-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 FoR6QWAkrwMRNkhluJ37mUmOKnXmtra+4pTVbDmmI/Q0BhDHUujzaKGuJXOd+pEe
 itOJm/TvkO57KezQN1lyrQ==

<SEC-DOCUMENT>0000928816-05-001249.txt : 20050928
<SEC-HEADER>0000928816-05-001249.hdr.sgml : 20050928
<ACCEPTANCE-DATETIME>20050928143445
ACCESSION NUMBER:		0000928816-05-001249
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050731
FILED AS OF DATE:		20050928
DATE AS OF CHANGE:		20050928
EFFECTIVENESS DATE:		20050928

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MANAGED MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0000844790
		IRS NUMBER:				046608976
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05740
		FILM NUMBER:		051107679

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>mmit1.htm
<DESCRIPTION>PUTNAM MANAGED MUNICIPAL INCOME TRUST
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>&lt;SUBMISSION&gt;</TITLE>
<META NAME="author" CONTENT="Larry McMunn">
<META NAME="date" CONTENT="07/19/2005">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Item 1. Schedule of Investments:</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">----------------------------------------------------</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<A NAME="RANGE!E3"></A><TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border-bottom:0.5pt solid #000000" width=507.267 colspan=2><P style="margin:0pt; line-height:20pt; font-family:Verdana; font-size:18pt">Putnam Managed Municipal Income Trust</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Courier New">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD width=507.267 colspan=2><P style="margin:0pt; line-height:16pt; font-family:Verdana; font-size:14pt">The fund's portfolio</P>
</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD><A NAME="RANGE!E5"></A></TR>
<TR><TD width=507.267 colspan=2><P style="margin:0pt; font-family:Verdana">7/31/05 (Unaudited)</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">KEY TO ABBREVIATIONS</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2><P style="margin:0pt; font-family:Arial"><B>AMBAC</B></P>
</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">AMBAC Indemnity Corporation</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2><P style="margin:0pt; font-family:Arial"><B>COP</B></P>
</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Certificate of Participation</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2><P style="margin:0pt; font-family:Arial"><B>FGIC</B></P>
</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Financial Guaranty Insurance Company</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2><P style="margin:0pt; font-family:Arial"><B>FNMA Coll.</B></P>
</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Federal National Mortgage Association Collateralized</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2><P style="margin:0pt; font-family:Arial"><B>FRB</B></P>
</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Floating Rate Bonds</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2><P style="margin:0pt; font-family:Arial"><B>FSA</B></P>
</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Financial Security Assurance</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2><P style="margin:0pt; font-family:Arial"><B>GNMA Coll.</B></P>
</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Government National Mortgage Association Collateralized</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2><P style="margin:0pt; font-family:Arial"><B>G.O. Bonds</B></P>
</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">General Obligation Bonds</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2><P style="margin:0pt; font-family:Arial"><B>IFB</B></P>
</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Inverse Floating Rate Bonds</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2><P style="margin:0pt; font-family:Arial"><B>MBIA</B></P>
</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">MBIA Insurance Company</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2><P style="margin:0pt; font-family:Arial"><B>PSFG</B></P>
</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Permanent School Fund Guaranteed</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2><P style="margin:0pt; font-family:Arial"><B>Q-SBLF</B></P>
</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Qualified School Board Loan Fund</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2><P style="margin:0pt; font-family:Arial"><B>U.S. Govt. Coll.</B></P>
</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">U.S. Government Collateralized</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2><P style="margin:0pt; font-family:Arial"><B>VRDN</B></P>
</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Variable Rate Demand Notes</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Arial"><B>&nbsp;</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=434.067><P style="margin:0pt; font-family:Arial"><B>MUNICIPAL BONDS AND NOTES (98.2%)(a)</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=59.6><P style="margin:0pt; font-family:Arial" align=center><B>&nbsp;</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=62.667><P style="margin:0pt; font-family:Arial" align=center><B>&nbsp;</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=101.133><P style="margin:0pt; font-family:Arial"><B>&nbsp;</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=19.133><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=59.6><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=62.667><P style="margin:0pt; font-family:Arial">Rating (RAT)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=101.133><P style="margin:0pt; font-family:Arial" align=right>Principal amount</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=142.2><P style="margin:0pt; font-family:Arial" align=right>Value</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=19.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067>&nbsp;</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>Alabama (0.2%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Butler, Indl. Dev. Board Solid Waste Disp. Rev. Bonds (GA. Pacific Corp.), 5 3/4s, 9/1/28</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB+</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;</B>$950,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;$966,749 </B></P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>Arizona (2.1%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Apache Cnty., Indl. Dev. Auth. Poll. Control Rev. Bonds (Tucson Elec. Pwr. Co.), Ser. B, 5 7/8s, 3/1/33</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Ba1</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,000,130 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">AZ Hlth. Fac. Auth. Hosp. Syst. Rev. Bonds (John C. Lincoln Hlth. Network), 6 3/8s, 12/1/37</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,096,180 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa Grande Regl. Med. Ctr.), Ser. A, 7 5/8s, 12/1/29</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">B-/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,800,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,934,604 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Cochise Cnty., Indl. Dev. Auth. Rev. Bonds (Sierra Vista Regl. Hlth. Ctr.), Ser. A, 6.2s, 12/1/21</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB+/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;528,385 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Coconino Cnty., Poll. Control Rev. Bonds (Tuscon/Navajo Elec. Pwr.), Ser. A, 7 1/8s, 10/1/32</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Ba1</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>3,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;3,131,730 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Glendale, Wtr. &amp; Swr. Rev. Bonds, AMBAC, 5s, 7/1/28</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;2,110,820 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Pima Cnty., Indl Dev. Auth. Rev. Bonds (Horizon Cmnty. Learning Ctr.), 5.05s, 6/1/25</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB-</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>815,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;818,977 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Scottsdale, Indl. Dev. Auth. Hosp. Rev. Bonds (Scottsdale Hlth. Care), 5.8s, 12/1/31</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">A3</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,081,820 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;11,702,646 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>Arkansas (2.0%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">AR State Hosp. Dev. Fin. Auth. Rev. Bonds (Washington Regl. Med. Ctr.), 7 3/8s, 2/1/29</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Baa2</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>4,600,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;5,370,776 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Independence Cnty., Poll. Control Rev. Bonds (Entergy, Inc.), 5s, 1/1/21</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">A-</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,020,450 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Little Rock G.O. Bonds (Cap. Impt.), FSA, 3.95s, 4/1/19</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>900,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;912,609 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Northwest Regl. Arpt. Auth. Rev. Bonds, 7 5/8s, 2/1/27</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,750,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;3,098,150 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Washington Cnty., Hosp. Rev. Bonds (Regl. Med. Ctr.)</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Ser. A, 5s, 2/1/35</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Baa2</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>250,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;250,938 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Ser. B, 5s, 2/1/25</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Baa2</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;507,170 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;11,160,093 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>California (12.2%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">CA G.O. Bonds, 5s, 5/1/22</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">A</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>4,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;4,237,080 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">CA Hlth. Fac. Auth. IFB (Catholic Hlth. Care West), AMBAC, 8.306s, 7/1/17</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,700,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,762,220 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">CA Poll. Control Fin. Auth. Solid Waste Disp. Rev. Bonds (Waste Management, Inc.), Ser. A-2, 5.4s, 4/1/25</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,200,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,238,208 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">CA State Dept. of Wtr. Resources Rev. Bonds, Ser. A</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">6s, 5/1/15</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">A2</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,140,700 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">AMBAC, 5 1/2s, 5/1/13</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>20,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;22,426,400 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">5 1/2s, 5/1/11</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">A2</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>3,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;3,299,790 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">CA State Econ. Recvy. VRDN, Ser. C-6, 2.24s, 7/1/23</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">VMIG1</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,000,000 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">CA Statewide Cmnty. Apt. Dev. Apt. Dev. Rev. Bonds (Irvine Apt. Cmntys.), Ser. A-3, 5.1s, 5/15/25</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Baa2</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,250,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;2,346,503 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">CA Statewide Cmnty. Dev. Auth. COP (The Internext Group), 5 3/8s, 4/1/30</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB-</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>3,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;3,013,560 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">CA Statewide Cmnty. Dev. Auth. Rev. Bonds (Huntington Memorial Hosp.), 5s, 7/1/21</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">A+</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>3,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;3,192,840 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Capistrano, Unified School Dist. Cmnty. Fac. Special Tax (No 98-2 Ladera), 5.7s, 9/1/20</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,114,450 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Cathedral City, Impt. Board Act of 1915 Special Assmt. (Cove Impt. Dist.), Ser. 04-02, 5.05s, 9/2/35</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB+/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>400,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;400,888 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Chula Vista, Cmnty. Fac. Dist. Special Tax Rev. Bonds</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">(No. 08-1 Otay Ranch Village Six), 6s, 9/1/33</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,250,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,307,438 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">(No 07-I-Otay Ranch Village Eleven), 5 7/8s, 9/1/34</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB-/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>300,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;309,888 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">(No. 07-I Otay Ranch Village Eleven), 5.8s, 9/1/28</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB-/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>300,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;309,159 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Corona, COP (Vista Hosp. Syst.), zero %, 7/1/29 (In default) (F)(NON)</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">D/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>10,775,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;30,170 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Folsom, Special Tax