knowledge, the financial statements, and other financial information included in each report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in each report;</td></tr>
<tr><td></td><td><br>4. The registrant&#8217;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</td></tr>
<tr><td></td><td><br><br>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;</td></tr>
<tr><td></td><td><br><br>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;</td></tr>
<tr><td></td><td><br><br>c) evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of each report based on such evaluation; and</td></tr>
<tr><td></td><td><br><br>d) disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the registrant&#8217;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</td></tr>
<tr><td></td><td><br>5. The registrant&#8217;s other certifying officer and I have disclosed to each registrant&#8217;s auditors and the audit committee of each registrant&#8217;s board of directors (or persons performing the equivalent functions):</td></tr>
<tr><td></td><td><br><br>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&#8217;s ability to record, process, summarize, and report financial information; and</td></tr>
<tr><td></td><td><br><br>b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant&#8217;s internal control over financial reporting.</td></tr>
<tr><td></td><td><br>Date: June 27, 2012</td></tr>
<tr><td></td><td><br>/s/ Steven D. Krichmar</td></tr>
<tr><td></td><td>_______________________</td></tr>
<tr><td></td><td>Steven D. Krichmar</td></tr>
<tr><td></td><td>Principal Financial Officer</td></tr>


<tr><td></td><td align=center><br><br><br><br><br><br><br><br><br><hr weight=2 noshade><br><br><br><br><br><font size=+2><b>Attachment A</b></font></td></tr>
<tr><td></td><td align=center><br><font size=+2><b>N-CSR</b></font></td></tr>
<tr><td></td><td align=center><br>Period (s) ended April 30, 2012</td></tr>

<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Managed Municipal Income Trust</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Municipal Opportunities Trust</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Multi-Cap Value Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Putnam Fund for Growth and Income</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Capital Opportunities Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Income Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Global Income Trust</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Global Equity Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Convertible Securities Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Absolute Return 100 Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Absolute Return 300 Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Absolute Return 500 Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Absolute Return 700 Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Capital Spectrum Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Equity Spectrum Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Asia Pacific Equity Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Global Sector Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Multi-Cap Core Fund</td></tr>




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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>c_582noscertification.htm
<DESCRIPTION>EX-99.906 CERT
<TEXT>

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<table width=95% border=0 cellspacing=0 cellpadding=1>
<tr>
<td width=5%></td>
<td width=95%></td>
</tr>     <tr><td></td><td><u>Section 906 Certifications<br><br></u></td></tr>
<tr><td></td><td>I, Jonathan S. Horwitz, the Principal Executive Officer of the Funds listed on Attachment A, certify that, to my knowledge:</td></tr>
<tr><td></td><td><br>1. The form N-CSR of the Funds listed on Attachment A for the period ended April 30, 2012     fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</td></tr>

<tr><td></td><td><br>2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended April 30, 2012 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A.</td></tr>

<tr><td></td><td><br>Date: June 27, 2012</td></tr>

<tr><td></td><td><br>/s/ Jonathan S. Horwitz</td></tr>
<tr><td></td><td>______________________</td></tr>
<tr><td></td><td>Jonathan S. Horwitz</td></tr>
<tr><td></td><td>Principal Executive Officer</td></tr>


<tr><td></td><td><br><br><br><u><br><br><br><br><br><hr weight=2 noshade><br><br><br><br><br><u>Section 906 Certifications<br><br></u></td></tr>
<tr><td></td><td>I, Steven D. Krichmar, the Principal Financial Officer of the Funds listed on Attachment A, certify that, to my knowledge:</td></tr>
<tr><td></td><td><br>1. The form N-CSR of the Funds listed on Attachment A for the period ended April 30, 2012   fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</td></tr>

<tr><td></td><td><br>2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended April 30, 2012 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A.</td></tr>

<tr><td></td><td><br>Date: June 27, 2012</td></tr>

<tr><td></td><td><br>/s/ Steven D. Krichmar</td></tr>
<tr><td></td><td>______________________</td></tr>
<tr><td></td><td>Steven D. Krichmar</td></tr>
<tr><td></td><td>Principal Financial Officer</td></tr>






<tr><td></td><td align=center><br><br><br><br><br><br><br><br><br><hr weight=2 noshade><br><br><br><br><br><font size=+2><b>Attachment A</b></font></td></tr>
<tr><td></td><td align=center><br><font size=+2><b>N-CSR</b></font></td></tr>
<tr><td></td><td align=center><br>Period (s) ended April 30, 2012</td></tr>

<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Managed Municipal Income Trust</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Municipal Opportunities Trust</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Multi-Cap Value Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Putnam Fund for Growth and Income</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Capital Opportunities Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Income Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Global Income Trust</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Global Equity Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Convertible Securities Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Absolute Return 100 Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Absolute Return 300 Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Absolute Return 500 Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Absolute Return 700 Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Capital Spectrum Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Equity Spectrum Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Asia Pacific Equity Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Global Sector Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Multi-Cap Core Fund</td></tr>




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end
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>28
<FILENAME>a_nf68stixmod7.htm
<TEXT>

<HTML>
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<DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="text-align: left;">
<FONT size=4 face="serif">Amendments to Putnam&#146;s Code of Ethics &#150; June 2011</FONT></P>
<P style="text-align: left;">
<B><I><FONT size=3 face="serif">The following sections of the Code are rewritten to read in their entirety as follows:</FONT></I></B></P>
<P style="text-align: left;">
<B><FONT size=3 face="serif">Definitions</FONT></B></P>
<P style="text-align: left;">
<B><FONT size=3 face="serif">Access Person </FONT></B><FONT size=3 face="serif">Putnam has identified certain employees as Access Persons due to their position or access to investment information. Access Persons are held to a higher standard under the Code than other employees. Please ask the Code of Ethics Officer if you have any question whether you are an Access Person. The following employees are Access Persons:</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">&#149; All employees of Putnam&#146;s Investment Management Division</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">&#149; Employees of the Operations Division within the following specific groups and departments:</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">&raquo; Fund Administration Group</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">&raquo; investment Services and Operations Group</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">&raquo; Accounting Services Group</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">&raquo; Custody Services Group</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">&#149; Any employee in the following groups or divisions who reports directly to a member of the Operating Committee:</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">&raquo; Mutual Fund Shareholder Services Group</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">&raquo; Accounting, Custody, and Control Services Group</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">&raquo; Global Marketing and Products Division</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">&raquo; Defined Contribution Division</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">&raquo; Global Distribution Division</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">&#149; All members of Putnam&#146;s Operating Committee</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">&#149; All employees of Putnam investments Limited (PiL) and all other Putnam employees based in Europe</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">&#149; All directors and officers of a registered investment advisor affiliate, e.g., Putnam investment Management, LLC (PIM), or The Putnam Advisory Company, LLC (PAC)</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">&#149; All employees who have access to My Putnam (unless access is limited to the </FONT><I><FONT size=3 face="serif">Wall Street Journal, Factiva</FONT></I><FONT size=3 face="serif">, or other systems that do not allow access to non-public information about Putnam products, as determined by the Code of Ethics Officer)</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">&#149; Employees who have systems access or other access to non-public information about any client&#146;s purchase or sale of securities or to information regarding portfolio holdings or recommendations with respect to such purchases or sales</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">&#149; </FONT><FONT size=3 face="serif">Others as determined by the Code of Ethics Officer</FONT></P>
</DIV>

