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<SEC-DOCUMENT>0000928816-06-000379.txt : 20060329
<SEC-HEADER>0000928816-06-000379.hdr.sgml : 20060329
<ACCEPTANCE-DATETIME>20060329163624
ACCESSION NUMBER:		0000928816-06-000379
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060131
FILED AS OF DATE:		20060329
DATE AS OF CHANGE:		20060329
EFFECTIVENESS DATE:		20060329

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:		06719228

	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>a_managmuni1.htm
<DESCRIPTION>PUTNAM MANAGED MUNICIPAL INCOME TRUST
<TEXT>
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<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="sans-serif">UNITED STATES </FONT><BR>
<FONT size=2 face="sans-serif">SECURITIES AND EXCHANGE COMMISSION</FONT><BR>
<FONT size=2 face="sans-serif">Washington, D.C. 20549</FONT><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<B><FONT size=2 face="sans-serif">FORM N-Q</FONT></B></P>
<P align="left">
<TABLE><TR><TD nowrap>
<B><FONT size=2 face="sans-serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT </FONT></B><BR>
<B><FONT size=2 face="sans-serif">INVESTMENT COMPANY</FONT></B><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">Investment Company Act file number: (811- 05740 )</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Exact name of registrant as specified in charter: Putnam Managed Municipal Income Trust</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109</FONT></P>
<TABLE border=0 width=100% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Name and address of agent for service:</FONT>&nbsp;
	</TD>
	<TD width=42% nowrap colspan=2 align=left>
<FONT size=2 face="sans-serif">Beth S. Mazor, Vice President</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
&nbsp;
	</TD>
	<TD width=42% nowrap colspan=2 align=left>
<FONT size=2 face="sans-serif">One Post Office Square</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
&nbsp;
	</TD>
	<TD width=42% nowrap colspan=2 align=left>
<FONT size=2 face="sans-serif">Boston, Massachusetts 02109</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
<FONT size=2 face="sans-serif">Copy to:</FONT>&nbsp;
	</TD>
	<TD width=42% nowrap colspan=2 align=left>
<FONT size=2 face="sans-serif">John W. Gerstmayr, Esq.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
&nbsp;
	</TD>
	<TD width=42% nowrap colspan=2 align=left>
<FONT size=2 face="sans-serif">Ropes &amp; Gray LLP</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
&nbsp;
	</TD>
	<TD width=42% nowrap colspan=2 align=left>
<FONT size=2 face="sans-serif">One International Place</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% nowrap align=left>
&nbsp;
	</TD>
	<TD width=42% nowrap colspan=2 align=left>
<FONT size=2 face="sans-serif">Boston, Massachusetts 02110</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=68% nowrap colspan=2 align=left>
<FONT size=2 face="sans-serif">Registrant&#146;s telephone number, including area code:</FONT>&nbsp;
	</TD>
	<TD width=30% nowrap align=left>
<FONT size=2 face="sans-serif">(617) 292-1000</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="sans-serif">Date of fiscal year end: October 31, 2006</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Date of reporting period: January 31, 2006</FONT></P>
<P align="left">
<U><FONT size=2 face="sans-serif">Item 1. Schedule of Investments:</FONT></U></P>

<HR noshade align="center" width="100%" size=2>









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<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=4>Putnam Managed Municipal Income
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
     >The fund's portfolio</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>1/31/06 (Unaudited)</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>AMBAC -- AMBAC Indemnity
      Corporation</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>COP -- Certificate of
      Participation</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>FGIC -- Financial Guaranty
      Insurance Company</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>FHA Insd. -- Federal Housing
      Administration Insured</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>FHLMC Coll. -- Federal Home Loan
      Mortgage Corporation Collateralized</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>FNMA Coll. -- Federal National
      Mortgage Association Collateralized</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>FSA -- Financial Security
      Assurance</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>GNMA Coll. -- Government
      National Mortgage Association Collateralized</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>G.O. Bonds -- General Obligation
      Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>MBIA -- MBIA Insurance
      Company</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>PSFG -- Permanent School Fund
      Guaranteed</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Q-SBLF -- Qualified School Board
      Loan Fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>U.S. Govt. Coll. -- U.S.
      Government Collateralized</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>VRDN -- Variable Rate Demand
      Notes</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><B><FONT
      face=sans-serif size=1
     >MUNICIPAL BONDS AND NOTES (98.2%)(a)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%">&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>Rating (RAT)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>Principal amount</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>Value</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><B><FONT
      face=sans-serif size=1
     >Alabama (0.3%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Butler, Indl. Dev. Board Solid
      Waste Disp. Rev. Bonds (GA. Pacific Corp.), 5 3/4s, 9/1/28</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>B</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>$950,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>$941,650</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Sylacauga, Hlth. Care Auth. Rev.
      Bonds (Coosa Valley Med. Ctr.), Ser. A, 6s, 8/1/25</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>B/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>650,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>656,552</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif
      size=1
     >1,598,202</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><B><FONT
      face=sans-serif size=1
     >Alaska (0.7%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>AK State Hsg. Fin. Corp. VRDN,
      Ser. A, FSA, 3.05s, 12/1/24</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>A-1+</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>3,695,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif
      size=1
     >3,695,000</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><B><FONT
      face=sans-serif size=1
     >Arizona (2.1%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Apache Cnty., Indl. Dev. Auth.
      Poll. Control Rev. Bonds (Tucson Elec. Pwr. Co.), Ser. B, 5 7/8s,
      3/1/33</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>Ba1</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,000,050</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>AZ Hlth. Fac. Auth. Hosp. Syst.
      Rev. Bonds (John C. Lincoln Hlth. Network), 6 3/8s, 12/1/37
      (Prerefunded)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BBB</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,164,530</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Casa Grande, Indl. Dev. Auth.