Rev. Bonds (Cmnty. Facs. Dist. No. 10), 5 7/8s, 9/1/28</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>750,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;780,015 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Gilroy, Rev. Bonds (Bonfante Gardens Park), 8s, 11/1/25</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">D/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>770,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;631,492 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Golden State Tobacco Securitization Corp. Rev. Bonds, Ser. B, 5 5/8s, 6/1/38</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">A-</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;2,804,475 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Murrieta, Cmnty. Fac. Dist. Special Tax (No. 2 The Oaks Impt. Area A), 6s, 9/1/34</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB-</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,100,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,134,870 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Orange Cnty., Cmnty. Fac. Dist. Special Tax Rev. Bonds (No. 02-1 Ladera Ranch), Ser. A, 5.55s, 8/15/33</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>650,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;670,189 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Sacramento, Special Tax (North Natomas Cmnty. Fac.), Ser. 4-C, 6s, 9/1/33</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,250,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,311,425 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">San Bernardino Cnty., COP (Med. Ctr. Fin.), Ser. A, MBIA, 6 1/2s, 8/1/28</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>7,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;7,140,000 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">San Diego, Association of Bay Area Governments Fin. Auth. For Nonprofit Corps. Rev. Bonds (San Diego Hosp.), Ser. A, 6 1/8s, 8/15/20</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Baa1</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>250,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;274,615 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Santaluz Cmnty., Facs. Dist. No. 2 Special Tax Rev. Bonds (Impt. Area No. 1), Ser. B, 6 3/8s, 9/1/30</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB+/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,515,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;2,567,890 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Thousand Oaks, Cmnty. Fac. Dist. Special Tax Rev. Bonds (Marketplace 94-1), zero %, 9/1/14</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">B/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>3,465,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,838,044 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Vallejo, COP (Marine World Foundation), 7.2s, 2/1/26</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB-/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;2,643,650 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;68,925,959 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>Colorado (2.0%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">CO Hlth. Fac. Auth. Rev. Bonds (Evangelical Lutheran), 3.05s, 10/1/05</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">A3</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>3,015,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;3,015,874 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">CO Hwy. Auth. Rev. Bonds (E-470 Pub. Hwy.), Ser. B</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">zero %, 9/1/35</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>15,500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,959,200 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">zero %, 9/1/34</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>16,500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;2,250,435 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Denver, City &amp; Cnty. Arpt. Rev. Bonds</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Ser. D, AMBAC, 7 3/4s, 11/15/13</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">AAA</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,050,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,254,330 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">MBIA, 5 1/2s, 11/15/25</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;2,598,500 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;11,078,339 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>Delaware (0.5%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">GMAC Muni. Mtge. Trust 144A sub. notes, Ser. A1-3, 5.3s, 10/31/39</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">A3</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;2,542,375 </B></P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>District of Columbia (1.4%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">DC G.O. Bonds, Ser. A, FSA, 5s, 6/1/27</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>3,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;3,166,710 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">DC Tobacco Settlement Fin. Corp. Rev. Bonds, 6 1/2s, 5/15/33</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>4,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;4,759,400 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;7,926,110 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>Florida (3.8%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Cap. Trust Agcy. Rev. Bonds (Seminole Tribe Convention), Ser. A, 10s, 10/1/33 </P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">B/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,653,405 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">CFM Cmnty. Dev. Dist. Rev. Bonds, Ser. A, 6 1/4s, 5/1/35</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB-/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,595,475 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Fishhawk, Cmnty. Dev. Dist. II Rev. Bonds</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Ser. A, 6 1/8s, 5/1/34</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB-/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>490,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;511,678 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Ser. B, 5s, 11/1/07</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB-/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>330,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;332,006 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">FL State Mid-Bay Bridge Auth. Rev. Bonds, Ser. A, 6.05s, 10/1/22</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>770,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;806,244 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Fleming Island, Plantation Cmnty. Dev. Dist. Special Assmt. Rev. Bonds, Ser. B, 7 3/8s, 5/1/31</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>750,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;813,083 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Gateway Svcs. Cmnty., Dev. Dist. Special Assmt. Bonds (Stoneybrook), 5 1/2s, 7/1/08</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>385,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;391,730 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Heritage Harbor, South Cmnty. Dev. Distr. Rev. Bonds, Ser. A, 6 1/2s, 5/1/34</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>490,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;522,904 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Heritage Isle at Viera, Cmnty. Dev. Dist. Special Assmt., Ser. B, 5s, 11/1/09</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>515,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;516,133 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Islands at Doral III, Cmnty. Dev. Dist. Special Assmt. Bonds, Ser. 04-A, 5.9s, 5/1/35</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,250,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,290,613 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Lee Cnty., Indl. Dev. Auth. Rev. Bonds (Alliance Cmnty. Project), Ser. C, 5 1/2s, 11/15/29</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB-</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,004,120 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Miami Beach, Hlth. Fac. Auth. Hosp. Rev. Bonds (Mount Sinai Med. Ctr.), Ser. A, 6.7s, 11/15/19</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB+</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,335,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,466,498 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Old Palm, Cmnty. Dev. Dist. Special Assmt. Bonds (Palm Beach Gardens), Ser. A, 5.9s, 5/1/35</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,032,850 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Reunion West, Cmnty. Dev. Dist. Special Assmt., 6 1/4s, 5/1/36</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB-/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,586,475 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">South Bay, Cmnty. Dev. Dist. Rev. Bonds, Ser. B-2, 5 3/8s, 5/1/13</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB-/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;2,529,925 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">South Miami, Hlth. Fac. Auth. Rev. Bonds (Baptist Hlth.), 5 1/4s, 11/15/33</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aa3</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,563,150 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">South Village, Cmnty. Dev. Dist. Rev. Bonds, Ser. A, 5.7s, 5/1/35</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB-/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;508,805 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Sterling Hill, Cmnty. Dev. Dist. Rev. Bonds, Ser. B, 5 1/2s, 11/1/10</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB-/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>990,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,006,573 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Westchester Cmnty. Dev. Dist. No. 1 Special Assmt. (Cmnty. Infrastructure), 6 1/8s, 5/1/35</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB-/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,250,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,310,600 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">World Commerce Cmnty. Dev. Dist. Special Assmt., Ser. A-1, 6 1/2s, 5/1/36</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB-/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,250,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,311,450 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;21,753,717 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>Georgia (2.8%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Atlanta Arpt. Passenger Fac. Rev. Bonds (Sub. Lien), Ser. J, FSA, 5s, 1/1/27</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>5,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;5,280,250 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Burke Cnty., Poll. Control Dev. Auth. Mandatory Put Bonds (GA Power Co.), 4.45s, 12/1/08</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">A2</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>4,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;4,138,560 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Fulton Cnty., Res. Care Fac. Rev. Bonds (Canterbury Court), Class A, 6 1/8s, 2/15/34</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">B+/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>425,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;430,342 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">GA Med. Ctr. Hosp. Auth. FRB, MBIA, 1.918s, 8/1/10</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>700,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;700,000 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">GA Med. Ctr. Hosp. Auth. IFB, MBIA, 10.505s, 8/1/10</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>700,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;707,420 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">GA Muni. Elec. Auth. Rev. Bonds, AMBAC, 5s, 1/1/26</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">AAA</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;2,631,850 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Rockdale Cnty., Dev. Auth. Solid Waste Disp. Rev. Bonds (Visay Paper, Inc.), 7.4s, 1/1/16</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">B+/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,020,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;2,041,250 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;15,929,672 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>Hawaii (0.6%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">HI Dept. of Trans. Special Fac. Rev. Bonds (Continental Airlines, Inc.), 7s, 6/1/20</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">B</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,700,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,631,779 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">HI State Hsg. &amp; Cmnty. Dev. Corp. Rev. Bonds (Single Fam. Mtge.), Ser. B, 3.7s, 1/1/22</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,993,860 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;3,625,639 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>Illinois (1.4%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Chicago, G.O. Bonds, Ser. A, AMBAC, 5 5/8s, 1/1/39</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>3,500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;3,855,880 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">IL Dev. Fin. Auth. Hosp. Rev. Bonds (Adventist Hlth. Syst./Sunbelt Obligation), 5.65s, 11/15/24</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">A2</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>3,250,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;3,419,455 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">IL Fin. Auth. Rev. Bonds (Friendship Village Schaumburg), Ser. A, 5 5/8s, 2/15/37</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">B+/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>300,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;300,474 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">IL Hlth. Fac. Auth. Rev. Bonds (St. Benedict), Ser. 03A-1, 6.9s, 11/15/33</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">B+</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;524,900 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;8,100,709 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>Indiana (2.0%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">IN State