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<DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: left"><B><FONT size=3 face=serif>Section 8 &#151; Sanctions</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>The Code of Ethics Oversight Committee has adopted the following minimum monetary sanctions for violations of the Code. These sanctions apply even if the exception results from inadvertence rather than intentional misbehavior. The Code of Ethics Oversight Committee will review and approve sanctions on employees. However, the sanctions noted below are only minimums, and the Committee reserves the right to impose sanctions it believes fit the circumstances, such as higher monetary sanctions, trading bans, suspension, or termination of employment. The Committee&#146;s belief that an employee has violated the Code of Ethics intentionally may result in more severe sanctions than outlined in the guidelines.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>8.1. </FONT><B><FONT size=3 face=serif>Sanctions for violations of Sections 1-3</FONT></B><FONT size=3 face=serif>.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>The minimum sanction per violation of the Rules in Sections 1, 2 or 3 is disgorgement of any profits or payment of avoided losses and the following payments:</FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="33%"></TD>
     <TD width="33%"></TD>
     <TD width="33%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>Investment Division,</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>All other employees</FONT></B>&nbsp;<B><FONT size=3 face=serif>not </FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>Operating Committee</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>included in the</FONT></B>&nbsp;<B><FONT size=3 face=serif>criteria </FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>Member, and any</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>for inclusion in</FONT></B>&nbsp;<B><FONT size=3 face=serif>the higher </FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>employee who reports</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>sanction</FONT></B>&nbsp;<B><FONT size=3 face=serif>schedule</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>directly to an</FONT></B>&nbsp;<B><FONT size=3 face=serif>Operating</FONT></B></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif><B><FONT size=3 face=serif>Committee</FONT></B> Member</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>(administrative</FONT></B>&nbsp;<B><FONT size=3 face=serif>assistants</FONT></B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>will be</FONT></B>&nbsp;<B><FONT size=3 face=serif>excluded from the</FONT></B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>higher sanction</FONT></B>&nbsp;<B><FONT size=3 face=serif>schedule)</FONT></B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=3 face=serif>1st violation</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=3 face=serif>$250</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=3 face=serif>$50</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=3 face=serif>2nd violation</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=3 face=serif>$500</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=3 face=serif>$100</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=3 face=serif>3rd violation</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=3 face=serif>Minimum monetary sanction for a 2</FONT><SUP><FONT size=3 face=serif>nd </FONT></SUP><FONT size=3 face=serif>violation with</FONT>&nbsp;<FONT size=3 face=serif>a </FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=3 face=serif>ban on all new personal securities transactions</FONT>&nbsp;<FONT size=3 face=serif>for time </FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=3 face=serif>period determined by the Code of Ethics</FONT>&nbsp;<FONT size=3 face=serif>Oversight </FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=3 face=serif>Committee</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
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<DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>8.2. </FONT><B><FONT size=3 face=serif>Sanctions for violations of Sections 4-6</FONT></B><FONT size=3 face=serif>.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>The minimum sanction for violations of the rules in Sections 4-6 is as follows:</FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="33%"></TD>
     <TD width="33%"></TD>
     <TD width="33%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>Investment Division,</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>All other employees</FONT></B>&nbsp;<B><FONT size=3 face=serif>not </FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>Operating Committee</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>included in the</FONT></B>&nbsp;<B><FONT size=3 face=serif>criteria </FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>Member, and any</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>for inclusion in</FONT></B>&nbsp;<B><FONT size=3 face=serif>the higher </FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>employee who reports</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>sanction</FONT></B>&nbsp;<B><FONT size=3 face=serif>schedule</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>directly to an</FONT></B>&nbsp;<B><FONT size=3 face=serif>Operating </FONT></B></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif><B><FONT size=3 face=serif>Committee</FONT></B> Member</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>(administrative</FONT></B>&nbsp;<B><FONT size=3 face=serif>assistants </FONT></B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>will be&nbsp;<B><FONT size=3 face=serif>excluded from the</FONT></B></FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>higher sanction</FONT></B>&nbsp;<B><FONT size=3 face=serif>schedule)</FONT></B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=3 face=serif>1st violation</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=3 face=serif>Warning</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=3 face=serif>Warning</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=3 face=serif>2nd violation</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=3 face=serif>$50</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=3 face=serif>$25</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=3 face=serif>3rd violation</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=3 face=serif>$100</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=3 face=serif>$50</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT size=3 face=serif></FONT>&nbsp;</P>
<P style="MARGIN: 0px"><FONT size=3 face=serif>8.3. </FONT><B><FONT size=3 face=serif>Sanctions for violations of Section 7</FONT></B><FONT size=3 face=serif>.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>All violations concerning the use of material, non-public information, failure to report inside information, or insider trading will be presented to the Code of Ethics Oversight Committee to determine the appropriate sanction, up to and including termination. Severe criminal penalties may also be imposed.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>The reference period for determining generally whether a violation is initial or subsequent will be three years.</FONT></P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>29
<FILENAME>a_nf68mod9.htm
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     <TD noWrap align=left><FONT size=3 face=sans-serif><B>working@PUTNAM</B></FONT><B>&nbsp;</B></TD>
     <TD noWrap align=right><FONT size=3 face=sans-serif><B>JUNE 2010</B></FONT><B>&nbsp;</B></TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><B><FONT size=6 face=sans-serif>Putnam&#146;s</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT size=6 face=sans-serif>Code of Ethics</FONT></B></P>
<BR>
<P style="TEXT-ALIGN: left"><FONT  size=2 face=sans-serif>[Graphic omitted: Portrait of Samuel Putnam]</FONT></P>
<BR>
<P style="TEXT-ALIGN: left"><FONT  size=2 face=sans-serif>[Graphic omitted: Putnam Investments logo]</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Putnam Investments Code of Ethics</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>Putnam Investments is required by law to adopt a Code of Ethics (the &#147;Code&#148;). The objective of the Code is to ensure that Putnam&#146;s employees comply with all applicable laws and avoid any conflict of interest that might result in any harm to our clients. Putnam owes a fiduciary duty to its clients. This Code of Ethics is designed to strengthen the trust and confidence our clients place in us and to demonstrate that our clients&#146; interests come first.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>Adherence to the Code is a fundamental condition of employment at Putnam. Every employee is expected to adhere to the requirements of the Code. Any employee failing to do so may be subject to disciplinary action, including financial penalties and termination of employment, as determined by the Code of Ethics Officer, the Code of Ethics Oversight Committee, or the Chief Executive Officer of Putnam Investments.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Table of Contents</FONT></P>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="85%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif><B>Putnam Investments Code of Ethics</B></FONT><B>&nbsp;</B></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif><B>1</B></FONT><B>&nbsp;</B></TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif><B>Definitions</B></FONT><B>&nbsp;</B></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif><B>3</B></FONT><B>&nbsp;</B></TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif><B>Section 1 &#151; Personal Securities Rules for All Employees</B></FONT><B>&nbsp;</B></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif><B>5</B></FONT><B>&nbsp;</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>1.1. Pre-clearance Requirements</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>1.2. Restricted List</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>1.3. Prohibited Transactions</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif><B>Section 2 &#151; Putnam Mutual Funds</B></FONT><B>&nbsp;</B></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif><B>7</B></FONT><B>&nbsp;</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>2.1. Holding Putnam Mutual Fund Shares at Putnam</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>2.2. Putnam Mutual Funds &#151; Employee Holding Periods and Linked Accounts</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>2.3. Putnam Mutual Funds &#151; Closed-End Fund Rules</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif><B>Section 3 &#151; Additional Rules for Access Persons and Certain Investment Professionals</B></FONT><B>&nbsp;</B></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif><B>8</B></FONT><B>&nbsp;</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>3.1. 60-Day Short-Term Rule &#151; All Access Persons</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>3.2. 7-Day Pre-Trade Rule (Portfolio Managers and Analysts)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>3.3. 