      Rev. Bonds (Casa Grande Regl. Med. Ctr.), Ser. A, 7 5/8s,
      12/1/29</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>B+/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1,800,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,995,840</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Cochise Cnty., Indl. Dev. Auth.
      Rev. Bonds (Sierra Vista Regl. Hlth. Ctr.), Ser. A, 6.2s,
      12/1/21</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BB+/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>495,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>523,141</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Coconino Cnty., Poll. Control
      Rev. Bonds (Tuscon/Navajo Elec. Pwr.), Ser. A, 7 1/8s,
      10/1/32</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>Ba1</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>3,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>3,111,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Glendale, Wtr. &amp; Swr. Rev.
      Bonds, AMBAC, 5s, 7/1/28</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>2,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>2,085,400</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Pima Cnty., Indl Dev. Auth. Rev.
      Bonds (Horizon Cmnty. Learning Ctr.), 5.05s, 6/1/25</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BBB-</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>815,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>792,400</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Scottsdale, Indl. Dev. Auth.
      Hosp. Rev. Bonds (Scottsdale Hlth. Care), 5.8s, 12/1/31</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>A3</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,068,860</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif
      size=1
     >11,741,221</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><B><FONT
      face=sans-serif size=1
     >Arkansas (2.0%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>AR State Hosp. Dev. Fin. Auth.
      Rev. Bonds (Washington Regl. Med. Ctr.), 7 3/8s, 2/1/29
      (Prerefunded)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>Baa2</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>4,600,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>5,253,568</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Independence Cnty., Poll.
      Control Rev. Bonds (Entergy, Inc.), 5s, 1/1/21</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>A-</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,012,180</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Little Rock G.O. Bonds (Cap.
      Impt.), FSA, 3.95s, 4/1/19</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>900,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>903,582</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Northwest Regl. Arpt. Auth. Rev.
      Bonds, 7 5/8s, 2/1/27 (Prerefunded)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BB/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>2,750,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>3,028,163</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Washington Cnty., Hosp. Rev.
      Bonds (Regl. Med. Ctr.)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Ser. A, 5s, 2/1/35</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>Baa2</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>250,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>248,108</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Ser. B, 5s, 2/1/25</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>Baa2</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>505,775</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif
      size=1
     >10,951,376</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><B><FONT
      face=sans-serif size=1
     >California (11.8%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>CA G.O. Bonds, 5s,
      5/1/22</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>4,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>4,205,240</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>CA Hlth. Fac. Fin. Auth. Rev.
      Bonds, AMBAC, 5.293s, 7/1/17</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>3,400,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>3,424,344</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>CA Poll. Control Fin. Auth.
      Solid Waste Disp. Rev. Bonds (Waste Management, Inc.), Ser. A-2, 5.4s,
      4/1/25</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BBB</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1,200,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,261,224</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>CA State Dept. of Wtr. Resources
      Rev. Bonds, Ser. A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>6s, 5/1/15
      (Prerefunded)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,143,500</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>AMBAC, 5 1/2s,
      5/1/13</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>20,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>22,255,178</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>5 1/2s, 5/1/11</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>A2</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>3,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>3,259,560</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>CA Statewide Cmnty. Dev. Auth.
      COP (The Internext Group), 5 3/8s, 4/1/30</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BBB</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>3,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>3,013,830</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>CA Statewide Cmnty. Dev. Auth.
      Rev. Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>(Huntington Memorial Hosp.), 5s,
      7/1/21</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>A+</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>3,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>3,163,380</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>(Thomas Jefferson School of
      Law), Ser. B, 4 7/8s, 10/1/31</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BBB-</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1,030,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,015,539</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>CA Statewide Cmntys. Dev. Auth.
      Apt. Mandatory Put Bonds (Irvine Apt. Cmntys.), Ser. A-3, 5.1s,
      5/17/10</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>Baa2</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>2,250,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>2,328,120</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Capistrano, Unified School Dist.
      Cmnty. Fac. Special Tax Bonds (No 98-2 Ladera), 5.7s, 9/1/20</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>(Prerefunded)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BBB/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,094,920</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Cathedral City, Impt. Board Act
      of 1915 Special Assmt. (Cove Impt. Dist.), Ser. 04-02, 5s,
      9/2/30</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BB+/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>250,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>245,135</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Cathedral City, Impt. Board Act
      of 1915 Special Assmt. Bonds (Cove Impt. Dist.), Ser. 04-02, 5.05s,
      9/2/35</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BB+/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>400,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>391,564</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Chula Vista Rev. Bonds (San
      Diego Gas), Ser. B, 5s, 12/1/27</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>A1</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>950,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>962,645</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Chula Vista, Cmnty. Fac. Dist.
      Special Tax Rev. Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>(No. 08-1 Otay Ranch Village
      Six), 6s, 9/1/33</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BB/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1,250,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,299,050</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>(No 07-I Otay Ranch Village
      Eleven), 5 7/8s, 9/1/34</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BB-/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>300,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>314,280</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>(No. 07-I Otay Ranch Village
      Eleven), 5.8s, 9/1/28</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BB-/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>300,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>314,853</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Corona, COP (Vista Hosp. Syst.),
      zero %, 7/1/29 (In default) (F)(NON)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>D/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>10,775,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>30,170</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Folsom, Special Tax Rev. Bonds
      (Cmnty. Facs. Dist. No. 10), 5 7/8s, 9/1/28</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BB/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>750,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>775,673</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Gilroy, Rev. Bonds (Bonfante
      Gardens Park), 8s, 11/1/25</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>D/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>770,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>633,156</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Golden State Tobacco
      Securitization Corp. Rev. Bonds, Ser. B, 5 5/8s, 6/1/38
      (Prerefunded)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>2,500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>2,799,475</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Murrieta, Cmnty. Fac. Dist.