Dev. Fin. Auth. Env. Impt. Rev. Bonds (USX Corp.), 5.6s, 12/1/32</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Baa1</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;2,592,950 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">IN Trans. Fin. Auth. Arpt. Facs. Lease Rev. Bonds, Ser. A, AMBAC, 5s, 11/1/16</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>6,500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;6,805,565 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Rockport, Poll. Control Mandatory Put Bonds (Indiana Michigan Pwr. Co.), Ser. C, 2 5/8s, 10/1/06</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB+</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,750,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,735,423 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;11,133,938 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>Iowa (0.9%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">IA Fin. Auth. Hlth. Care Fac. Rev. Bonds (Care Initiatives)</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">9 1/4s, 7/1/25</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB-/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,900,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;3,512,451 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">9.15s, 7/1/09</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB-/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,125,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,285,481 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">IA Fin. Auth. Retirement Cmnty. Rev. Bonds (Friendship Haven), Ser. A</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">6 1/8s, 11/15/32</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>200,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;203,572 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">6s, 11/15/24</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>200,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;202,450 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;5,203,954 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>Kansas (0.4%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Olathe, Hlth. Fac. VRDN (Olathe Med. Ctr.), Ser. A, AMBAC, 2.30s, 9/1/32</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">A-1+</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,145,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;2,145,000 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Wyandotte Cnty., KS City, U. Govt. Special Oblig. Rev. Bonds (2nd Lien- Area B), 5s, 12/1/20</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB-/F</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>300,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;-- </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;2,145,000 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>Kentucky (0.3%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">KY Econ. Dev. Fin. Auth. Rev. Bonds (Norton Hlth. Care, Inc.), Ser. A, 6 1/2s, 10/1/20</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB+/F</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,700,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;1,879,163 </B></P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>Louisiana (0.8%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">LA Pub. Fac. Auth. Hosp. Rev. Bonds (Lake Charles Memorial Hosp.), 8 5/8s, 12/1/30</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">CCC/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,140,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,222,308 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Tangipahoa Parish Hosp. Svcs. Rev. Bonds (North Oaks Med. Ctr.), Ser. A, 5s, 2/1/25</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">A</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;514,470 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">W. Feliciana Parish, Poll. Control Rev. Bonds (Gulf States Util. Co.), Ser. C, 7s, 11/1/15</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB-</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,750,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;2,774,970 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;4,511,748 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>Maine (0.7%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">ME State Hsg. Auth. Rev. Bonds, Ser. D-2-AMT, 5s, 11/15/27</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aa1</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,835,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,896,050 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Rumford, Solid Waste Disp. Rev. Bonds (Boise Cascade Corp.), 6 7/8s, 10/1/26</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Ba1</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;2,132,460 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;4,028,510 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>Maryland (0.6%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">MD State Hlth. &amp; Higher Edl. Fac. Auth. Rev. Bonds (Medstar Hlth.), 5 3/4s, 8/15/15</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Baa1</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,109,160 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">MD State Indl. Dev. Fin. Auth. Econ. Dev. Rev. Bonds (Our Lady of Good Counsel School), Ser. A, 6s, 5/1/35</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">B/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>200,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;205,366 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Westminster, Econ. Dev. Rev. Bonds (Carroll Lutheran Village), Ser. A, 5 7/8s, 5/1/21</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,850,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,918,265 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;3,232,791 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>Massachusetts (6.2%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Boston, Indl. Dev. Fin. Auth. Rev. Bonds (Springhouse, Inc.), 6s, 7/1/28</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB-/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>600,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;608,862 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">MA State Dev. Fin. Agcy. Rev. Bonds (Lasell Village), Ser. A, 6 3/8s, 12/1/25</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB-/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>600,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;607,644 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">MA State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">(Civic Investments), Ser. A, 9s, 12/15/15</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB-/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;2,465,160 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">(Norwood Hosp.), Ser. C, 7s, 7/1/14</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Ba2</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,185,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,458,071 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">(Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB-</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,200,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,321,476 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">(UMass Memorial), Ser. C, 6 5/8s, 7/1/32</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Baa2</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,225,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;2,399,685 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">(UMass Memorial), Ser. C, 6 1/2s, 7/1/21</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Baa2</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,875,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;2,025,263 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">(Caritas Christi Oblig. Group), Ser. A, 5 1/4s, 7/1/08</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,552,650 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">(Partners Hlth. Care Syst.), Ser. F, 5s, 7/1/21</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aa3</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,067,620 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">MA State Hsg. Fin. Agcy. Rev. Bonds (Rental Mtge.)</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Ser. C, AMBAC, 5 5/8s, 7/1/40</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;2,051,280 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Ser. A, AMBAC, 5 1/2s, 7/1/40</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>15,290,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;15,693,197 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">MA State Indl. Fin. Agcy. Rev. Bonds</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">(1st Mtge. Stone Institution &amp; Newton), 7.9s, 1/1/24</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB-/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;508,050 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">(1st Mtge. Berkshire Retirement), Ser. A, 6 5/8s, 7/1/16</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB-</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,550,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,565,609 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">(1st Mtge. Brookhaven), Ser. B, 5 1/4s, 1/1/17</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,518,150 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;34,842,717 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>Michigan (4.5%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Flint, Hosp. Bldg. Auth. Rev. Bonds (Hurley Med. Ctr.), 6s, 7/1/20</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Baa3</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;517,780 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Garden City, Hosp. Fin. Auth. Rev. Bonds (Garden City Hosp. OB Group), Ser. A, 5 3/4s, 9/1/17</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Ba1</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>350,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;344,012 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Harper Woods School Dist. G.O. Bonds (School Bldg. &amp; Site), FGIC, Q-SBLF, 5s, 5/1/28</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,425,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,505,484 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">MI State Hosp. Fin. Auth. Rev. Bonds</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">(Oakwood Hosp.), Ser. A, 6s, 4/1/22</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">A2</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,645,350 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">(Chelsea Cmnty. Hosp. Oblig.), 5s, 5/15/25</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>755,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;756,684 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Midland Cnty., Econ. Dev. Corp. Rev. Bonds, 6 3/4s, 7/23/09</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Ba3</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;2,097,940 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Plymouth-Canton Cmnty., School Dist. G.O. Bonds, FGIC, Q-SBLF, 5s, 5/1/26</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>4,750,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;5,036,093 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Saginaw Cnty., G.O. Bonds, MBIA, 5s, 5/1/29</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>4,750,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;5,031,533 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Warren Cons. School Dist. G.O. Bonds, FSA, 5 3/8s, 5/1/18</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,975,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;3,243,464 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Waterford, Econ. Dev. Corp. Rev. Bonds (Canterbury Hlth.), 6s, 1/1/39</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">B-/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>6,630,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;5,397,682 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;25,576,022 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>Minnesota (1.3%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Cohasset, VRDN (MN Pwr. &amp; Light Co. Project B), 2.30s, 6/1/13</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">A-1+</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>810,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;810,000 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Cohasset, Poll. Control Rev. Bonds (Allete, Inc.), 4.95s, 7/1/22</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">A</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;2,038,900 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Minneapolis, Rev. Bonds (Walker Methodist Sr. Svcs.), Ser. C, 6s, 11/15/28</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">B+/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;468,335 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">MN State Hsg. Fin. Agcy. Rev. Bonds (Residential Hsg.), Ser. H, 4.15s, 1/1/12</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aa1</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>760,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;759,977 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Sauk Rapids Hlth. Care &amp; Hsg. Fac. Rev. Bonds (Good Shepherd Lutheran Home), 6s, 1/1/34</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">B/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>400,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;411,404 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">St. Paul, Hsg. &amp; Hosp. Redev. Auth. Rev. Bonds (Healtheast), Ser. B, 6 5/8s, 11/1/17</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Ba1</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>3,055,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;3,072,566 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;7,561,182 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>Mississippi (0.8%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Lowndes Cnty., Solid Waste Disp. &amp; Poll. Control Rev. Bonds (Weyerhaeuser Co.), Ser. B, 6.7s, 4/1/22</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Baa2</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,828,125 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Mississippi Bus. Fin. Corp. Poll. Control Rev. Bonds (Syst. Energy Resources, Inc.), 5.9s, 5/1/22</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB-</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,250,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,269,375 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">MS