7-Day Post-Trade Rule (Portfolio Managers and Analysts)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>3.4. Contra-Trading Rule (Portfolio Managers and Team Leaders)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>3.5. No Personal Benefit (Portfolio Managers and Analysts)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif><B>Section 4 &#151; Reporting Requirements</B></FONT><B>&nbsp;</B></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif><B>9</B></FONT><B>&nbsp;</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>4.1. Brokerage/Securities Accounts &#151; Initial and Annual Requirements</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>4.2. Separate Provisions for Brokerage/Securities Accounts That Are</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Professionally Managed (Discretionary) Accounts &#151; Initial and Annual Requirements</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>4.3. Account Confirmations and Statements</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif><B>Section 5 &#151; Additional Reporting, Certification, and Training Requirements</B></FONT><B>&nbsp;</B></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif><B>10</B></FONT><B>&nbsp;</B></TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>5.1. Initial/Annual Holdings Report &#151; Access Persons Only</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>5.2. Quarterly Transaction Report &#151; Access Persons Only</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>5.3. Annual Certification &#151; All Employees</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>5.4. Training Requirements &#151; All Employees</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>5.5. Maintenance and Distribution of the Code of Ethics</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>5.6. Procedures and Timeliness</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif><B>Section 6 &#151; General Ethics Rules for All Employees</B></FONT><B>&nbsp;</B></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif><B>11</B></FONT><B>&nbsp;</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>6.1. Outside Business Activities</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>6.2. Charitable or Non-profit Roles/Role as Trustee or Fiduciary Outside Putnam Investments</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>6.3. Family Members&#146; Conflict Policy</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>6.4. CFA Institute Code of Ethics and Standards of Professional Conduct</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>6.5. Business Ethics, Ombudsman, and Hotlines</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>13</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif><B>Section 7 &#151; Insider Trading</B></FONT><B>&nbsp;</B></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif><B>13</B></FONT><B>&nbsp;</B></TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>7.1. Material, Non-Public Information and Insider Trading</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>13</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>7.2. Reporting and Restrictions</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>13</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>7.3. Special Provisions Applicable to Putnam Affiliates</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>14</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>7.4. PIL Employees</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>14</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif><B>Section 8 &#151; Sanctions</B></FONT><B>&nbsp;</B></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif><B>14</B></FONT><B>&nbsp;</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>8.1. Sanctions for Violations of Sections 1&#150;3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>14</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>8.2. Sanctions for Violations of Sections 4&#150;6</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>14</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>8.3. Sanctions for Violations of Section 7</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>14</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif><B>Section 9 &#151; Procedures for Determinations and Exemptions</B></FONT><B>&nbsp;</B></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif><B>15</B></FONT><B>&nbsp;</B></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif><B>Appendix A &#151; Contra-Trading Rule Clearance Form</B></FONT><B>&nbsp;</B></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif><B>16</B></FONT><B>&nbsp;</B></TD></TR></TABLE><BR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>2</FONT>&nbsp;</TD></TR></TABLE><BR>
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<P style="TEXT-ALIGN: left"><FONT face=sans-serif>Definitions</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Access Person</FONT></B><B><FONT size=2 face=serif> </FONT></B><FONT size=2 face=sans-serif>Putnam has identified certain employees as Access Persons due to their position or access to investment information. Access Persons are held to a higher standard under the Code than other employees. Please ask the Code of Ethics Officer if you have any question whether you are an Access Person. The following employees are Access Persons:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; All employees of Putnam&#146;s Investment Management Division</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Employees of the Operations Division within the following specific groups and departments:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#187; </FONT><FONT size=2 face=sans-serif>Fund Administration Group</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#187; </FONT><FONT size=2 face=sans-serif>Investment Services and Operations Group</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#187; </FONT><FONT size=2 face=sans-serif>Accounting Services Group</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#187; </FONT><FONT size=2 face=sans-serif>Custody Services Group</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Senior Managing Directors and Managing Directors in:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#187; </FONT><FONT size=2 face=sans-serif>Mutual Fund Shareholder Services Group</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#187; </FONT><FONT size=2 face=sans-serif>Accounting, Custody, and Control Services Group</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#187; </FONT><FONT size=2 face=sans-serif>Global Marketing and Products Division</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#187; </FONT><FONT size=2 face=sans-serif>Global Distribution Division</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; All members of Putnam&#146;s Operating Committee</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; All employees of Putnam Investments Limited (PIL) and all other Putnam employees based in Europe</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; All directors and officers of a registered investment advisor affiliate, e.g., Putnam Investment Management, LLC (PIM), or The Putnam Advisory Company, LLC (PAC)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; All employees who have access to My Putnam (unless access is limited to the </FONT><I><FONT size=2 face=sans-serif>Wall Street Journal, Factiva</FONT></I><FONT size=2 face=sans-serif>, or other systems that do not allow access to non-public information about Putnam products, as determined by the Code of Ethics Officer)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Employees who have systems access or other access to non-public information about any client&#146;s purchase or sale of securities or to information regarding portfolio holdings or recommendations with respect to such purchases or sales</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Others as determined by the Code of Ethics Officer</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Approved Indices</FONT></B><B><FONT size=2 face=serif> </FONT></B><FONT size=2 face=sans-serif>means any securities index (which is typically a broad-based index) determined by the Code of Ethics Officer to present minimal risks of abuse. All Approved Indices are posted on the Putnam Compliance intranet homepage and the Code of Ethics PTA system.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Closed-end fund&nbsp;</FONT></B><FONT size=2 face=sans-serif>means a fund that has a fixed number of shares outstanding and does not redeem its shares. Closed-end funds typically trade like stocks on an exchange.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The </FONT><B><FONT size=2 face=sans-serif>Code of Ethics Officer </FONT></B><FONT size=2 face=sans-serif>and the </FONT><B><FONT size=2 face=sans-serif>Deputy Code of Ethics Officer </FONT></B><FONT size=2 face=sans-serif>are responsible for enforcing and interpreting the Code. The following are the current members of the Code of Ethics staff, each of whom can answer employee questions and provide other assistance regarding the Code:</FONT></P>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Code of Ethics Officer:</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Bob Leveille</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(617) 760-1858</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Deputy Code of Ethics Officer:</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Rick DeGregorio</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(617) 760-1201</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Compliance Analyst:</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Dana Scribner-Shea</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(617) 760-7182</FONT>&nbsp;</TD></TR>
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Code of Ethics Oversight Committee&nbsp;</FONT></B><FONT size=2 face=sans-serif>has oversight responsibility for administering the Code of Ethics. Members include the Code of Ethics Officer and other members of Putnam&#146;s senior management appointed by the Chief Executive Officer of Putnam. The Committee reviews and approves Code revisions, violations, and sanctions. In certain instances, requests for exemptions may require the approval of the Committee. The Committee meets on a quarterly basis or as otherwise necessary.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Exchange-Traded Fund (ETF)&nbsp;</FONT></B><FONT size=2 face=sans-serif>means a fund (other than a closed-end fund) that can be traded on an exchange throughout the day like a stock. ETFs often track an index. Examples include (but are not limited to) SPDRs, WEBs, QQQQs, iShares, and HLDRs.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Immediate Family&nbsp;</FONT></B><FONT size=2 face=sans-serif>means the Putnam employee&#146;s spouse, domestic partner, fianc&#233;(e), or other family members who are living in the same household. Immediate Family also includes any other family members, including in-laws, for whom the Putnam employee can exercise investment discretion, regardless of whether or not they live in the same household.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Private Placement&nbsp;</FONT></B><FONT size=2 face=sans-serif>means any offering of a security not offered to the public and not requiring registration with the relevant securities authorities.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Putnam </FONT></B><FONT size=2 face=sans-serif>means any or all of Putnam Investments, LLC and its subsidiaries (other than PanAgora Asset Management, Inc.), any one of which shall be a Putnam company.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Putnam employee, or employee,&nbsp;</FONT></B><FONT size=2 face=sans-serif>means any employee of Putnam and, for purposes of all rules in Sections 1, 2, and 3, also includes the following:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Members of the Immediate Family of a Putnam employee;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Any trust in which a Putnam employee or Immediate Family member is a trustee with investment discretion;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Any account for a partnership in which a Putnam employee or Immediate Family member is a general partner or a partner with investment discretion;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Any closely held entity (such as a partnership, limited liability company, or corporation) in which a Putnam employee or Immediate Family member holds a controlling interest and with respect to which he or she has investment discretion;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Any account (including any retirement, pension, deferred compensation, or similar account) in which a Putnam employee or Immediate Family member has a substantial economic interest and over which the Putnam employee or Immediate Family member exercises investment discretion;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Any account other than a Putnam client account that receives investment advice of any sort from the employee or Immediate Family member, or as to which the employee or Immediate Family member has investment discretion.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Security </FONT></B><FONT size=2 face=sans-serif>The instruments required to be pre-cleared under Section 1.1 are considered to be securities for purposes of this Code and are also required to be reported by Access Persons under Section 4. In addition, transactions in exchange-traded funds (ETFs), exchange-traded notes (ETNs), exchange-traded commodities (ETCs), options, futures, and other derivative securities are required to be reported by Access Persons under Section 4, even for those instruments that are not required to be pre-cleared pursuant to Section 1.1(c).</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Section 1 &#151; Personal Securities Rules for All Employees</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Putnam maintains the Code of Ethics PTA system to assist employees in fulfilling their obligations under the Code of Ethics. This system can be accessed by selecting the Code of Ethics PTA link, which appears on Putnam&#146;s intranet page in the Secure Information Section under My Essentials. This system allows the automated pre-clearance of publicly traded equities and other securities trading on major U.S. and other exchanges. To pre-clear an options contract for a publicly traded security, pre-clear the underlying security in the Code of Ethics PTA system. To request clearance to trade bonds or other securities, you must contact the Code of Ethics staff. Pre-clearance hours are 9:00 a.m. to 4:00 p.m. EST.