      Special Tax (No. 2 The Oaks Impt. Area A), 6s, 9/1/34</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BB+/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1,100,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,151,700</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Orange Cnty., Cmnty. Fac. Dist.
      Special Tax Rev. Bonds (No. 02-1 Ladera Ranch), Ser. A, 5.55s,
      8/15/33</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BBB/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>650,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>666,432</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Roseville, Cmnty. Fac. Special
      Tax (Dist. No. 1 -Westpark)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>5 1/4s, 9/1/25</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BB/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>315,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>319,007</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>5 1/4s, 9/1/17</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BB/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>985,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,014,698</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Sacramento, Special Tax (North
      Natomas Cmnty. Fac.), Ser. 4-C, 6s, 9/1/33</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BBB/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1,250,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,320,200</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>San Diego, Assn. of Bay Area
      Governments Fin. Auth. For Nonprofit Corps. Rev. Bonds (San
      Diego</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Hosp.), Ser. A, 6 1/8s,
      8/15/20</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>Baa1</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>250,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>271,758</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Santaluz Cmnty., Facs. Dist. No.
      2 Special Tax Rev. Bonds (Impt. Area No. 1), Ser. B, 6 3/8s,
      9/1/30</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BBB/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>2,485,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>2,521,778</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Thousand Oaks, Cmnty. Fac. Dist.
      Special Tax Rev. Bonds (Marketplace 94-1), zero %, 9/1/14</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>B/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>3,465,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,893,519</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Vallejo, COP (Marine World
      Foundation), 7.2s, 2/1/26</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BBB-/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>2,500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>2,611,000</FONT>&nbsp;
  </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_2></A>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="67%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif
      size=1
     >65,700,928</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><B><FONT
      face=sans-serif size=1
     >Colorado (1.6%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>CO Hlth. Fac. Auth. Rev. Bonds
      (Evangelical Lutheran), 5 1/4s, 6/1/23</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>A-</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,047,860</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>CO Pub. Hwy. Auth. Rev. Bonds
      (E-470 Pub. Hwy.), Ser. B</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>zero %, 9/1/35
      (Prerefunded)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>15,500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,978,730</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>zero %, 9/1/34
      (Prerefunded)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>16,500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>2,272,710</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Denver, City &amp; Cnty. Arpt.
      Rev. Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Ser. D, AMBAC, 7 3/4s,
      11/15/13</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1,050,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,222,463</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>MBIA, 5 1/2s,
      11/15/25</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>2,500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>2,564,050</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif
      size=1
     >9,085,813</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><B><FONT
      face=sans-serif size=1
     >Delaware (0.5%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>GMAC Muni. Mtge. Trust 144A sub.
      notes, Ser. A1-3, 5.3s, 10/31/39</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>A3</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>2,500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>2,551,250</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Sussex Cnty., Rev. Bonds (First
      Mtge. - Cadbury Lewes), Ser. A, 5.9s, 1/1/26</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>B/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>350,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>350,385</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif
      size=1
     >2,901,635</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><B><FONT
      face=sans-serif size=1
     >District of Columbia (2.0%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>DC G.O. Bonds, Ser. A, FSA, 5s,
      6/1/27</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>3,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>3,129,330</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>DC VRDN (Multimodal), Ser. A,
      FSA, 3.05s, 6/1/15</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>VMIG1</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1,600,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,600,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>DC Tobacco Settlement Fin. Corp.
      Rev. Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>6 1/2s, 5/15/33</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BBB</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>4,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>4,542,800</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>6 1/4s, 5/15/24</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BBB</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>2,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>2,120,500</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif
      size=1
     >11,392,630</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><B><FONT
      face=sans-serif size=1
     >Florida (3.9%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>CFM Cmnty. Dev. Dist. Rev.
      Bonds, Ser. A, 6 1/4s, 5/1/35</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BB-/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1,500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,582,740</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Fishhawk, Cmnty. Dev. Dist. II
      Rev. Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Ser. A, 6 1/8s,
      5/1/34</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BB-/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>490,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>514,333</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Ser. B, 5s, 11/1/07</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BB-/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>185,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>184,717</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>FL State Mid-Bay Bridge Auth.
      Rev. Bonds, Ser. A, 6.05s, 10/1/22</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BBB/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>770,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>800,531</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Fleming Island, Plantation
      Cmnty. Dev. Dist. Special Assmt. Rev. Bonds, Ser. B, 7 3/8s,
      5/1/31</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BB/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>750,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>805,515</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Gateway Svcs. Cmnty., Dev. Dist.
      Special Assmt. Bonds (Stoneybrook), 5 1/2s, 7/1/08</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BB/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>285,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>287,497</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Heritage Harbor, South Cmnty.
      Dev. Distr. Rev. Bonds, Ser. A, 6 1/2s, 5/1/34</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BB/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>490,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>518,748</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Heritage Isle at Viera, Cmnty.
      Dev. Dist. Special Assmt., Ser. B, 5s, 11/1/09</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BB/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>405,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>406,685</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Islands at Doral III, Cmnty.
      Dev. Dist. Special Assmt. Bonds, Ser. 04-A, 5.9s, 5/1/35</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BB/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1,250,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,282,425</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Lee Cnty., Indl. Dev. Auth. Rev.
      Bonds (Alliance Cmnty.), Ser. C, 5 1/2s, 11/15/29</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BBB-</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,000,890</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Miami Beach, Hlth. Fac. Auth.
      Hosp. Rev. Bonds (Mount Sinai Med. Ctr.), Ser. A, 6.7s,
      11/15/19</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BB+</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1,335,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,459,075</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>North Springs, Impt. Dist.
      Special Assmt. Rev. Bonds (Parkland Golf Country Club), Ser. A-1, 5.45s,
      5/1/26</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BB-/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>250,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>250,518</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Old Palm, Cmnty. Dev. Dist.