Home Corp. Rev. Bonds (Single Fam.), Ser. B-2, GNMA Coll., FNMA Coll., 6.45s, 12/1/33</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,597,455 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;4,694,955 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>Missouri (1.3%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Cape Girardeau Cnty., Indl. Dev. Auth. Hlth. Care Fac. Rev. Bonds (St. Francis Med. Ctr.), Ser. A, 5 1/2s, 6/1/32</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">A</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,592,865 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Kansas City, Indl. Dev. Auth. Hlth. Fac. Rev. Bonds (First Mtg. Bishop Spencer), Ser. A, 6 1/2s, 1/1/35</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB-/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,561,980 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">MO Hsg. Dev. Comm. Rev. Bonds (Home Ownership)</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">GNMA Coll., FNMA Coll., 5.55s, 9/1/34</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,750,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,839,793 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Ser. B, GNMA Coll., FNMA Coll., 4.4s, 9/1/14</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">AAA</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>435,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;436,605 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Ser. B, GNMA Coll., FNMA Coll., 4.3s, 9/1/13</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">AAA</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>415,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;416,394 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">MO State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds (BJC Hlth. Syst.), 5 1/4s, 5/15/32</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aa2</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,450,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,523,559 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;7,371,196 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>Montana (0.3%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Forsyth, Poll. Control Mandatory Put Bonds (Avista Corp.), AMBAC, 5s, 12/30/08</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,775,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;1,852,248 </B></P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>Nebraska (0.0%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Kearney, Indl. Dev. Rev. Bonds</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">(Great Platte River), 8s, 9/1/12</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">CCC/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>68,154 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;53,153 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">(Brookhaven), zero %, 9/1/12</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">CCC/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>791,466 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;15,901 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;69,054 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>Nevada (2.0%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Clark Cnty., Impt. Dist. Special Assmt. (Dist. No. 142), 6 3/8s, 8/1/23</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB-/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,031,050 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Clark Cnty., Indl. Dev. Rev. Bonds (Southwest Gas Corp.), Ser. C, AMBAC, 5.95s, 12/1/38</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>5,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;5,509,750 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Henderson, Local Impt. Dist. Special Assmt. (No. T-14)</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">5.8s, 3/1/23</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB-/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;515,280 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">3.2s, 3/1/06</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB-/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,585,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,585,793 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Las Vegas, Local Impt. Board Special Assmt. (Dist. No. 607), 5.9s, 6/1/18</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB-/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>875,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;902,169 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Washoe Cnty., Wtr. Fac. Mandatory Put Bonds (Sierra Pacific Pwr. Co.), 5s, 7/1/09</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Ba2</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;2,005,960 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;11,550,002 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>New Hampshire (1.1%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">NH Higher Ed. &amp; Hlth. Fac. Auth. Rev. Bonds (Riverwoods at Exeter), Ser. A, 6 3/8s, 3/1/13</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB+/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>670,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;686,804 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">NH Hlth. &amp; Ed. Fac. Auth. Rev. Bonds (Kendal at Hanover), Ser. A, 5s, 10/1/18</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,275,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,303,127 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">NH State Bus. Fin. Auth. Rev. Bonds (Alice Peck Day Hlth. Syst.), Ser. A, 7s, 10/1/29</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB-/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,565,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;2,596,575 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">NH State Bus. Fin. Auth. Poll. Control Rev. Bonds, 3 1/2s, 7/1/27</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Baa2</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,750,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,714,160 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;6,300,666 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>New Jersey (2.7%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">NJ Econ. Dev. Auth. Rev. Bonds</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">(Cranes Mill), Ser. A, 7 1/2s, 2/1/27</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB-/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,300,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,413,763 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">(Cedar Crest Vlg., Inc.), Ser. A, 7 1/4s, 11/15/31</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB-/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,250,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,330,488 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">(Newark Arpt. Marriot Hotel), 7s, 10/1/14</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Ba3</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,900,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,967,982 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">(First Mtge. Presbyterian Home), Ser. A, 6 3/8s, 11/1/31</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;519,445 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">(First Mtge. Lions Gate), Ser. A, 5 7/8s, 1/1/37</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">B/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>230,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;233,892 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">(Cigarette Tax), 5 1/2s, 6/15/24</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Baa2</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;2,637,075 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">NJ Econ. Dev. Auth. Solid Waste Rev. Bonds (Disp. Waste Mgt.), 5.3s, 6/1/15</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,750,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,836,643 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">NJ Hlth. Care Fac. Fin. Auth. Rev. Bonds</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">(Trinitas Hosp. Oblig. Group), 7 1/2s, 7/1/30</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Baa3</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,300,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,461,564 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">(United Methodist Homes), Ser. A, 5 3/4s, 7/1/29</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB+</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,250,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;2,268,023 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">(Atlantic City Med. Ctr.), 5 3/4s, 7/1/25</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">A2</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,250,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,334,988 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;15,003,863 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>New Mexico (0.3%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Farmington, Poll. Control Mandatory Put Bonds (Pub. Svc. San Juan), Class B, 2.1s, 4/1/06</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Baa2</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,740,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;1,724,636 </B></P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>New York (9.9%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Huntington, Hsg. Auth. Rev. Bonds (Gurwin Jewish Sr. Residence), Ser. A, 6s, 5/1/39</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">B+/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;492,825 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Long Island, Pwr. Auth. NY Elec. Syst. Rev. Bonds, Ser. A, 5 3/4s, 12/1/24</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Baa1</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;2,700,850 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Nassau Cnty., Indl. Dev. Agcy. Rev. Bonds (Keyspan-Glenwood), 5 1/4s, 6/1/27</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">A</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;2,083,180 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">NY City, G.O. Bonds, Ser. B, 5 1/4s, 12/1/09</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">A1</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>10,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;10,742,400 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">NY City, Indl. Dev. Agcy. Rev. Bonds (Liberty-7 World Trade Ctr.), Ser. A, 6 1/4s, 3/1/15</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">B-/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,450,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,542,626 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds (British Airways PLC), 5 1/4s, 12/1/32</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB+</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>3,025,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;2,759,496 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">NY City, Indl. Dev. Agency Rev. Bonds (Staten Island U. Hosp. Project), 6.45s, 7/1/32</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Ba3</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,485,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,504,958 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">NY City, Muni. Wtr. Fin. Auth. Rev. Bonds, Ser. C, MBIA, 5 1/2s, 6/15/17</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>10,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;10,321,600 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">NY State Dorm. Auth. Rev. Bonds (Winthrop-U. Hosp. Assn.), Ser. A, 5 1/2s, 7/1/32</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Baa1</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>900,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;947,070 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">NY State Energy Research &amp; Dev. Auth. Gas Fac. Rev. Bonds (Brooklyn Union Gas), 6.952s, 7/1/26</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">A+</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,400,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;2,525,208 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Onondaga Cnty., Indl. Dev. Agcy. Rev. Bonds (Solvay Paperboard, LLC), 7s, 11/1/30 (acquired 12/9/98, cost $2,000,000) (RES)</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;2,117,060 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Port Auth. NY &amp; NJ Rev. Bonds (Kennedy Intl. Arpt. - 5th Installment), 6 3/4s, 10/1/19</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB+/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>200,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;211,376 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Port. Auth. NY &amp; NJ Special Obligation Rev. Bonds (JFK Intl. Air Term. - 6), MBIA, 5.9s, 12/1/17</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>15,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;16,102,050 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Suffolk Cnty., Indl. Dev. Agcy. Rev. Bonds (Peconic Landing), Ser. A, 8s, 10/1/30</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">B+/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,700,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,878,806 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;55,929,505 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>North Carolina (1.7%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Ser. D, 6 3/4s, 1/1/26</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Baa2</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,673,955 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Ser. A, 5 3/4s, 1/1/26</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Baa2</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>3,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;3,182,520 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">NC Med. Care Cmnty. Healthcare Fac. Rev. Bonds (Deerfield), Ser. A, 5s, 11/1/23</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">A-/F</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>750,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;778,628 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">NC Med. Care Comm. Retirement Fac. Rev. Bonds (First Mtg.), Ser. A-05</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">5 1/2s, 10/1/35</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB+</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,040,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,047,353 