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>1.1. Pre-clearance Requirements</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>1.1(a) Employees must pre-clear all trades in the following securities:</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Stocks of companies</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Bonds (including corporate, municipal, high-yield, and convertible bonds)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Options, warrants, and all other derivatives of any underlying securities which themselves require pre-clearance. Examples include options and futures based on specific stocks or based on indices that are not Approved Indices (see &#147;Definitions&#148; section)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Exchange-traded funds (ETFs ) other than those based on Approved Indices or based on other instruments listed below (under Section 1.1(c)) that do not require pre-clearance</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Exchange-traded notes (ETNs) other than those based on Approved Indices</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Closed-end funds, including Putnam closed-end funds</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Employees must also pre-clear the following transactions:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Private placements and purchases of hedge funds or other private investment funds must receive pre-approval from the Code of Ethics Oversight Committee</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Donating or gifting of securities</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Shares purchased by subscription or by mail (if purchasing directly from a company&#146;s transfer agent by check, you must pre-clear the day the check is to be mailed)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Tendering securities from your personal account</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>1.1(b) Provisions Applicable to Pre-Clearances</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>A pre-clearance is only valid for trading on the day it is obtained. However, trades by employees in Putnam&#146;s Asian or European offices, or trades by any employees in securities listed on Asian or European stock exchanges, may be executed within one business day after pre-clearance is obtained. If the Code of Ethics system does not recognize a security, if an employee is unable to use the system, or if he or she has any questions with respect to the system or pre-clearance, the employee must contact the Code of Ethics staff.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>1.1(c) Exceptions from Pre-Clearance Requirements</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Pre-clearance is not required for certain transactions. (Please note that reporting may still be required for Access Persons even when pre-clearance is not required. See Sections 4 and 5 for reporting requirements.)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Pre-clearance is not required for:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Open-end mutual funds</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Currencies</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Commodities</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Treasury securities and other U.S. and other sovereign government debt (Please note that agency securities, such as securities issued by Fannie Mae and Freddie Mac, require pre-clearance.)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Certificates of deposit (CDs), commercial paper</FONT><B><FONT size=2 face=sans-serif>, </FONT></B><FONT size=2 face=sans-serif>repurchase agreements, bankers&#146; acceptances, and other money market instruments</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Options and futures and all other derivatives of securities not requiring pre-clearance (Please note that examples include options and futures based on Approved Indices (see Definitions) and Treasury futures.)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; ETFs and ETNs based on Approved Indices</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Exchange-traded commodities (ETCs)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Withdrawals or distributions from a Putnam Retirement Plan that result in the sale of MMC stock</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Trades in approved discretionary accounts (see Section 4.2 for additional information)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Transactions that are involuntary (i.e., not initiated by the employee or an immediate family member covered under the Code), including dividend reinvestments under an automatic program of a publicly traded issuer and broker actions not initiated by the employee, such as option assignments or sales out of the brokerage account to cover fees or margin calls (provided the employee may not have withdrawn funds from the margin account in the prior 10 days)</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>1.2. Restricted List</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Employees may not trade in securities that are on Putnam&#146;s restricted list, except as set forth below under &#147;Large-/Mid-Cap Exemption.&#148; There are a number of reasons why a security may appear on the Restricted List, and securities are placed on the Restricted List under criteria, and in specific circumstances, as determined by the Code of Ethics Officer or the Code of Ethics Oversight Committee. If a security is not on the Restricted List, other classes of securities of the same issuer (e.g., preferred or convertible preferred stock) may be on the Restricted List. It is the employee&#146;s responsibility to identify with particularity the class of securities being pre-cleared.</FONT></P>
<P style="TEXT-ALIGN: left"><B><U><FONT size=2 face=sans-serif>Large-/Mid-Cap Exemption</FONT></U></B><B><FONT size=2 face=sans-serif>. </FONT></B><FONT size=2 face=sans-serif>An employee may trade up to 1,000 shares of a security appearing on the Restricted List if it is an equity security of an issuer with a market capitalization greater than $2 billion. However, these transactions must still be pre-cleared. Market capitalization is defined as outstanding shares multiplied by current price per share.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>1.3. Prohibited Transactions</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The following transactions and activities are prohibited for all employees:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1. Good-Until-Canceled Orders (GTC). Any order not executed on the day of pre-clearance must be resubmitted for pre-clearance before being executed on a subsequent day.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>2. Short sales of any security that is subject to pre-clearance requirements. However, short sales against the box are permitted. In addition, opening an option position that would result in a short position in the underlying security upon assignment or expiration is also prohibited. For example, buying a put option without owning a number of shares at least equal to the delivery obligation under the contract, or selling a naked call option, would be prohibited.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>3. Purchasing securities in an initial public offering (IPO). Although exceptions from this prohibition will rarely be granted, employees may request an exemption from the Code of Ethics Officer, who may grant exceptions in unusual cases such as when an immediate family member&#146;s association or employment with the issuer warrants consideration or when the employee has had a pre-existing status for at least two years as a policyholder or depositor in connection with a bank or insurance company conversion from mutual or cooperative form to stock form.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>4. Trading with Material Non-public Information (see Section 7)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>5. Personal Trading with Putnam Client Portfolios. Putnam employees may not buy or sell securities when the employee knows a Putnam client account is on the other side of the trade.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>6. Participating in an Investment Club</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>7. Spread Betting. PIL employees may not enter into any spread betting contracts on financial instruments.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>8. Excessive Trading. Employees are prohibited from making more than 10 trades in individual securities in any given quarter across all their accounts (including accounts held by Immediate Family members). For purposes of applying this rule, securities that are required to be pre-cleared shall be the only securities counted, and trading the same security in the same direction (buy or sell) over a period of five business days will be counted as one transaction.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Section 2 &#151; Putnam Mutual Funds</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>2.1. Holding Putnam Mutual Fund Shares at Putnam</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Putnam employees must hold shares of Putnam open-end U.S. mutual funds through accounts maintained at Putnam, with Putnam Retail Management (PRM) listed as the dealer of record. All transactions must be executed through Putnam and not through an outside broker or other intermediary.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>These requirements also apply to:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Self-directed IRA accounts holding Putnam fund shares;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Variable annuities and variable insurance contracts, such as Putnam/Hartford Capital Manager and Allstate Advisor, which invest in Putnam Variable Trusts (must list PRM as dealer but may be held at the insurer).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In limited circumstances, retirement, pension, deferred compensation, and similar accounts (and variable insurance arrangements) that cannot be legally transferred to Putnam may be allowed to hold Putnam funds upon approval of the Code of Ethics Officer. For example, a spouse of a Putnam employee may have a 401(k)/ Profit Sharing Plan with his or her employer that invests in Putnam funds. The employee must notify the Code of Ethics Officer in writing, provide the reason why the account cannot be transferred to Putnam, and arrange for a quarterly statement of transactions in such account to be sent to the Code of Ethics staff, if approved.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>2.2. Putnam Mutual Funds &#151; Employee Holding Periods and Linked Accounts</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Employees may not, within a 90-calendar day period, make a purchase followed by a sale or a sale followed by a purchase of shares of the same open-end Putnam mutual fund, even if the transactions occur in different accounts.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Employees who have sole or shared supervisory or portfolio management responsibility for a Putnam open-end mutual fund or a U.S. registered mutual fund to which Putnam acts as advisor or sub-advisor may not, within a one-year period, make a purchase followed by a sale or a sale followed by a purchase of shares of such fund, even if the transactions occur in different accounts.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>All employees are required to ensure that their Immediate Family members&#146; accounts holding Putnam mutual funds are linked to comply with the disclosure and holding period requirements. To ensure these accounts are linked, log on to Putnam&#146;s intranet home page at </FONT><U><FONT size=2 face=sans-serif>http://intranet/home/index.shtml</FONT></U><FONT size=2 face=sans-serif>, and select My Essentials/Linked Mutual Fund Accounts.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The above holding period restrictions do not apply to:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; 401(k)/Profit Sharing (or other employee benefit plan) contributions, withdrawals, loans, or distributions, including employer contributions or forfeitures to an employee&#146;s account. However, exchanges within these accounts are subject to these holding period restrictions.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Putnam&#146;s Money Market Funds or Putnam Stable Value Fund</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Systematic investments, exchanges, or redemptions and payroll deductions. However, once these programs are established/revised, they may not be changed again for 90 days. Employees subject to a one-year holding period with respect to a fund may establish a semiannual or annual automatic rebalancing program, although it may only be changed on an annual basis.