      Special Assmt. Bonds (Palm Beach Gardens), Ser. A, 5.9s,
      5/1/35</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BB/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,025,400</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Reunion West, Cmnty. Dev. Dist.
      Special Assmt. Bonds, 6 1/4s, 5/1/36</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BB-/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1,500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,577,295</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>South Bay, Cmnty. Dev. Dist.
      Rev. Bonds, Ser. B-2, 5 3/8s, 5/1/13</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BB-/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>2,500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>2,547,525</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>South Miami, Hlth. Fac. Auth.
      Rev. Bonds (Baptist Hlth.), 5 1/4s, 11/15/33</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>Aa3</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1,500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,551,405</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>South Village, Cmnty. Dev. Dist.
      Rev. Bonds, Ser. A, 5.7s, 5/1/35</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BB-/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>508,280</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Sterling Hill, Cmnty. Dev. Dist.
      Rev. Bonds, Ser. B, 5 1/2s, 11/1/10</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BB-/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>875,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>885,106</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Tern Bay, Cmnty. Dev. Dist. Rev.
      Bonds, Ser. B, 5s, 5/1/15</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BB-/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>300,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>297,750</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Tern Bay, Cmnty. Dev. Dist.
      Special Assmt., Ser. A, 5 3/8s, 5/1/37</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BB-/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1,150,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,129,565</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Westchester Cmnty. Dev. Dist.
      No. 1 Special Assmt. (Cmnty. Infrastructure), 6 1/8s, 5/1/35</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BB-/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1,250,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,306,150</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>World Commerce Cmnty. Dev. Dist.
      Special Assmt., Ser. A-1</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>6 1/2s, 5/1/36</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BB-/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1,250,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,303,613</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>6 1/4s, 5/1/22</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BB-/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>550,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>573,854</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif
      size=1
     >21,799,617</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><B><FONT
      face=sans-serif size=1
     >Georgia (2.8%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Atlanta Arpt. Passenger Fac.
      Rev. Bonds (Sub. Lien), Ser. J, FSA, 5s, 1/1/27</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>5,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>5,207,750</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Burke Cnty., Poll. Control Dev.
      Auth. Mandatory Put Bonds (GA Power Co.), 4.45s, 12/1/08</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>A2</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>4,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>4,092,640</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Fulton Cnty., Res. Care Fac.
      Rev. Bonds (Canterbury Court), Class A, 6 1/8s, 2/15/34</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>B+/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>425,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>431,018</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>GA Muni. Elec. Auth. Rev. Bonds,
      AMBAC, 5s, 1/1/26</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>2,500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>2,600,750</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Med. Ctr. Hosp. Auth. Rev.
      Bonds, MBIA, 6.367s, 8/1/10</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1,400,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,402,422</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Rockdale Cnty., Dev. Auth. Solid
      Waste Disp. Rev. Bonds (Visay Paper, Inc.), 7.4s, 1/1/16</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>B+/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1,955,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,962,683</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif
      size=1
     >15,697,263</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><B><FONT
      face=sans-serif size=1
     >Hawaii (0.6%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>HI Dept. of Trans. Special Fac.
      Rev. Bonds (Continental Airlines, Inc.), 7s, 6/1/20</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>B</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1,700,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,663,008</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>HI State Hsg. &amp; Cmnty. Dev.
      Corp. Rev. Bonds (Single Fam. Mtge.), Ser. B, 3.7s, 1/1/22</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1,950,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,935,161</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif
      size=1
     >3,598,169</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><B><FONT
      face=sans-serif size=1
     >Idaho (0.2%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>ID Hsg. &amp; Fin. Assn. Rev.
      Bonds (Single Fam. Mtge.), Ser. C-2, FHA Insd., 5.15s, 7/1/29</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif
      size=1
     >1,019,430</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><B><FONT
      face=sans-serif size=1
     >Illinois (1.7%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Bedford Pk., Village Rev. Bonds
      (Hotel/Motel Tax), Ser. A, 4.9s, 12/1/23</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>Baa1</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>600,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>603,684</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Chicago, G.O. Bonds, Ser. A,
      AMBAC</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>5 5/8s, 1/1/39
      (Prerefunded)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>3,395,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>3,783,286</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>5 5/8s, 1/1/39</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>105,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>113,820</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>IL Dev. Fin. Auth. Hosp. Rev.
      Bonds (Adventist Hlth. Syst./Sunbelt Obligation), 5.65s,
      11/15/24</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>A+</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>3,250,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>3,525,113</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>IL Fin. Auth. Rev.
      Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>(Friendship Village Schaumburg),
      Ser. A, 5 5/8s, 2/15/37</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>B+/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>300,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>301,977</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>(Landing At Plymouth Place),
      Ser. A, 5.35s, 5/15/15</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>B+/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>600,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>596,700</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>IL Fin. Auth. Solid Waste
      Disposal (Waste Mgmt., Inc.), Ser. A, 5.05s, 8/1/29</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BBB</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>250,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>249,658</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>IL Hlth. Fac. Auth. Rev. Bonds
      (St. Benedict), Ser. 03A-1, 6.9s, 11/15/33</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>B</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>536,455</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif
      size=1
     >9,710,693</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><B><FONT
      face=sans-serif size=1
     >Indiana (2.0%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>IN State Dev. Fin. Auth. Env.
      Impt. Rev. Bonds (USX Corp.), 5.6s, 12/1/32</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>Baa1</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>2,500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>2,576,925</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>IN Trans. Fin. Auth. Arpt. Facs.
      Lease Rev. Bonds, Ser. A, AMBAC, 5s, 11/1/16 (Prerefunded)</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>6,500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>6,714,500</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>Rockport, Poll. Control
      Mandatory Put Bonds (Indiana Michigan Pwr. Co.), Ser. C, 2 5/8s,
      10/1/06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>Baa2</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1,750,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,731,485</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif
      size=1
     >11,022,910</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><B><FONT
      face=sans-serif size=1
     >Iowa (1.4%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>IA Fin. Auth. Hlth. Care Fac.