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">5 1/4s, 10/1/25</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB+</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>600,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;602,118 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">NC State Muni. Pwr. Agcy. Rev. Bonds</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">(No. 1, Catawba Elec.), Ser. B, 6 1/2s, 1/1/20</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">A3</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,120,600 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Ser. A, FGIC, 5 1/2s, 1/1/13</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">AAA</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,300,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,458,470 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;9,863,644 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>Ohio (2.7%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Coshocton Cnty., Env. Rev. Bonds (Smurfit-Stone Container), 5 1/8s, 8/1/13</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">B</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,400,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,385,986 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Cuyahoga Cnty., Rev. Bonds, Ser. A</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">6s, 1/1/16</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aa3</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,280,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,466,099 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">6s, 1/1/15</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">A1</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;2,280,540 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">OH State Air Quality Dev. Auth. Rev. Bonds (Toledo Poll. Control), Ser. A, 6.1s, 8/1/27</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Baa2</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>3,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;3,126,210 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">OH State Air Quality Dev. Auth. VRDN (Columbus Southern), Ser. C, 2.35s, 12/1/38</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">VMIG1</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>6,800,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;6,800,000 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;15,058,835 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>Oklahoma (2.2%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">OK City Arpt. Trust Rev. Bonds Jr. Lien 27th Ser., Ser. A, FSA, 5s, 7/1/18</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>3,150,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;3,312,036 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">OK Dev. Fin. Auth. Rev. Bonds (Hillcrest Hlth. Care Syst.), Ser. A, U.S. Govt. Coll., 5 5/8s, 8/15/29</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,575,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,726,011 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">OK State Indl. Dev. Auth. Rev. Bonds (Hlth. Syst.), Ser. A, MBIA</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">5 3/4s, 8/15/29</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">AAA</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>4,045,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;4,383,122 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">5 3/4s, 8/15/29 (Prerefunded) </P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">AAA</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,955,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;3,269,885 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;12,691,054 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>Oregon (0.5%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds (Terwilliger Plaza), 6 1/2s, 12/1/29</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB-/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,900,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,937,202 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">OR State Hsg. &amp; Cmnty. Svcs. Dept. Rev. Bonds (Single Family Mtg.), Ser. K, 5 5/8s, 7/1/29</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aa2</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>940,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;988,805 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;2,926,007 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>Pennsylvania (8.2%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Carbon Cnty., Indl. Dev. Auth. Rev. Bonds (Panther Creek Partners), 6.65s, 5/1/10</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB-</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,800,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,926,738 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Lebanon Cnty., Hlth. Facs. Rev. Bonds (Pleasant View Retirement), Ser. A, 5.3s, 12/15/26</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB-/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;499,330 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Lehigh Cnty., Gen. Purpose Auth. Rev. Bonds (Lehigh Valley Hosp. Hlth. Network), Ser. A, 5 1/4s, 7/1/32</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">A1</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,039,920 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Monroe Cnty., Hosp. Auth. Rev. Bonds (Pocono Med. Ctr.), 6s, 1/1/43</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB+</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;530,090 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Montgomery Cnty., Indl. Auth. Resource Recvy. Rev. Bonds (Whitemarsh Cont Care), 6 1/4s, 2/1/35</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">B/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>700,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;732,627 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">PA Convention Ctr. Auth. Rev. Bonds</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Ser. A, 6 3/4s, 9/1/19</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Baa2</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,520,025 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">MBIA, 6.7s, 9/1/14</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>7,250,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;7,346,498 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">PA Econ. Dev. Fin. Auth. Rev. Bonds (MacMillan Ltd. Partnership), 7.6s, 12/1/20</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Baa2</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>7,750,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;8,024,815 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">PA State Econ. Dev. Fin. Auth. Resource Recvy. Rev. Bonds</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">(Colver), Ser. E, 8.05s, 12/1/15</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB-/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,750,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,787,555 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">(Colver), Ser. D, 7 1/8s, 12/1/15</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB-</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,021,200 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">(Northampton Generating), Ser. A, 6.6s, 1/1/19</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>4,200,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;4,255,608 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">PA State Higher Edl. Fac. Auth. Rev. Bonds</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">(Widener U.), 5.4s, 7/15/36</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB+</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,057,510 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">(Philadelphia College of Osteopathic Medicine), 5s, 12/1/07</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">A</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>995,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,030,969 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Philadelphia, Gas Wks. Rev. Bonds (1975 Gen. Ordinance 17th), FSA, 5s, 7/1/07</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>5,715,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;5,915,882 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Philadelphia, Hosp. &amp; Higher Ed. Fac. Auth. Rev. Bonds (Graduate Hlth. Syst.), 7 1/4s, 7/1/10 (In default) (NON)</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Ca</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,729,624 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;273 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Philadelphia, Indl. Dev. Auth. Arpt. Rev. Bonds (Aero Philadelphia, LLC), 5 1/2s, 1/1/24</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,981,620 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Philadelphia, Redev. Auth. Rev. Bonds (Neighborhood Transformation), Ser. C, FGIC, 5s, 4/15/27</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>5,285,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;5,601,413 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Sayre, Hlth. Care Fac. Auth. Rev. Bonds (Guthrie Hlth.), Ser. A, 5 7/8s, 12/1/31</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">A-</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,800,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,918,728 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;46,190,801 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>South Carolina (1.5%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Lexington Cnty. Hlth. Svcs. Dist. Inc. Hosp. Rev. Bonds, 5 1/2s, 5/1/37</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">A2</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,068,580 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Richland Cnty., Rev. Bonds (Intl. Paper Co.), Ser. A, 4 1/4s, 10/1/07</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Baa2</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>3,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;3,039,450 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">SC Hosp. Auth. Rev. Bonds (Med. U.), Ser. A, 6 1/2s, 8/15/32</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">AAA</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,250,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,475,163 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">SC Jobs Econ. Dev. Auth. Hosp. Fac. Rev. Bonds (Palmetto Hlth. Alliance), Ser. A, 7 3/8s, 12/15/21</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Baa2</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,205,190 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">SC Tobacco Settlement Rev. Mgt. Rev. Bonds, Ser. B, 6 3/8s, 5/15/30</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,300,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,521,403 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;8,309,786 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>South Dakota (0.4%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">SD Edl. Enhancement Funding Corp. Rev. Bonds, Ser. B, 6 1/2s, 6/1/32</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;2,179,780 </B></P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>Tennessee (3.7%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Johnson City, Hlth. &amp; Edl. Fac. Board Hosp. Rev. Bonds (First Mtg.- Mountain States Hlth.)</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD width=434.067><P style="margin:0pt; font-family:Verdana">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 7 1/2s, 7/1/33</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB+</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>3,700,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;4,395,341 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, MBIA, 6s, 7/1/21</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>12,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;13,288,920 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Johnson City, Hlth. &amp; Edl. Facs. Board Retirement Fac. Rev. Bonds (Appalachian Christian Village), Ser. A, 6 1/4s, 2/15/32</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB-/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>600,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;610,008 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Shelby Cnty., Hlth. Edl. &amp; Hsg. Fac. Hosp. Board Rev. Bonds (Methodist Hlth. Care)</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">6 1/2s, 9/1/26</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">A3</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,255,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,486,598 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">6 1/2s, 9/1/26</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">A3</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>745,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;882,482 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;20,663,349 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>Texas (5.5%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Abilene, Hlth. Fac. Dev. Corp. Rev. Bonds (Sears Methodist Retirement), Ser. A, 7s, 11/15/33</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>600,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;639,522 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Alliance, Arpt. Auth. Rev. Bonds (Federal Express Corp.), 6 3/8s, 4/1/21 (SEG)</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Baa2</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>5,500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;5,733,420 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Carrollton, Farmers Branch Indpt. School Dist. G.O. Bonds, PSFG, 5s, 2/15/17</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>4,655,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;4,923,966 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Dallas-Fort Worth, Intl. Arpt. Fac. Impt. Corp. Rev. Bonds (American Airlines, Inc.), 6 3/8s, 5/1/35</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Caa2</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,360,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,778,992 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Fort Worth, Higher Ed. Fin. Corp. Rev. Bonds (Wesleyan U.), Ser. A, 6s, 10/1/12</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Ba2</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>550,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;563,129 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Harris Cnty., Rev. Bonds, Ser. B, FSA, 5s, 8/15/32</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>5,500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;5,928,560 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Harris Cnty., Hlth. Fac. Rev. Bonds (Memorial Hermann Hlth. Care), Ser. A, 6 3/8s, 6/1/29</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">A2</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>3,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;3,334,530 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Houston, Arpt. Syst. Rev. Bonds (Continental Airlines, Inc.), Ser. C, 5.7s, 7/15/29</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">B-</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;2,002,750 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Sam Rayburn Muni. Pwr. Agcy. Rev. Bonds, 6s, 10/1/21</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Baa2</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;2,701,800 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Tomball, Hosp. Auth. Rev. Bonds (Tomball Regl. Hosp.)