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Dividend reinvestments, distributions, fund mergers, and share class conversions</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Qualified redemptions (i.e., from the Putnam CollegeAdvantage 529 Plan for matters such as tuition, school fees, books, supplies, and equipment required by the school, room and board, disability, and death)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In special situations, such as financial hardship or disability, an exemption from the holding period requirements may be provided by the Code of Ethics Oversight Committee upon written application by the employee.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>2.3. Putnam Mutual Funds &#151; Closed-End Fund Rules</B></FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>2.3(a) </FONT></B><U><FONT size=2 face=sans-serif>Pre-clearance and Reporting</FONT></U><FONT size=2 face=sans-serif>. Putnam closed-end fund shares are subject to the same pre-clearance and reporting requirements as other stocks. A list of the Putnam closed-end funds can be obtained from the Code of Ethics staff.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>2.3(b) </FONT></B><U><FONT size=2 face=sans-serif>Special Rules Applicable to Managing Directors in the Investment Division, Operating Committee members, and officers of the Putnam Funds</FONT></U><FONT size=2 face=sans-serif>. Managing Directors in Putnam&#146;s Investment Division, Putnam Operating Committee members, and officers of the Putnam Funds will not receive clearance to engage in any combination of purchase and sale, or sale and purchase, of the shares of a given closed-end fund within six months of each other. Therefore, purchases should be made only if you intend to hold the shares more than six months, and sales should not be made if you plan to purchase more shares of that fund within six months.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Section 3 &#151; Additional Rules for Access Persons and Certain Investment Professionals</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>3.1. 60-Day Short-Term Rule &#151; All Access Persons</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Access Persons may not sell a security at a price higher than any price paid for that security within the past 60 calendar days, or buy a security at a price below which he or she sold it within the past 60 days. This rule applies to transactions across all accounts of the employee. All trades for the previous 60 days will be compared to the trade date for the transaction in question to determine whether a violation has occurred. Thus, if an employee buys a security for $10, buys it again for $15, and then sells shares of this security for $12, this will be considered a violation even though some shares of the security in question were bought for a higher price. Access Persons may also not open an option transaction for a contract that expires in 60 days or less. Although portfolio managers and analysts may sell securities at a profit within 60 days of purchase in order to comply with the requirements of the 7-Day Pre-Trade and 7-Day Post-Trade Rules (described below), any profit must be disgorged to charity.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>3.2. 7-Day Pre-Trade Rule (Portfolio Managers and Analysts)</B></FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>3.2(a) </FONT></B><FONT size=2 face=sans-serif>Portfolio Managers: (i) Before a portfolio manager places an order to buy a security for any Putnam client portfolio that he manages, he must sell that security or related derivative security if he has purchased it in his personal account within the preceding seven calendar days; or (ii) upon entering an order to sell a security for any Putnam client portfolio that he manages, he must disgorge to charity any losses avoided if he sold the security in his personal account within the preceding seven calendar days. Disgorgements will be measured by the difference between the selling price for the personal account and the selling price for the client account, multiplied by the number of shares sold for the personal account.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>3.2(b) </FONT></B><FONT size=2 face=sans-serif>Analysts: (i) Before an analyst makes a purchase or an outperform recommendation for a security (including designation of a security for inclusion in the portfolio of Putnam Research Fund), he must sell that security or related derivative security if he has purchased it in his personal account within the preceding seven calendar days; or (ii) upon making a sell or an underperform recommendation for a security (including designation of a security for sale from the portfolio of Putnam Research Fund), he must disgorge to charity any losses avoided if he sold the security in his personal account within the preceding seven calendar days. Disgorgements will be measured by the difference between the selling price for the personal account and the price at the time that the recommendation is made, multiplied by the number of shares sold for the personal account.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>3.3. 7-Day Post-Trade Rule (Portfolio Managers and Analysts)</B></FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>3.3(a) </FONT></B><FONT size=2 face=sans-serif>Portfolio Managers: No portfolio manager shall: (i) sell any security or related derivative security for her personal account until seven calendar days have elapsed after the date of the most recent purchase of that security or related derivative security by any Putnam client portfolio she manages or co-manages; or (ii) purchase any security or related derivative security for her personal account until seven calendar days have elapsed after the date of the most recent sale of that security or related derivative security from any Putnam client portfolio that she manages or co-manages.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>3.3(b) </FONT></B><FONT size=2 face=sans-serif>Analysts: No analyst shall: (i) sell any security or related derivative security for his personal account until seven calendar days have elapsed after the date of his most recent buy or outperform recommendation for that security or related derivative security (including designation of a security for inclusion in the portfolio of Putnam Research Fund); or (ii) purchase any security or related derivative security for his personal account until seven calendar days have elapsed after the date of his most recent sell or underperform recommendation for that security or related derivative security (including the removal of a security from the portfolio of Putnam Research Fund).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>3.4. Contra-Trading Rule (Portfolio Managers and Team Leaders)</B></FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>3.4(a) </FONT></B><FONT size=2 face=sans-serif>Portfolio Managers: No portfolio manager shall, without prior clearance and written approval, sell in his personal account any securities or related derivative securities that are held in any Putnam client portfolio that he manages or co-manages (see Appendix A for the Contra-Trading Rule Clearance Form).</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>3.4(b) </FONT></B><FONT size=2 face=sans-serif>Team Leaders: No Team Leader within the Investment Division shall, without prior clearance and written approval, sell in his personal account any securities or related derivative securities that are held in any Putnam client portfolio managed in his team (see Appendix A for the Contra-Trading Rule Clearance Form).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>3.5. No Personal Benefit </B><B>(Portfolio Managers and Analysts)</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>No portfolio manager shall cause, and no analyst shall recommend, an action that would cause a Putnam client to take action for the portfolio manager&#146;s or analyst&#146;s own personal benefit. A portfolio manager who trades in, or an analyst who recommends, particular securities for a Putnam client account in order to support the price of securities in his personal account, or who &#147;front runs&#148; a Putnam client order, is in violation of this Rule.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Section 4 &#151; Reporting Requirements</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>4.1. Brokerage/Securities Accounts &#151; Initial and Annual Requirements</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>All employees (on their own behalf and on behalf of their Immediate Family members) are required to report the existence of any accounts which have the capability of purchasing any securities. This Rule includes all brokerage accounts, accounts held directly at an issuer&#146;s transfer agent, and securities held in physical certificate form by an employee or any Immediate Family member of the employee. The only investment accounts excluded from this rule are accounts that are only permitted to hold open-end mutual funds (other than Putnam open-end funds) and no other investments.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>To satisfy this requirement, a new employee must enter the requested information in the Code of Ethics PTA system within the required time frame below:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Access Persons &#151; within 10 days of hire</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Non-access Persons &#151; within 30 days of hire</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Existing employees opening a new account (including accounts being opened for Immediate Family members) must disclose them in the system in advance of the first personal securities transaction in the account.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>All employees will be required to certify annually that all accounts requiring disclosure are accurately listed in the Code of Ethics PTA system.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>4.2. Separate Provisions for Brokerage/Securities Accounts That Are Professionally Managed (Discretionary) Accounts &#151; Initial and Annual Requirements</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>If you wish to establish a professionally managed or discretionary account (including professionally managed or discretionary accounts being opened for Immediate Family members), where you completely turn over decision-making authority to a professional money manager who is not subject to this Code, you must disclose the existence of the account and receive approval from the Code of Ethics staff in advance of the first personal securities transaction. You do not need to pre-clear or report securities transactions in these accounts. Please note a discretionary account may not purchase an IPO or hold Putnam open-end mutual funds.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The broker or advisor maintaining discretion over the account may not be a family member of the Putnam employee.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In order for the account to be considered discretionary, the employee must:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1. Complete an initial certification (as well as annual certifications each year) in which both the employee and the broker/advisor certify that the Putnam employee does not participate in investment decisions on the account; and</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>2. Ensure that copies of broker statements are delivered to Putnam Investments.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>4.3. Account Confirmations and Statements</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>All employees are required to ensure that copies of all confirmations and statements are delivered to Putnam for all accounts described in Section 4.1 above, and to ensure that copies of all statements (but not confirmations) are delivered to Putnam for all discretionary accounts described in Section 4.2. When the employee discloses the account as required, the Code of Ethics staff will issue a 407 letter, or other communication to the entity where the employee&#146;s account is held, requesting that confirmations and statements be sent to Putnam on the employee&#146;s behalf. However, it is ultimately the employee&#146;s responsibility to ensure his or her broker has complied with this request.