      Rev. Bonds (Care Initiatives)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=1>9 1/4s, 7/1/25</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>BBB-/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>2,900,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>3,478,434</FONT>&nbsp;
  </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
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  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>9.15s, 7/1/09</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>BBB-/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,125,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,262,554</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>IA Fin. Auth. Retirement Cmnty.
      Rev. Bonds (Friendship Haven), Ser. A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>6 1/8s, 11/15/32</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>BB/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>200,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>202,742</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>6s, 11/15/24</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>BB/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>200,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>201,854</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Tobacco Settlement Auth. of IA
      Rev. Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Ser. C, 5 3/8s,
      6/1/38</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>BBB</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>750,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>740,085</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Ser. B, zero %,
      6/1/34</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>BBB</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>2,250,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>2,061,833</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif
      size=1
     >7,947,502</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><B><FONT
      face=sans-serif size=1
     >Kentucky (0.3%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>KY Econ. Dev. Fin. Auth. Rev.
      Bonds (Norton Hlth. Care, Inc.), Ser. A, 6 1/2s, 10/1/20</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>FITCH BBB+</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,700,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif
      size=1
     >1,858,219</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><B><FONT
      face=sans-serif size=1
     >Louisiana (0.6%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Tangipahoa Parish Hosp. Svcs.
      Rev. Bonds (North Oaks Med. Ctr.), Ser. A, 5s, 2/1/25</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>502,515</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>W. Feliciana Parish, Poll.
      Control Rev. Bonds (Gulf States Util. Co.), Ser. C, 7s,
      11/1/15</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>BBB-</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>2,750,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>2,811,738</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif
      size=1
     >3,314,253</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><B><FONT
      face=sans-serif size=1
     >Maine (0.7%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>ME State Hsg. Auth. Rev. Bonds,
      Ser. D-2-AMT, 5s, 11/15/27</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Aa1</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,715,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,751,272</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Rumford, Solid Waste Disp. Rev.
      Bonds (Boise Cascade Corp.), 6 7/8s, 10/1/26</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Ba2</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>2,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>2,137,700</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif
      size=1
     >3,888,972</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><B><FONT
      face=sans-serif size=1
     >Maryland (0.7%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>MD State Hlth. &amp; Higher Edl.
      Fac. Auth. Rev. Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>(Medstar Hlth.), 5 3/4s,
      8/15/15</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Baa1</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,095,910</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>(Peninsula Regl. Med. Ctr.), 5s,
      7/1/16</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>A2</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>650,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>699,719</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>MD State Indl. Dev. Fin. Auth.
      Econ. Dev. Rev. Bonds (Our Lady of Good Counsel School), Ser. A,
      6s,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>5/1/35</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>B/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>200,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>207,738</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Westminster, Econ. Dev. Rev.
      Bonds (Carroll Lutheran Village), Ser. A, 5 7/8s, 5/1/21</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>BB/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,850,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,910,162</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif
      size=1
     >3,913,529</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><B><FONT
      face=sans-serif size=1
     >Massachusetts (6.0%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Boston, Indl. Dev. Fin. Auth.
      Rev. Bonds (Springhouse, Inc.), 6s, 7/1/28</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>BB-/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>600,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>606,666</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>MA State Dev. Fin. Agcy. Rev.
      Bonds (Lasell Village), Ser. A, 6 3/8s, 12/1/25</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>BB-/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>585,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>590,628</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>MA State Hlth. &amp; Edl. Fac.
      Auth. Rev. Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>(Civic Investments), Ser. A, 9s,
      12/15/15</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>BBB-/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,900,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>2,311,806</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>(Norwood Hosp.), Ser. C, 7s,
      7/1/14</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Ba2</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,185,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,433,317</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>(Jordan Hosp.), Ser. E, 6 3/4s,
      10/1/33</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>BBB-</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,200,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,309,860</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>(UMass Memorial), Ser. C, 6
      5/8s, 7/1/32</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Baa2</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>2,225,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>2,377,057</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>(UMass Memorial), Ser. C, 6
      1/2s, 7/1/21</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Baa2</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,875,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>2,005,875</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>(Caritas Christi Oblig. Group),
      Ser. A, 5 1/4s, 7/1/08</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>BBB</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,535,700</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>(Partners Hlth. Care Syst.),
      Ser. F, 5s, 7/1/21</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Aa3</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,057,640</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>MA State Hsg. Fin. Agcy. Rev.
      Bonds (Rental Mtge.)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Ser. C, AMBAC, 5 5/8s,
      7/1/40</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>2,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>2,041,420</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Ser. A, AMBAC, 5 1/2s,
      7/1/40</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>15,290,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>15,628,062</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>MA State Indl. Fin. Agcy. R (TNG
      Marina Bay LLC Project), 7 1/2s, 12/1/27 (Prerefunded)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>580,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>632,618</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>MA State Indl. Fin. Agcy. Rev.
      Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>(1st Mtge. Stone Institution
      &amp; Newton), 7.9s, 1/1/24</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>BB-/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>506,710</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>(1st Mtge. Berkshire
      Retirement), Ser. A, 6 5/8s, 7/1/16</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>BBB-</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,550,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,561,160</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif
      size=1
     >33,598,519</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><B><FONT
      face=sans-serif size=1
     >Michigan (3.8%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Flint, Hosp. Bldg. Auth. Rev.
      Bonds (Hurley Med. Ctr.), 6s, 7/1/20</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Baa3</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>275,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>285,973</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Garden City, Hosp. Fin. Auth.
      Rev. Bonds (Garden City Hosp. OB Group), Ser. A, 5 3/4s,
      9/1/17</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Ba1</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>350,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>345,335</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Harper Woods School Dist. G.O.