</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">6s, 7/1/29</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Baa3</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;2,051,800 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">6s, 7/1/25</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Baa3</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>800,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;822,320 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">6s, 7/1/19</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Baa3</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>800,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;823,736 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;31,304,525 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>Utah (0.8%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Carbon Cnty., Solid Waste Disp. Rev. Bonds (Laidlaw Env.), Ser. A</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">7 1/2s, 2/1/10</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB-</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>750,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;769,980 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">7.45s, 7/1/17</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB-/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>600,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;629,268 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Tooele Cnty., Harbor &amp; Term. Dist. Port Fac. Rev. Bonds (Union Pacific), Ser. A, 5.7s, 11/1/26</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Baa2</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;2,087,960 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">UT Cnty., Env. Impt. Rev. Bonds (Marathon Oil), 5.05s, 11/1/17</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Baa1</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,063,450 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;4,550,658 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>Vermont (0.2%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">VT Hsg. Fin. Agcy. Rev. Bonds, Ser. 19A, FSA, 4.62s, 5/1/29</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>975,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;991,429 </B></P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>Virginia (1.3%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">James Cnty., Indl. Dev. Auth. Rev. Bonds (Williamsburg), Ser. A, 6 1/8s, 3/1/32</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB-/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,052,160 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Russell Cnty. Indl. Dev. Auth. Poll. Control Rev. Bonds (Appalachian Pwr. Co.), Ser. I, 2.7s, 11/1/07</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Baa2</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,989,040 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Tobacco Settlement Fin. Corp. Rev. Bonds, 5 1/2s, 6/1/26</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,250,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,307,850 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">VA State Hsg. Dev. Auth. Rev. Bonds (Cmnwlth. Mtge.), 3.45s, 10/1/10</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,300,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;2,289,167 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Winchester, Indl. Dev. Auth. Residential Care Fac. Rev. Bonds (Westminster-Canterbury), Ser. A, 5.2s, 1/1/27</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BB/P</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>500,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;505,500 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;7,143,717 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>Washington (0.9%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">King Cnty., G.O. Bonds, Ser. C, 6 1/4s, 1/1/32</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aa1</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>5,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;5,309,250 </B></P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>West Virginia (1.3%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Marshall Cnty., Poll. Control VRDN (OH Pwr. Co.), Ser. E, 2.33s, 6/1/22</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">VMIG1</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>5,300,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;5,300,000 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Princeton, Hosp. Rev. Bonds (Cmnty. Hosp. Assn., Inc.), 6.1s, 5/1/29</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">B2</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,250,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;1,997,955 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;7,297,955 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial"><B>Wisconsin (2.4%)</B></P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Badger Tobacco Settlement Asset Securitization Corp. Rev. Bonds</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">7s, 6/1/28</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>3,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;3,352,380 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">6 3/8s, 6/1/32</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">BBB</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>3,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;3,244,890 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Kimberly, Area School Distr. G.O. Bonds, FSA, 5s, 3/1/25</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">Aaa</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,625,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;2,789,115 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">WI State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds (Wheaton Franciscan), 5 3/4s, 8/15/30</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667><P style="margin:0pt; font-family:Arial">A2</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>3,900,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;4,170,413 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;13,556,798 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067><P style="margin:0pt; font-family:Arial"><B>Total municipal bonds and notes (cost $538,305,171)</B></P>
</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;$556,360,746 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Arial"><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000" width=434.067><P style="margin:0pt; font-family:Arial"><B>PREFERRED STOCKS (1.1%)(a)</B></P>
</TD><TD style="border-top:0.5pt solid #000000" width=59.6><P style="margin:0pt; font-family:Arial" align=center><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000" width=62.667><P style="margin:0pt; font-family:Arial" align=center><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000" width=101.133><P style="margin:0pt; font-family:Arial"><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000" width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000" width=19.133><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=59.6><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.667><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=101.133><P style="margin:0pt; font-family:Arial" align=right>Shares</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=142.2><P style="margin:0pt; font-family:Arial" align=right>Value</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=19.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067>&nbsp;</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=142.2>&nbsp;</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">Charter Mac. Equity Trust 144A Ser. A, 6.625% cum. pfd.</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;$2,146,960 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=73.2>&nbsp;</TD><TD valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">MuniMae Tax Exempt Bond Subsidiary, LLC 144A Ser. A, 6.875% cum. pfd.</P>
</TD><TD valign=bottom width=59.6>&nbsp;</TD><TD valign=bottom width=62.667>&nbsp;</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>4,000,000 </P>
</TD><TD valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;4,307,120 </P>
</TD><TD valign=bottom width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=73.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=434.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=59.6><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067><P style="margin:0pt; font-family:Arial"><B>Total preferred stocks (cost $6,000,000)</B></P>
</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;$6,454,080 </B></P>
</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=434.067><P style="margin:0pt; font-family:Arial"><B>TOTAL INVESTMENTS</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=59.6><P style="margin:0pt; font-family:Arial" align=center><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.667><P style="margin:0pt; font-family:Arial" align=center><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=101.133><P style="margin:0pt; font-family:Arial"><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=19.133><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" width=73.2><P style="margin:0pt; font-family:Arial"><B>&nbsp;</B></P>
</TD><A NAME="RANGE!F531"></A><TD style="border-bottom:0.5pt solid #000000" width=434.067><P style="margin:0pt; font-family:Arial"><B>Total investments (cost $544,305,171)(b)</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=59.6><P style="margin:0pt; font-family:Arial" align=center><B>&nbsp;</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=62.667><P style="margin:0pt; font-family:Arial" align=center><B>&nbsp;</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=101.133><P style="margin:0pt; font-family:Arial"><B>&nbsp;</B></P>
</TD><A NAME="RANGE!K531"></A><TD style="border-bottom:0.5pt solid #000000" width=142.2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;$562,814,826 </B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=19.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD width=73.2>&nbsp;</TD><TD width=434.067>&nbsp;</TD><TD width=59.6>&nbsp;</TD><TD width=62.667>&nbsp;</TD><TD width=101.133>&nbsp;</TD><TD width=142.2>&nbsp;</TD><TD width=19.133>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<A NAME="RANGE!D2:I12"></A><TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=bottom width=480 colspan=3><P style="margin:0pt; line-height:20pt; font-family:Arial; font-size:18pt">Putnam Managed Municipal Income Trust</P>
</TD><TD valign=bottom width=89.333>&nbsp;</TD><TD valign=bottom width=114.667>&nbsp;</TD></TR>
<TR><TD width=480 colspan=3><P style="margin:0pt; font-family:Arial"><B>FUTURES CONTRACTS OUTSTANDING at 7/31/05 (Unaudited)</B></P>
</TD><TD width=89.333>&nbsp;</TD><TD width=114.667>&nbsp;</TD></TR>
<TR><TD valign=bottom width=276.4>&nbsp;</TD><TD valign=bottom width=90.6>&nbsp;</TD><TD valign=bottom width=113>&nbsp;</TD><TD valign=bottom width=89.333>&nbsp;</TD><TD valign=bottom width=114.667>&nbsp;</TD></TR>
<TR><TD valign=bottom width=276.4>&nbsp;</TD><TD valign=bottom width=90.6><P style="margin:0pt; font-family:Arial" align=right>Number of </P>
</TD><TD valign=bottom width=113>&nbsp;</TD><TD valign=bottom width=89.333><P style="margin:0pt; font-family:Arial" align=right>Expiration</P>
</TD><TD valign=bottom width=114.667><P style="margin:0pt; font-family:Arial" align=right>Unrealized</P>
</TD></TR>
<TR><TD valign=bottom width=276.4>&nbsp;</TD><TD valign=bottom width=90.6><P style="margin:0pt; font-family:Arial" align=right>contracts</P>
</TD><TD valign=bottom width=113><P style="margin:0pt; font-family:Arial" align=right>Value</P>
</TD><TD valign=bottom width=89.333><P style="margin:0pt; font-family:Arial" align=right>date</P>
</TD><TD valign=bottom width=114.667><P style="margin:0pt; font-family:Arial" align=right>appreciation</P>
</TD></TR>
<TR><TD valign=bottom width=276.4>&nbsp;</TD><TD valign=bottom width=90.6>&nbsp;</TD><TD valign=bottom width=113>&nbsp;</TD><TD valign=bottom width=89.333>&nbsp;</TD><TD valign=bottom width=114.667>&nbsp;</TD></TR>
<TR><TD valign=bottom width=276.4><P style="margin:0pt; font-family:Arial">U.S. Treasury Note 5 yr (Short)</P>
</TD><TD valign=bottom width=90.6><P style="margin:0pt; font-family:Arial" align=right>262</P>
</TD><TD valign=bottom width=113><P style="margin:0pt; font-family:Arial" align=right>&nbsp;$28,087,219 </P>
</TD><TD valign=bottom width=89.333><P style="margin:0pt; font-family:Arial" align=right>Sep-05</P>
</TD><TD valign=bottom width=114.667><P style="margin:0pt; font-family:Arial" align=right>&nbsp;$338,995 </P>
</TD></TR>
<TR><TD valign=bottom width=276.4><P style="margin:0pt; font-family:Arial">U.S. Treasury Note 10 yr (Short)</P>
</TD><TD valign=bottom width=90.6><P style="margin:0pt; font-family:Arial" align=right>91</P>
</TD><TD valign=bottom width=113><P style="margin:0pt; font-family:Arial" align=right>&nbsp;10,099,578 </P>
</TD><TD valign=bottom width=89.333><P style="margin:0pt; font-family:Arial" align=right>Sep-05</P>
</TD><TD valign=bottom width=114.667><P style="margin:0pt; font-family:Arial" align=right>&nbsp;$162,532 </P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=276.4><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=90.6><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=113><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=89.333><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=114.667><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=276.4><P style="margin:0pt; font-family:Arial"><B>Total</B></P>
</TD><TD valign=bottom width=90.6>&nbsp;</TD><TD valign=bottom width=113>&nbsp;</TD><TD valign=bottom width=89.333>&nbsp;</TD><TD valign=bottom width=114.667><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;$501,527 </B></P>