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>If it is discovered these reports are not being delivered to Putnam, the Code of Ethics staff will bring this issue to the employee&#146;s attention and request he or she assist in rectifying the issue. If it is determined that a broker has failed to comply with requests to deliver these reports, Putnam reserves the right to require the employee to close the account within 30 days by transferring the account to another dealer willing to comply with this requirement (any trades as a result of a transfer must be pre-cleared).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Section 5 &#151; Additional Reporting, Certification, and Training Requirements</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>5.1. Initial/Annual Holdings Report &#151; Access Persons Only</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Access Persons must disclose their securities holdings, including all holdings for Immediate Family member accounts, within 10 days of hire (or within 10 days of becoming an Access Person) and then on an annual basis thereafter (within 45 days after the end of the year). The report of securities holdings must include all securities that require pre-clearance under Section 1.1, as well as holdings in non-U.S. sovereign government debt, ETFs, ETNs, ETCs, options, futures and other derivative securities, and holdings of Putnam open-end U.S. mutual funds not held through a Putnam account and U.S. registered mutual funds to which Putnam acts as advisor or sub-advisor (see Section 4).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>5.2. Quarterly Transaction Report &#151; Access Persons Only</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Access Persons must disclose and certify all of their personal securities transactions, including transactions for Immediate Family member accounts, within 20 calendar days following the end of each quarter. In addition to the securities requiring pre-clearance under Section 1.1, Access Persons are also required to disclose and certify all personal transactions in non-U.S. sovereign government debt, as well as ETFs, ETNs, ETCs, options, futures, and other derivative securities, not just those requiring pre-clearance.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>5.3. Annual Certification &#151; All Employees</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Each calendar year, all employees will be required to certify that they have reviewed and understand the rules and requirements of the Code and that the list of brokerage accounts (for the employee and all Immediate Family members) disclosed in the Code of Ethics PTA system is accurate. An e-mail notification will be sent informing employees of their requirement and the due date.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>5.4. Training Requirements &#151; All Employees</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>As deemed necessary by the Code of Ethics staff, employees will be required to complete training on Putnam&#146;s Code of Ethics. E-mail notifications will be sent notifying employees of the requirements and the due date.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>5.5. Maintenance and Distribution of the Code of Ethics</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>When revisions are made to the Code of Ethics, all employees will receive a revised version of the Code. The Code will be available to all employees on Putnam&#146;s intranet site. Hard copies may be requested by contacting the Code of Ethics staff.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>5.6. Procedures and Timeliness</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The certifications and reports required by the Code are completed in the Code of Ethics PTA system. There are strict deadlines for these filings. Planned absences, vacations, and business trips are not valid excuses for failing to meet a deadline. Employees will receive instructions regarding these submissions and the due dates. Please contact the Code of Ethics staff for assistance.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Section 6 &#151; General Ethics Rules for All Employees</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Putnam employees are expected to act ethically at all times in connection with their employment. In addition to complying with the specific provisions of this section, employees should contact the Code of Ethics staff or the Ombudsman if they are not sure how to proceed in any circumstances involving ethical issues or questions.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>6.1. Outside Business Activities</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>No Putnam employee shall serve as employee, officer, director, trustee, or general partner of a corporation or entity other than Putnam, without prior written approval of the Code of Ethics Officer, who may also confirm that the employee&#146;s manager has approved such outside position. Requests for a role at a publicly traded company are especially disfavored and are closely reviewed. Permission will be granted only in extenuating circumstances.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>All employees must provide a written request seeking approval from the Code of Ethics Officer by entering the details of the proposed position in the Code of Ethics PTA system. Employees may not engage in any outside employment activity until they receive an e-mail approving their request. Employees hired at Putnam with an outside position must disclose the position upon hire in the system and may be required to resign such position if the position presents conflicts of interest or other issues.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>FINRA-licensed employees under PRM also have an obligation to disclose outside positions to, and receive approval from the PRM Compliance Department. Employees must also keep this information accurate by updating their profile in the Code of Ethics system and updating the PRM Compliance Department if they change or terminate a position previously approved.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>6.2. Charitable or Non-profit Roles/Role as Trustee or Fiduciary Outside Putnam Investments</B></FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>6.2(a) </FONT></B><FONT size=2 face=sans-serif>An employee may serve as a volunteer, officer, director, or trustee of a charitable or not-for-profit institution, provided that the employee abides by the Code of Ethics with respect to any investment activity for which she has any discretion or input as a volunteer, officer, director, or trustee. The pre-clearance and reporting requirements of the Code of Ethics do not apply to the trading activities of such charitable or not-for-profit institutions for which an employee serves as a volunteer, officer, director, or trustee unless the employee has discretion for the account. You must contact the Code of Ethics staff if you are asked to serve in a role in which you may have discretion, investment, or financial authority for a charitable or not-for-profit institution to discuss whether such position is permissible and whether you must perform any additional actions prior to serving in such role.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>6.2(b) </FONT></B><FONT size=2 face=sans-serif>Except as stated below, no Putnam employee shall serve as a trustee, an executor, a custodian, or any other fiduciary, or as an investment advisor or a counselor for any account outside Putnam.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Putnam employees may serve as a fiduciary with respect to a religious or charitable trust or foundation, provided that the employee abides by the Code of Ethics with respect to any investment activity for which she has any discretion or input. The pre-clearance and reporting requirements of the Code of Ethics apply to the trading activities of such a religious or charitable trust or foundation if the employee has discretion for the account.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>6.2(c) </FONT></B><I><FONT size=2 face=sans-serif>Family Trust or Estate Exception</FONT></I><FONT size=2 face=sans-serif>. Putnam employees may serve as a fiduciary with respect to a family trust or estate, as long as the employee abides by all of the Rules of the Code of Ethics with respect to any investment activity over which he has any discretion.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>6.3. Family Members&#146; Conflict Policy</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>No employee or member of an employee&#146;s Immediate Family shall have any direct or indirect personal financial interests in companies that do business with Putnam, unless such interest is disclosed and approved by the Code of Ethics Officer.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>6.3(a) </FONT></B><FONT size=2 face=sans-serif>Corporate Purchase of Goods and Services &#151; Putnam will not acquire goods and services from any firm in which a member of an employee&#146;s Immediate Family serves as a sales representative or in a senior management capacity, or has an ownership interest (excluding normal investment holdings in public companies), unless permission is obtained from the Assistant Treasurer and the Code of Ethics Officer. Any employee who is aware of a proposal to purchase goods and services from a firm with which a member of the employee&#146;s Immediate Family has one of these associations must notify the Assistant Treasurer and the Code of Ethics Officer.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>6.3(b) </FONT></B><FONT size=2 face=sans-serif>Portfolio Trading &#150; Putnam will not allocate any client trades to any firm that employs a member of an employee&#146;s Immediate Family as a sales representative to Putnam (in a primary, secondary, or backup role). Any Putnam employee who is aware that an Immediate Family member serves as a broker-dealer&#146;s sales representative to Putnam should inform the Code of Ethics Officer.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>6.3(c) </FONT></B><FONT size=2 face=sans-serif>Definition of Immediate Family (specific to this rule) &#150; &#147;Immediate Family&#148; of an employee means (1) spouse, fianc&#233;(e), or domestic partner of the employee, (2) any child, sibling, or parent of an employee and any person married to a child, sibling or parent of an employee, and (3) any other person who lives in the same household as the employee.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>6.4. CFA Institute Code of Ethics and Standards of Professional Conduct</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>All members of the Investment Division and any other CFA Institute Members or Candidates must follow and abide by the spirit of the Code of Ethics and the Standards of Professional Conduct of the CFA Institute. The text of the CFA Institute Code of Ethics and Standards of Professional Conduct can be found on the Putnam Compliance Department intranet home page, which is accessible from the Putnam intranet home page. The terms of Putnam&#146;s Code of Ethics shall govern in any case where there is a conflict between the terms of this Code and the CFA Institute Code of Ethics and Standards of Professional Conduct. Please contact the Code of Ethics Officer with any questions.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>6.5. Business Ethics, Ombudsman, and Hotlines</B></FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>6.5(a) </FONT></B><FONT size=2 face=sans-serif>If a Putnam employee suspects that fraudulent, illegal, or other irregular activity (including violations of the Code of Ethics) might be occurring at Putnam, the activity should be reported immediately to Putnam&#146;s Controller, Chief Compliance Officer or Code of Ethics Officer, through the Ombudsman or hotlines described below or through Putnam&#146;s Human Resources department.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>6.5(b) </FONT></B><FONT size=2 face=sans-serif>Putnam has established the office of the corporate ombudsman as a resource to help employees address legal or ethical issues in the workplace and to allow employees to voice concerns or seek clarity on issues. The Ombudsman provides a confidential, independent, and impartial source to employees to discuss potential violations of law or of company standards without fear of retribution, and serves as a neutral party with no vested interest in a particular outcome.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>6.5(c) </FONT></B><FONT size=2 face=sans-serif>An employee who does not feel comfortable reporting activity in the manner described in 6.5(a) above may instead contact any of the following on an anonymous basis:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; The Putnam Ethics hotline at 1-888-475-4210,</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; The Putnam Funds Trustees&#146; hotline at 1-866-858-4155, or</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Putnam&#146;s Ombudsman at 1-866-ombuds7 (866-662-8377).