      Bonds (School Bldg. &amp; Site), FGIC, Q-SBLF, 5s, 5/1/28</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,425,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,486,489</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>MI State Hosp. Fin. Auth. Rev.
      Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>(Oakwood Hosp.), Ser. A, 6s,
      4/1/22</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>A2</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,628,685</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>(Chelsea Cmnty. Hosp. Oblig.),
      5s, 5/15/25</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>BBB</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>755,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>754,019</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>MI State Hsg. Dev. Auth. Rev.
      Bonds, Ser. A, 3.9s, 6/1/30</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,493,730</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Midland Cnty., Econ. Dev. Corp.
      Rev. Bonds, 6 3/4s, 7/23/09</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>B</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>2,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,976,800</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Plymouth-Canton Cmnty., School
      Dist. G.O. Bonds, FGIC, Q-SBLF, 5s, 5/1/26</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>4,750,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>4,978,428</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Saginaw Cnty., G.O. Bonds, MBIA,
      5s, 5/1/29</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>4,750,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>4,971,588</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Warren Cons. School Dist. G.O.
      Bonds, FSA, 5 3/8s, 5/1/18</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>2,975,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>3,206,634</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif
      size=1
     >21,127,681</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><B><FONT
      face=sans-serif size=1
     >Minnesota (1.4%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Cohasset, Poll. Control Rev.
      Bonds (Allete, Inc.), 4.95s, 7/1/22</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>2,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>2,024,620</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Hutchinson, G.O. Bonds (Indpt.
      School Dist. No. 423), Ser. A, 5 3/4s, 2/1/13</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Aa2</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,044,940</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>MN Agricultural &amp; Econ. Dev.
      Board Rev. Bonds (Hlth. Care Syst.), Ser. A, MBIA, 5 1/2s,
      11/15/17</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>(Prerefunded)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>2,390,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>2,528,740</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>MN State Hsg. Fin. Agcy. Rev.
      Bonds (Residential Hsg.), Ser. H, 4.15s, 1/1/12</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Aa1</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>760,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>759,582</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Sauk Rapids Hlth. Care &amp;
      Hsg. Fac. Rev. Bonds (Good Shepherd Lutheran Home), 6s,
      1/1/34</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>B/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>400,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>408,296</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>St. Paul, Hsg. &amp; Redev.
      Auth. Hosp. Rev. Bonds (Hlth. East), 6s, 11/15/25</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Baa3</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,075,740</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif
      size=1
     >7,841,918</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><B><FONT
      face=sans-serif size=1
     >Mississippi (0.8%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Lowndes Cnty., Solid Waste Disp.
      &amp; Poll. Control Rev. Bonds (Weyerhaeuser Co.), Ser. B, 6.7s,
      4/1/22</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Baa2</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,785,840</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>MS Bus. Fin. Corp. Poll. Control
      Rev. Bonds (Syst. Energy Resources, Inc.), 5.9s, 5/1/22</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>BBB-</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,250,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,269,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>MS Home Corp. Rev. Bonds (Single
      Fam. Mtge.), Ser. B-2, GNMA Coll., FNMA Coll., 6.45s, 12/1/33</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,275,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,342,652</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif
      size=1
     >4,397,492</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><B><FONT
      face=sans-serif size=1
     >Missouri (3.8%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Cape Girardeau Cnty., Indl. Dev.
      Auth. Hlth. Care Fac. Rev. Bonds (St. Francis Med. Ctr.), Ser. A, 5
      1/2s,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>6/1/32</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>A+</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,580,205</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Kansas City, Indl. Dev. Auth.
      Hlth. Fac. Rev. Bonds (First Mtge. Bishop Spencer), Ser. A, 6 1/2s,
      1/1/35</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>BB-/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,553,175</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>MO Hsg. Dev. Comm. Rev. Bonds
      (Home Ownership)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Ser. D, GNMA Coll., FNMA Coll.,
      5.55s, 9/1/34</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,555,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,608,850</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Ser. B, GNMA Coll., FNMA Coll.,
      4.4s, 9/1/14</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>435,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>435,605</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Ser. B, GNMA Coll., FNMA Coll.,
      4.3s, 9/1/13</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>415,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>416,054</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>MO State Hlth. &amp; Edl. Fac.
      Auth. Rev. Bonds (BJC Hlth. Syst.), 5 1/4s, 5/15/32</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Aa2</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,450,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,511,306</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>MO State Hlth. &amp; Edl. Fac.