</TD></TR>
<TR><TD valign=bottom width=276.4>&nbsp;</TD><TD valign=bottom width=90.6>&nbsp;</TD><TD valign=bottom width=113>&nbsp;</TD><TD valign=bottom width=89.333>&nbsp;</TD><TD valign=bottom width=114.667>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667><P style="margin:0pt; font-family:Arial">NOTES</P>
</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667>&nbsp;</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=65.333><P style="margin:0pt; font-family:Arial">(a)</P>
</TD><TD valign=bottom width=550.667><P style="margin:0pt; font-family:Arial">Percentages indicated are based on net assets of $566,603,198.</P>
</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667>&nbsp;</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=65.333><P style="margin:0pt; font-family:Arial">(RAT)</P>
</TD><TD valign=bottom width=550.667><P style="margin:0pt; font-family:Arial" align=justify>The Moody's or Standard &amp; Poor's ratings indicated are believed to be the most recent ratings available at July 31, 2005 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 July 31, 2005. Securities rated by Putnam are indicated by &quot;/P&quot;. &nbsp;Security ratings are defined in the Statement of Additional Information.</P>
</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667>&nbsp;</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=65.333><P style="margin:0pt; font-family:Arial">(b)</P>
</TD><TD valign=bottom width=550.667><P style="margin:0pt; font-family:Arial" align=justify>The aggregate identified cost on a tax basis is $543,844,357, resulting in gross unrealized appreciation and depreciation of $26,506,063 and $7,535,594, respectively, or net unrealized appreciation of $18,970,469.</P>
</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=65.333>&nbsp;</TD><TD valign=bottom width=550.667>&nbsp;</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=65.333><P style="margin:0pt; font-family:Arial">(F)</P>
</TD><TD valign=bottom width=550.667><P style="margin:0pt; font-family:Arial">Security is valued at fair value following procedures approved by the Trustees.</P>
</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667>&nbsp;</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=65.333><P style="margin:0pt; font-family:Arial">(NON)</P>
</TD><TD valign=bottom width=550.667><P style="margin:0pt; font-family:Arial">Non-income-producing security.</P>
</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667>&nbsp;</TD><TD valign=bottom width=101.333>&nbsp;</TD><A NAME="RANGE!B13:D47"></A></TR>
<TR><TD valign=top width=65.333><P style="margin:0pt; font-family:Arial">(RES)</P>
</TD><TD valign=bottom width=550.667><P style="margin:0pt; font-family:Arial" align=justify>Restricted, excluding 144A securities, as to public resale. The total market value of restricted securities held at July 31, 2005 was $2,117,060 or 0.4% of net assets.</P>
</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=top width=65.333>&nbsp;</TD><TD valign=bottom width=550.667>&nbsp;</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD width=65.333><P style="margin:0pt; font-family:Arial">(SEG)</P>
</TD><TD valign=bottom width=550.667><P style="margin:0pt; font-family:Arial" align=justify>A portion of this security was pledged and segregated with the custodian to cover margin requirements for futures contracts at July 31, 2005.</P>
</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667>&nbsp;</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667><P style="margin:0pt; font-family:Arial">At July 31, 2005, liquid assets totaling $1,614,438 have been designated as collateral for open forward commitments.</P>
</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667>&nbsp;</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667><P style="margin:0pt; font-family:Arial" align=justify>144A after the name of a security represents those exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.</P>
</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667>&nbsp;</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667><P style="margin:0pt; font-family:Arial" align=justify>The rates shown on VRDN, Mandatory Put Bonds, and FRB are the current interest rates at July 31, 2005.</P>
</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667>&nbsp;</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667><P style="margin:0pt; font-family:Arial">The dates shown on Mandatory Put Bonds are the next mandatory put dates.</P>
</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667>&nbsp;</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667><P style="margin:0pt; font-family:Arial" align=justify>The rates shown on IFB, which are securities paying interest rates that vary inversely to changes in the market interest rates, are the current interest rates at July 31, 2005.</P>
</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667>&nbsp;</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667><P style="margin:0pt; font-family:Arial" align=justify>The fund had the following industry group concentrations greater than 10% at July 31, 2005 (as a percentage of net assets):</P>
</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667>&nbsp;</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667><P style="margin:0pt; font-family:Arial">Health care</P>
</TD><TD valign=bottom width=101.333><P style="margin:0pt; font-family:Arial" align=right>28.7%</P>
</TD></TR>
<TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667><P style="margin:0pt; font-family:Arial">Utilities</P>
</TD><TD valign=bottom width=101.333><P style="margin:0pt; font-family:Arial" align=right>18.0</P>
</TD></TR>
<TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667><P style="margin:0pt; font-family:Arial">Transportation</P>
</TD><TD valign=bottom width=101.333><P style="margin:0pt; font-family:Arial" align=right>13.3</P>
</TD></TR>
<TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667>&nbsp;</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667><P style="margin:0pt; font-family:Arial" align=justify>The fund had the following insurance concentrations greater than 10% at July 31, 2005 (as a percentage of net assets):</P>
</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667>&nbsp;</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667><P style="margin:0pt; font-family:Arial">MBIA</P>
</TD><TD valign=bottom width=101.333><P style="margin:0pt; font-family:Arial" align=right>12.5%</P>
</TD></TR>
<TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667><P style="margin:0pt; font-family:Arial">AMBAC</P>
</TD><TD valign=bottom width=101.333><P style="margin:0pt; font-family:Arial" align=right>12.0</P>
</TD></TR>
<TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667>&nbsp;</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667><P style="margin:0pt; font-family:Arial" align=justify><B>Security valuation </B>Tax-exempt bonds and notes are valued at fair value on the basis of valuations provided by an independent pricing service, approved by the Trustees. &nbsp;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. &nbsp;Other investments are valued at fair value following procedures approved by the Trustees. &nbsp;Such valuations and procedures are reviewed periodically by the Trustees.</P>
</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667>&nbsp;</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667><P style="margin:0pt; font-family:Arial" align=justify><B>Futures and options contracts</B> The fund may use futures and options contracts to hedge against changes in the values of securities the fund owns or expects to purchase. &nbsp;The fund may also write options on securities it owns or in which it may invest to increase its current returns.</P>
</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667>&nbsp;</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667><P style="margin:0pt; font-family:Arial" align=justify>The potential risk to the fund is that the change in value of futures and options contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, or if the counterparty to the contract is unable to perform. Risks may exceed amounts recognized on the statement of assets and liabilities. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. &nbsp;Realized gains and losses on purchased options are included in realized gains and losses on investment securities. &nbsp;If a written call option is exercised, the premium originally received is recorded as an addition to sales proceeds. &n
bsp;If a written put option is exercised, the premium originally received is recorded as a reduction to cost of investments.</P>
</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667>&nbsp;</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667><P style="margin:0pt; font-family:Arial">Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. &nbsp;The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. &nbsp;Such receipts or payments are known as &#147;variation margin.&#148; &nbsp;Exchange traded options are valued at the last sale price, or if no sales are reported, the last bid price for purchased options and the last ask price for written options. &nbsp;Options traded over-the-counter are valued using prices supplied by dealers. &nbsp;Futures and written option contracts outstanding at period end, if any, are listed after the fund&#146;s portfolio.</P>
</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667>&nbsp;</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667><P style="margin:0pt; font-family:Arial" align=justify>For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com</P>
</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=65.333>&nbsp;</TD><TD valign=bottom width=550.667>&nbsp;</TD><TD valign=bottom width=101.333>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Item 2. Controls and Procedures:</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">--------------------------------</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a) The registrant's principal executive officer and principal </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">financial officer have concluded, based on their evaluation of the</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">effectiveness of the design and operation of the registrant's</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">disclosure controls and procedures as of a date within 90 days of</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the filing date of this report, that the design and operation of </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">such procedures are generally effective to provide reasonable </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">assurance that information required to be disclosed by the registrant </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">in this report is recorded, processed, summarized and reported within </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the time periods specified in the Commission's rules and forms.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b) Changes in internal control over financial reporting:</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Not applicable</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Item 3. Exhibits:</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">------------------</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">A separate certification for each principal executive officer and</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">principal financial officer of the registrant as required by Rule 30a-2</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">under the Investment Company Act of 1940, as amended, are filed herewith.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">SIGNATURES</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Pursuant to the requirements of the Securities Exchange Act of 1934</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">and the Investment Company Act of 1940, the registrant has duly</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">caused this report to be signed on its behalf by the undersigned,</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">thereunto duly authorized.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">NAME OF REGISTRANT</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By (Signature and Title):</P>
<P style="margin:0pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">/s/ Michael T. Healy</P>
<P style="margin:0pt; padding-left:108pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">--------------------------</P>
<P style="margin:0pt; padding-left:108pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Michael T. Healy</P>
<P style="margin:0pt; padding-left:108pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Principal Accounting Officer</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Date: September 28, 2005</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Pursuant to the requirements of the Securities Exchange Act of 1934</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">and the Investment Company Act of &nbsp;1940, this report has been signed</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">below by the following persons on behalf of the registrant and in</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the capacities and on the dates indicated.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By (Signature and Title):</P>
<P style="margin:0pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">/s/ Charles E. Porter</P>
<P style="margin:0pt; padding-left:108pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">---------------------------</P>
<P style="margin:0pt; padding-left:108pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Charles E. Porter</P>
<P style="margin:0pt; padding-left:108pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Principal Executive Officer</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Date: September 28, 2005</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By (Signature and Title):</P>
<P style="margin:0pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">/s/ Steven D. Krichmar</P>
<P style="margin:0pt; padding-left:108pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">---------------------------</P>
<P style="margin:0pt; padding-left:108pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Steven D. Krichmar</P>
<P style="margin:0pt; padding-left:108pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Principal Financial Officer</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Date: September 28, 2005</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>exnn2.htm
<DESCRIPTION>EX-99.CERT
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Certifications</TITLE>
<META NAME="author" CONTENT="Larry McMunn">