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Section 7 &#151; Material, Non-Public Information and Insider Trading</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>7.1. Material, Public Information and Insider Trading</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Antifraud provisions of the U.S. securities laws as well as the laws of other countries generally prohibit persons who possess material, non-public information from trading on or communicating that information to others. Putnam&#146;s policy calls for strict compliance with such laws. Unlawful trading while in possession of material, non-public information is a very serious matter and can be a crime punishable by imprisionment. There is also significant monetary liability for an inside trader, which can include liability to private plaintiffs and/or the Securities and Exchange Commission, which can seek a court order requiring a violator to pay back profits, as well as penalties substantially greater than those profits. In certain cases, controlling persons of inside traders, including supervisors of inside traders or Putnam itself, can be liable for penalties.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Employees found to have conducted this activity will be immediately referred to the Code of Ethics Oversight Committee or Putnam&#146;s Chief Executive Officer to determine the appropriate sanction, up to and including termination.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>While employees in the Investment Division are most likely to come into contact with material, non-public information, the rules (and sanctions) in this area apply to all Putnam employees (see Section 7.2 for information on what to do if you believe you may have material, non-public information).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>7.2. Reporting and Restrictions</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Any employee who believes he or she is (or may be) in possession of material, non-public information must immediately contact Putnam&#146;s Code of Ethics Officer or an attorney in Putnam&#146;s Legal Department, and provide details on the information received and the source. The employee must also take precautions to maintain the confidentiality of the information in question.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>After reviewing the facts and circumstances, Putnam&#146;s Code of Ethics Officer or Putnam&#146;s Legal Department will make a determination as to whether possession of the information warrants restricting trading activity in the issuer&#146;s securities for client accounts as well as personal securities transactions for employees.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>7.3. Special Provisions Applicable to Putnam Affiliates</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Any employee wishing to place a trade in the securities of Great-West Lifeco Inc., Power Financial Corporation, Power Corporation of Canada, or IGM Financial Inc. must contact the Code of Ethics Officer or the Deputy Code of Ethics Officer to request manual approval of the pre-clearance request. An employee requesting such approval must certify that he or she is not in possession of any material, non-public information regarding the company in which he or she is seeking to place a trade. The decision whether or not to grant the pre-clearance request is in the sole discretion of the Code of Ethics Officer and the Deputy Code of Ethics Officer. The Code of Ethics Officer and Deputy Code of Ethics Officer will reject any such request for pre-clearance made by members of Putnam&#146;s Operating Committee and certain members of the Chief Financial Officer&#146;s staff from the end of each calendar quarter to the date of announcement of Great-West Lifeco Inc.&#146;s earnings for such quarter.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>7.4. PIL Employees</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>For PIL employees, these topics are covered by the FSA&#146;s Market Abuse rules. PIL employees receive information on this topic in their annual instructor-led code of ethics and compliance training.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Section 8 &#151; Sanctions</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Code of Ethics Oversight Committee has adopted the following minimum monetary sanctions for violations of the Code. These sanctions apply even if the exception results from inadvertence rather than intentional misbehavior. The Code of Ethics Oversight Committee will review and approve sanctions on employees. However, the sanctions noted below are only minimums, and the Committee reserves the right to impose sanctions it believes fit the circumstances, such as higher monetary sanctions, trading bans, suspension, or termination of employment. The Committee&#146;s belief that an employee has violated the Code of Ethics intentionally may result in more severe sanctions than outlined in the guidelines.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>8.1. Sanctions for Violations of Sections 1&#150;3</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The minimum sanction per violation of the Rules in Sections 1, 2, or 3 is disgorgement of any profits or payment of avoided losses and the following payments:</FONT></P>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Officer level</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>SMD/MD/SVP</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>VP/AVP/Non-officer</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>1st violation</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>$250</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>$50</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>2nd violation</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>$500</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>$100</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Minimum monetary sanction as above with ban on all new personal</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>3rd violation</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>securities transactions</FONT></TD></TR>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>8.2. Sanctions for Violations of Sections 4&#150;6</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The minimum sanction for violations of the rules in Sections 4&#150;6 is as follows:</FONT></P>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Officer level</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>SMD/MD/SVP</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>VP/AVP/Non-officer</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>1st violation</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Warning</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Warning</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>2nd violation</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>$50</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>$25</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Subsequent violation</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>$100</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>$50</FONT>&nbsp;</TD></TR>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>8.3. Sanctions for Violations of Section 7</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>All violations concerning the use of material, non-public information, failure to report inside information, or insider trading will be presented to the Code of Ethics Oversight Committee to determine the appropriate sanction, up to and including termination. Severe criminal penalties may also be imposed.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The reference period for determining generally whether a violation is initial or subsequent will be three years.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Section 9 &#151; Procedures for Determinations and Exemptions</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>No perceived ambiguity in the Code of Ethics shall excuse any violation. Any employee who has a question concerning the applicability of the Code or believes the Code to be ambiguous in a particular situation should request a determination from the Code of Ethics Officer in advance of the conduct. Employees may also request an exemption from the Code of Ethics if they do so in advance of the conduct or transaction sought to be exempted.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Any employee seeking a determination or exemption shall provide the Code of Ethics Officer with such information as the Code of Ethics Officer deems necessary to render the determination or make a decision on the exemption.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Appendix A &#151; Contra-Trading Rule Clearance Form</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>To: Code of Ethics Officer</FONT></P>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>From:</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Date:</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Re: Sale of Personal Security</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 0px" noWrap align=left>&nbsp;</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>This serves as prior written approval to sell the following personal security:</FONT></P>
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     <TD width="30%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Name of portfolio manager contemplating personal sale:</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Security to be sold:</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 0px" noWrap align=left>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Number of shares to be sold:</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Fund(s) holding security:</FONT>&nbsp;</TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Number of shares held by fund:</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Reason for the personal sale:</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Specify the reason why the sale is inappropriate for fund: (Please attach additional sheets if necessary.)</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>CIO approval: </FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Date:</FONT>&nbsp;</TD></TR>
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<HR SIZE=1 noShade>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Code of Ethics Officer:</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Deputy Code of Ethics Officer approval: </FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Date:</FONT>&nbsp;</TD></TR>
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<HR SIZE=1 noShade>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>16</FONT>&nbsp;</TD></TR></TABLE><BR>
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Putnam Investments | One Post Office Square | Boston, MA 02109 | putnam.com</FONT></B></P>
<P style="TEXT-ALIGN: right"><FONT size=1 face=sans-serif>262362 6/10</FONT></P>
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     <TD noWrap align=center><B><FONT face=serif>THE PUTNAM FUNDS</FONT></B>&nbsp;</TD></TR>