<META NAME="date" CONTENT="09/28/2005">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Certifications</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">---------------</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">I, Charles E. Porter, the Principal Executive Officer of the funds listed on</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Attachment A, certify that:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">1. &nbsp;I have reviewed each report on Form N-Q of the funds listed on</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Attachment A:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">2. &nbsp;Based on my knowledge, each report does not contain any untrue</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">statements of a material fact or omit to state a material fact necessary to</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">make the statements made, in light of the circumstances under which such</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">statements were made, not misleading with respect to the period covered by</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">each report;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">3. &nbsp;Based on my knowledge, the schedules of investments included in each</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">report fairly present in all material respects the investments of the</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">registrant as of the end of the fiscal quarter for which the report is</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">filed;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">4. The registrant's other certifying officer and I are responsible for</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">establishing and maintaining disclosure controls and procedures (as defined</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">in Rule 30a-3(c) under the Investment Company Act of 1940) and internal</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">control over financial reporting (as defined in Rule 30a-3(d) under the</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Investment Company Act of 1940) for the registrants and have:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">a) &nbsp;designed such disclosure controls and procedures, or caused such</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">disclosure controls and procedures to be designed under our supervision, to</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">ensure that material information relating to the registrant, including its</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">consolidated subsidiaries, is made known to us by others within those</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">entities, particularly during the period in which each report is being</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">prepared;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">b) designed such internal control over financial reporting, or caused such</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">internal control over financial reporting to be designed under our</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">supervision, to provide reasonable assurance regarding the reliability of</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">financial reporting and the preparation of financial statements for external</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">purposes in accordance with generally accepted accounting principles;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">c) &nbsp;evaluated the effectiveness of the registrant&#146;s disclosure controls and</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">procedures and presented in this report our conclusions about the</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">effectiveness of the disclosure controls and procedures, as of a date within</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">90 days prior to the filing date of this report, based on such evaluation;</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">and</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">d) &nbsp;disclosed in this report any change in the registrant&#146;s internal control</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">over financial reporting that occurred during the registrant&#146;s most recent</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">fiscal quarter that has materially affected, or is reasonably likely to</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">materially affect, the registrant&#146;s internal control over financial</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">reporting; and</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">5. &nbsp;The registrant&#146;s other certifying officer and I have disclosed to each</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">registrant&#146;s auditors and the audit committee of each registrant&#146;s board of</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">directors (or persons performing the equivalent functions):</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">a) &nbsp;all significant deficiencies and material weaknesses in the design or</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">operation of internal control over financial reporting which are reasonably</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">likely to adversely affect each registrant&#146;s ability to record, process,</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">summarize, and report financial information; and</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">b) &nbsp;any fraud, whether or not material, that involves management or other</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">employees who have a significant role in each registrant&#146;s internal control</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">over financial reporting.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; text-indent:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">/s/ Charles E. Porter</P>
<P style="margin:0pt; text-indent:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">-------------------------------------</P>
<P style="margin:0pt; text-indent:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Date: September 27, 2005</P>
<P style="margin:0pt; text-indent:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Charles E. Porter</P>
<P style="margin:0pt; text-indent:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Principal Executive Officer</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Certifications</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">---------------</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">I, Steven D. Krichmar, the Principal Financial Officer of the funds listed</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">on Attachment A, certify that:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">1. &nbsp;I have reviewed each report on Form N-Q of the funds listed on</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Attachment A:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">2. &nbsp;Based on my knowledge, each report does not contain any untrue</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">statements of a material fact or omit to state a material fact necessary to</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">make the statements made, in light of the circumstances under which such</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">statements were made, not misleading with respect to the period covered by</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">each report;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">3. &nbsp;Based on my knowledge, the schedules of investments included in each</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">report fairly present in all material respects the investments of the</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">registrant as of the end of the fiscal quarter for which the report is</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">filed;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">4. The registrant's other certifying officer and I are responsible for</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">establishing and maintaining disclosure controls and procedures (as defined</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">in Rule 30a-3(c) under the Investment Company Act of 1940) and internal</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">control over financial reporting (as defined in Rule 30a-3(d) under the</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Investment Company Act of 1940) for the registrants and have:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">a) &nbsp;designed such disclosure controls and procedures, or caused such</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">disclosure controls and procedures to be designed under our supervision, to</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">ensure that material information relating to the registrant, including its</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">consolidated subsidiaries, is made known to us by others within those</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">entities, particularly during the period in which each report is being</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">prepared;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">b) designed such internal control over financial reporting, or caused such</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">internal control over financial reporting to be designed under our</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">supervision, to provide reasonable assurance regarding the reliability of</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">financial reporting and the preparation of financial statements for external</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">purposes in accordance with generally accepted accounting principles;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">c) &nbsp;evaluated the effectiveness of the registrant&#146;s disclosure controls and</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">procedures and presented in this report our conclusions about the</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">effectiveness of the disclosure controls and procedures, as of a date within</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">90 days prior to the filing date of this report, based on such evaluation;</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">and</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">d) &nbsp;disclosed in this report any change in the registrant&#146;s internal control</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">over financial reporting that occurred during the registrant&#146;s most recent</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">fiscal quarter that has materially affected, or is reasonably likely to</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">materially affect, the registrant&#146;s internal control over financial</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">reporting; and</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">5. &nbsp;The registrant&#146;s other certifying officer and I have disclosed to each</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">registrant&#146;s auditors and the audit committee of each registrant&#146;s board of</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">directors (or persons performing the equivalent functions):</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">a) &nbsp;all significant deficiencies and material weaknesses in the design or</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">operation of internal control over financial reporting which are reasonably</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">likely to adversely affect each registrant&#146;s ability to record, process,</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">summarize, and report financial information; and</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">b) &nbsp;any fraud, whether or not material, that involves management or other</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">employees who have a significant role in each registrant&#146;s internal control</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">over financial reporting.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; text-indent:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">/s/ Steven D. Krichmar</P>
<P style="margin:0pt; text-indent:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">----------------------------------</P>
<P style="margin:0pt; text-indent:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Date: September 27, 2005</P>
<P style="margin:0pt; text-indent:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Steven D. Krichmar</P>
<P style="margin:0pt; text-indent:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Principal Financial Officer</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Attachment A</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">--------------------------------------------</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">NQ</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Period (s) ended July 31, 2005 </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">--------------------------------------------</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">2OV Putnam Mid-Cap Value Fund</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">002 The Putnam Fund for Growth and Income</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">2II Putnam Capital Opportunities Fund</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">840 Putnam Utilities Growth and Income Fund</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">005 Putnam Global Equity Fund</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">008 Putnam Convertible Income-Growth Trust</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">052 Putnam Managed Municipal Income Trust</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">183 Putnam Municipal Bond Fund</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">582 Putnam Municipal Opportunities Trust</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">004 Putnam Income Fund</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">184 Putnam California Investment Grade Municipal Trust</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">185 Putnam New York Investment Grade Municipal Trust</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">2MI Putnam Tax Smart Equity Fund</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">041 Putnam Global Income Trust</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