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     <TD align=center><U><FONT face=serif>Code of Ethics</FONT></U></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT face=serif>Each of The Putnam Funds (the "Funds") has determined to adopt this Code of Ethics with respect to certain activities by officers and Trustees of the Funds which might be deemed to create possible conflicts of interest and to establish reporting requirements and enforcement procedures with respect to such activities.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>I. </FONT><U><FONT face=serif>Rules Applicable to Officers and Trustees Affiliated with Putnam Investments Trust or Its Subsidiaries</FONT></U></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>A. </FONT><U><FONT face=serif>Incorporation of Adviser's Code of Ethics</FONT></U><FONT face=serif>. The provisions of the Code of Ethics for employees of Putnam Investments Trust and its subsidiaries (the "Putnam Investments Code of Ethics"), which is attached as Appendix A hereto, are hereby incorporated herein as the Funds' Code of Ethics applicable to officers and Trustees of the Funds who are employees of the Funds or officers, directors or employees of Putnam Investments Trust or its subsidiaries. A violation of the Putnam Investments' Code of Ethics shall constitute a violation of the Funds' Code.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>B. </FONT><U><FONT face=serif>Reports</FONT></U><FONT face=serif>. Officers and Trustees of each of the Funds who are made subject to the Putnam Investments' Code of Ethics pursuant to the preceding paragraph shall file the reports required by the Putnam Investments' Code of Ethics with the Code of Ethics Officer designated therein. A report filed with the Code of Ethics Officer shall be deemed to be filed with each of the Funds of which the reporting individual is an officer or Trustee.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>C. </FONT><U><FONT face=serif>Review and Reporting</FONT></U><FONT face=serif>.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(1) The Code of Ethics Officer shall cause the reported personal securities transactions to be compared with completed and contemplated portfolio transactions of each of the Funds to determine whether a violation of this Code may have occurred. Before making any determination that a violation has been committed by any person, the Code of Ethics Officer shall give such person an opportunity to supply additional explanatory material.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(2) If the Code of Ethics Officer determines that a violation of any provision of this Code has or may have occurred, he shall submit his written determination, together with any additional explanatory material, to the Audit and Compliance Committee of the Funds at its next meeting when Code of Ethics matters are discussed.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>D. </FONT><U><FONT face=serif>Sanctions</FONT></U><FONT face=serif>. In addition to reporting violations of this Code to the Audit and Compliance Committee of the Funds as provided in Section I-C(2), the Code of Ethics Officer shall also report to such Committee any sanctions imposed with</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT face=serif>respect to such violations. The Committee reserves the right to impose such additional sanctions as it deems appropriate.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>II. </FONT><U><FONT face=serif>Rules Applicable to Unaffiliated Trustees</FONT></U></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>A. </FONT><U><FONT face=serif>Definitions</FONT></U><FONT face=serif>.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(1) "Beneficial ownership" shall be interpreted in the same manner as it would be in determining whether a person is subject to the provisions of Section 16 of the Securities Exchange Act of 1934 and the rules and regulations thereunder.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(2) "Control" means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(3) "Covered Person" means an affiliated person of the Fund, who is not made subject to the Putnam Investments Code of Ethics pursuant to Part I hereof.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(4) "Interested Trustee" means a Trustee of a Fund who is an "interested person" of the Fund within the meaning of the Investment Company Act of 1940, as amended (the "Investment Company Act").</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(5) "Purchase or sale of a security" includes, among other things, the writing of an option to purchase or sell a security.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(6) "Security" shall have the same meaning as that set forth in Section 2(a)(36) of the Investment Company Act (in effect, all securities) except that it shall not include securities issued by the Government of the United States or an agency thereof, bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt investments, including repurchase agreements, and shares of registered open-end investment companies, but shall include any security convertible into or exchangeable for a security.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(7) "Security Held or to be Acquired by a Fund" means: (i) any security, as defined herein, which, within the most recent 15 days: (A) is or has been held by the Fund, or (B) is being or has been considered by the Fund or Putnam Investments for purchase by the Fund, and (ii) any option to purchase or sell, and any security convertible into or exchangeable for, a security described in (i) above.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(8) "Unaffiliated Trustee" means a Trustee who is not made subject to the Putnam Investments Code of Ethics pursuant to Part I hereof.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT face=serif>B. </FONT><U><FONT face=serif>Prohibited Actions</FONT></U><FONT face=serif>. No Covered Person, in connection with the purchase or sale, directly or indirectly, by such Covered Person of a security held or to be acquired by the Fund, shall:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(1) Employ any device, scheme or artifice to defraud the Fund;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(2) Make any untrue statement of a material fact to the Fund or omit to state a material fact necessary in order to make the statements made to the Fund, in light of the circumstances under which they are made, not misleading;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(3) Engage in any act, practice or course of business that operates or would operate as a fraud or deceit on the Fund; or</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(4) Engage in any manipulative practice with respect to the Fund.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>C. </FONT><U><FONT face=serif>Reporting</FONT></U><FONT face=serif>.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(1) Every Unaffiliated Trustee of a Fund shall file with the Funds' Compliance Liaison a report containing the information described in Section II-C(2) of this Code with respect to purchases or sales of any security in which such Unaffiliated Trustee has, or by reason of such transaction acquires, any direct or indirect beneficial ownership, if such Trustee, at the time of that transaction, knew or, in the ordinary course of fulfilling his official duties as a Trustee of the Fund, should have known that, during the 15-day period immediately preceding or after the date of the transaction by the Trustee:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(a) such security was or is to be purchased or sold by the Fund or</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(b) such security was or is being considered for purchase or sale by the Fund;</FONT></P>
<P style="TEXT-ALIGN: left"><U><FONT face=serif>provided</FONT></U><FONT face=serif>, </FONT><U><FONT face=serif>however</FONT></U><FONT face=serif>, that an Unaffiliated Trustee shall not be required to make a report with respect to transactions effected for any account over which such person does not have any direct or indirect influence or control.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(2) Every report shall be made not later than 10 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall contain the following information:</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT face=serif>(a) The date of the transaction, the title, the number of shares, the interest rate and maturity date (if applicable) and the principal amount of each security involved;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(b) The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(c) The price at which the transaction was effected;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(d) The name of the broker, dealer or bank with or through whom the transaction was effected; and</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(e) the date that the report is submitted by each Unaffiliated Trustee.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(3) Any such report may contain a statement that the report shall not be construed as an admission by the person making such report that he has any direct or indirect beneficial ownership in the security to which the report relates.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(4) Notwithstanding anything to the contrary contained herein, an Unaffiliated Trustee who is an "interested person" of the Funds shall file the reports required by Rule 17j-1(d)(1) under the Investment Company Act with the Code of Ethics Officer of Putnam Investments. Such reports shall be reviewed by such Officer as provided in Section I-D(1) and any related violations shall be reported by him to the Audit and Compliance Committee as provided in Section I-C(2). The Committee may impose such additional sanctions as it deems appropriate.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>D. </FONT><U><FONT face=serif>Review and Reporting</FONT></U><FONT face=serif>.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(1) The Compliance Liaison of the Funds, in consultation with the Code of Ethics Officer of Putnam Investments, shall cause the reported personal securities transactions that he receives pursuant to Section II-C(1) to be compared with completed and contemplated portfolio transactions of the Funds to determine whether any prohibited action listed in Section II-B may have occurred.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(2) Before making any determination that a violation of this Code has occurred, the Compliance Liaison shall give the person involved an opportunity to supply additional information regarding the transaction in question.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>E. </FONT><U><FONT face=serif>Sanctions</FONT></U><FONT face=serif>. If the Compliance Liaison determines that a violation of this Code has occurred, he shall so advise the Funds' Audit and Compliance Committee, and provide the Committee with a report of the matter, including any additional information supplied by such person. The Committee may impose such sanctions as it deems appropriate.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT face=serif>III. </FONT><U><FONT face=serif>Miscellaneous</FONT></U></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>A. </FONT><U><FONT face=serif>Amendments to the Putnam Investments' Code of Ethics</FONT></U><FONT face=serif>. Any amendment to the Putnam Investments' Code of Ethics shall be deemed an amendment to Section 1-A of this Code effective 30 days after written notice of such amendment shall have been received by the Chairman of the Funds, unless the Trustees of the Funds expressly determine that such amendment shall become effective at an earlier or later date or shall not be adopted.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>B. </FONT><U><FONT face=serif>Records</FONT></U><FONT face=serif>. The Funds shall maintain records in the manner and to the extent set forth below, which records may be maintained on microfilm under the conditions described in Rule 31a-2(f)(1) under the Investment Company Act and shall be available for examination by representatives of the Securities and Exchange Commission.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(1) A copy of this Code and any other code which is, or at any time within the past five years has been, in effect shall be preserved in an easily accessible place;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(2) A record of any violation of this Code and of any action taken as a result of such violation shall be preserved in an easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation occurs;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(3) A copy of each report made by an officer or Trustee pursuant to this Code shall be preserved for a period of not less than five years from the end of the fiscal year in which it is made, the first two years in an easily accessible place;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(4) A list of all persons who are, or within the past five years have been, required to make reports pursuant to this Code shall be maintained in an easily accessible place; and</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(5) To the extent any record required to be kept by this section is also required to be kept by Putnam Investments pursuant to the Putnam Investments' Code of Ethics, Putnam Investments shall maintain such record on behalf of the Funds as well.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>C. </FONT><U><FONT face=serif>Confidentiality</FONT></U><FONT face=serif>. All reports of securities transactions and any other information filed with any Fund pursuant to this Code shall be treated as confidential, but are subject to review as provided herein and by personnel of the Securities and Exchange Commission.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>D. </FONT><U><FONT face=serif>Interpretation of Provisions</FONT></U><FONT face=serif>. The Trustees may from time to time adopt such interpretations of this Code as they deem appropriate.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT face=serif>E. </FONT><U><FONT face=serif>Delegation by Chairman</FONT></U><FONT face=serif>. The Chairman of the Funds may from time to time delegate any or all of his responsibilities under this Code, either generally or as to specific instances, to such officer or Trustee of the Funds as he may designate.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>As revised</FONT><BR>
<FONT face=serif>September 11, 2009</FONT></P>
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