      Auth. VRDN</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>(St. Francis Med. Ctr.), Ser. A,
      3.07s, 6/1/26</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>A-1+</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>3,290,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>3,290,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>(Cox Hlth. Syst.), AMBAC, 3.12s,
      6/1/22</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>VMIG1</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>10,560,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>10,560,000</FONT>&nbsp;
  </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>


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<TABLE border=0 width=100% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<B><FONT size=1 face="sans-serif">20,955,195</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<B><FONT size=1 face="sans-serif">Montana (0.3%)</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">Forsyth, Poll. Control Mandatory Put Bonds (Avista Corp.), AMBAC, 5s, 12/30/08</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">1,775,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<B><FONT size=1 face="sans-serif">1,836,025</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<B><FONT size=1 face="sans-serif">Nebraska (--%)</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">Kearney, Indl. Dev. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">(Great Platte River), 8s, 9/1/12</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">D/P</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">65,059</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">49,112</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">(Brookhaven), zero %, 9/1/12</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">D/P</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">791,466</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">15,829</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<B><FONT size=1 face="sans-serif">64,941</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<B><FONT size=1 face="sans-serif">Nevada (2.4%)</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">Clark Cnty., Impt. Dist. Special Assmt.</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">(Dist. No. 142), 6 3/8s, 8/1/23</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">1,025,360</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">(Summerlin No. 151), 5s, 8/1/16</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">BB/P</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">1,010,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">1,022,403</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">Clark Cnty., Indl. Dev. Rev. Bonds (Southwest Gas Corp.), Ser. C, AMBAC, 5.95s, 12/1/38</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">5,000,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">5,444,100</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">Henderson, Local Impt. Dist. Special Assmt.</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">(No. T-14), 5.8s, 3/1/23</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">495,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">510,098</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">(No. T-16), 5 1/8s, 3/1/25</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">500,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">499,675</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">(No. T-17), 5s, 9/1/18</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">275,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">275,484</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">(No. T-14), 3.2s, 3/1/06</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">1,560,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">1,559,672</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">Las Vegas, Local Impt. Board Special Assmt. (Dist. No. 607), 5.9s, 6/1/18</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">875,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">912,336</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">Washoe Cnty., Wtr. Fac. Mandatory Put Bonds (Sierra Pacific Pwr. Co.), 5s, 7/1/09</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">Ba1</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">2,000,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">2,000,680</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<B><FONT size=1 face="sans-serif">13,249,808</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<B><FONT size=1 face="sans-serif">New Hampshire (1.1%)</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">NH Higher Ed. &amp; Hlth. Fac. Auth. Rev. Bonds (Riverwoods at Exeter), Ser. A, 6 3/8s, 3/1/13</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">BB+/P</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">670,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">683,889</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">NH Hlth. &amp; Ed. Fac. Auth. Rev. Bonds (Kendal at Hanover), Ser. A, 5s, 10/1/18</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">1,275,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">1,295,528</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">NH State Bus. Fin. Auth. Rev. Bonds (Alice Peck Day Hlth. Syst.), Ser. A, 7s, 10/1/29</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">BBB-/P</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">2,565,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">2,662,650</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">NH State Bus. Fin. Auth. Poll. Control Rev. Bonds, 3 1/2s, 7/1/27</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">Baa2</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">1,750,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">1,704,780</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<B><FONT size=1 face="sans-serif">6,346,847</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<B><FONT size=1 face="sans-serif">New Jersey (2.7%)</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">NJ Econ. Dev. Auth. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">(Cranes Mill), Ser. A, 7 1/2s, 2/1/27 (Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">1,300,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">1,379,209</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">(Cedar Crest Vlg., Inc.), Ser. A, 7 1/4s, 11/15/31</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">1,250,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">1,353,838</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">(Newark Arpt. Marriot Hotel), 7s, 10/1/14</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">Ba3</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">1,900,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">1,948,336</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">(First Mtge. Presbyterian Home), Ser. A, 6 3/8s, 11/1/31</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">BB/P</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">500,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">516,650</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">(First Mtge. Lions Gate), Ser. A, 5 7/8s, 1/1/37</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">B/P</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">230,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">234,007</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">(Cigarette Tax), 5 1/2s, 6/15/24</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">Baa2</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">2,500,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">2,618,600</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">NJ Econ. Dev. Auth. Solid Waste Rev. Bonds (Disp. Waste Mgt.), 5.3s, 6/1/15</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">1,750,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">1,836,310</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">NJ Hlth. Care Fac. Fin. Auth. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">(Trinitas Hosp. Oblig. Group), 7 1/2s, 7/1/30</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">Baa3</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">1,300,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">1,444,144</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">(United Methodist Homes), Ser. A, 5 3/4s, 7/1/29</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">BB+</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">2,250,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">2,282,625</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">(Atlantic City Med. Ctr.), 5 3/4s, 7/1/25</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">A2</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">1,250,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">1,323,288</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<B><FONT size=1 face="sans-serif">14,937,007</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<B><FONT size=1 face="sans-serif">New Mexico (0.4%)</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">Farmington, Poll. Control Mandatory Put Bonds (Pub. Svc. San Juan), Class B, 2.1s, 4/1/06</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">Baa2</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">1,740,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">1,733,284</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">NM Mtge. Fin. Auth. Rev. Bonds (Single Fam. Mtge.), Ser. D-2, GNMA Coll., FNMA Coll., FHLMC Coll.,</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">5.64s, 9/1/33</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">595,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">619,841</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<B><FONT size=1 face="sans-serif">2,353,125</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<B><FONT size=1 face="sans-serif">New York (10.2%)</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">Huntington, Hsg. Auth. Rev. Bonds (Gurwin Jewish Sr. Residence), Ser. A, 6s, 5/1/39</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">B+/P</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">500,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">487,995</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">Long Island, Pwr. Auth. NY Elec. Syst. Rev. Bonds, Ser. A, 5 3/4s, 12/1/24</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">A3</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">2,000,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">2,123,180</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">Nassau Cnty., Indl. Dev. Agcy. Rev. Bonds (Keyspan-Glenwood), 5 1/4s, 6/1/27</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">A</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">2,000,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">2,064,880</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">NY City, G.O. Bonds, Ser. B, 5 1/4s, 12/1/09</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">A1</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">10,000,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">10,569,900</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">NY City, Indl. Dev. Agcy. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">(Staten Island U. Hosp. Project), 6.45s, 7/1/32</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">B2</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">1,485,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">1,515,472</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">(Liberty-7 World Trade Ctr.), Ser. A, 6 1/4s, 3/1/15</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">B-/P</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">1,275,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">1,334,683</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">(American Airlines - JFK Intl., Arpt.), 7 1/2s, 8/1/16</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">B-</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">1,400,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">1,437,674</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">(British Airways PLC), 5 1/4s, 12/1/32</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">Ba2</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">2,825,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">2,479,333</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">NY City, Muni. Wtr. Fin. Auth. Rev. Bonds, Ser. C, MBIA, 5 1/2s, 6/15/17</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">10,000,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">10,179,900</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">NY Cntys., Tobacco Trust IV Rev. Bonds, Ser. A, 5s, 6/1/38</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">968,780</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">NY State Dorm. Auth. Rev. Bonds (Winthrop-U. Hosp. Assn.), Ser. A, 5 1/2s, 7/1/32</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">Baa1</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">900,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">939,429</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">NY State Energy Research &amp; Dev. Auth. Gas Fac. Rev. Bonds (Brooklyn Union Gas), 6.952s, 7/1/26</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">A+</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">2,400,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">2,479,968</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">Onondaga Cnty., Indl. Dev. Agcy. Rev. Bonds (Solvay Paperboard, LLC), 7s, 11/1/30 (acquired</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">cost:&#36;2,000,000) (RES)</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">BB/P</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">2,000,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">2,102,360</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">Port Auth. NY &amp; NJ Rev. Bonds (Kennedy Intl. Arpt. - 5th Installment), 6 3/4s, 10/1/19</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">BB+/P</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">200,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">201,742</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">Port. Auth. NY &amp; NJ Special Oblig. Rev. Bonds (JFK Intl. Air Term. - 6), MBIA, 5.9s, 12/1/17</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">15,000,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">15,868,650</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">Suffolk Cnty., Indl. Dev. Agcy. Rev. Bonds (Peconic Landing), Ser. A, 8s, 10/1/30</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">B+/P</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">1,700,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">1,870,816</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<B><FONT size=1 face="sans-serif">56,624,762</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<B><FONT size=1 face="sans-serif">North Carolina (1.8%)</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">Ser. D, 6 3/4s, 1/1/26</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">Baa2</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">1,500,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">1,656,165</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">Ser. A, 5 3/4s, 1/1/26</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">Baa2</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">3,000,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">3,163,950</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">NC Med. Care Cmnty. Healthcare Fac. Rev. Bonds (Deerfield), Ser. A, 5s, 11/1/23</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">FITCH A-</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">750,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">772,433</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">NC Med. Care Comm. Retirement Fac. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">(First Mtge.), Ser. A-05, 5 1/2s, 10/1/35</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">BB+/P</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">1,040,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">1,047,675</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">(First Mtge.), Ser. A-05, 5 1/4s, 10/1/25</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">BB+/P</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">600,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">607,326</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">(First Mtge. United Methodist), Ser. C, 5 1/4s, 10/1/24</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">BB+/P</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">150,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">151,007</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">NC State Muni. Pwr. Agcy. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">(No. 1, Catawba Elec.), Ser. B, 6 1/2s, 1/1/20</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">A3</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">1,104,710</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">Ser. A, FGIC, 5 1/2s, 1/1/13</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">1,300,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">1,434,836</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<B><FONT size=1 face="sans-serif">9,938,102</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<B><FONT size=1 face="sans-serif">Ohio (1.5%)</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">Coshocton Cnty., Env. Rev. Bonds (Smurfit-Stone Container Corp.), 5 1/8s, 8/1/13</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">CCC+</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">1,400,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">1,285,648</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">Cuyahoga Cnty., Rev. Bonds, Ser. A</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">6s, 1/1/16</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">Aa3</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">1,280,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">1,446,246</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">6s, 1/1/15</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">Aa3</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">2,000,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">2,259,760</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% nowrap align=left>
<FONT size=1 face="sans-serif">OH State Air Quality Dev. Auth. Rev. Bonds (Toledo Poll. Control), Ser. A, 6.1s, 8/1/27</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=1 face="sans-serif">Baa2</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">3,000,000</FONT>&nbsp;
	</TD>
	<TD width=9% nowrap align=left>
<FONT size=1 face="sans-serif">3,147,060</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

<HR noshade align="center" width="100%" size=2>

<!--$$/page=--><A name=page_5></A>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="66%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif
      size=1
     >8,138,714</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><B><FONT
      face=sans-serif size=1
     >Oklahoma (2.2%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>OK City Arpt. Trust Rev. Bonds
      Jr. Lien 27th Ser., Ser. A, FSA, 5s, 7/1/18</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>3,150,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>3,281,292</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>OK Dev. Fin. Auth. Rev. Bonds
      (Hillcrest Hlth. Care Syst.), Ser. A, U.S. Govt. Coll., 5 5/8s,
      8/15/29</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>(Prerefunded)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,575,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,697,063</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>OK State Indl. Dev. Auth. Rev.
      Bonds (Hlth. Syst.), Ser. A, MBIA</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>5 3/4s, 8/15/29</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>4,045,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>4,318,078</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>5 3/4s, 8/15/29
      (Prerefunded)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>2,955,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>3,201,299</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif
      size=1
     >12,497,732</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><B><FONT
      face=sans-serif size=1
     >Oregon (0.5%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Multnomah Cnty., Hosp. Fac.
      Auth. Rev. Bonds (Terwilliger Plaza), 6 1/2s, 12/1/29</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>BB-/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,900,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,929,165</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>OR State Hsg. &amp; Cmnty. Svcs.
      Dept. Rev. Bonds (Single Family Mtge.), Ser. K, 5 5/8s,
      7/1/29</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Aa2</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>915,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>948,800</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif
      size=1
     >2,877,965</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><B><FONT
      face=sans-serif size=1
     >Pennsylvania (4.8%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Allegheny Cnty., Indl. Dev.
      Auth. Rev. Bonds (Env. Impt.), 5 1/2s, 11/1/16</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Ba2</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,250,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,278,400</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Bucks Cnty., Indl. Dev. Auth.
      Retirement Cmnty. Rev. Bonds (Ann's Choice, Inc.), Ser. A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>6 1/8s, 1/1/25</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>BB/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>610,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>629,422</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>5.3s, 1/1/14</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>BB/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>690,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>689,524</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Carbon Cnty., Indl. Dev. Auth.
      Rev. Bonds (Panther Creek Partners), 6.65s, 5/1/10</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>BBB-</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,800,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,900,566</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Lebanon Cnty., Hlth. Facs. Rev.
      Bonds (Pleasant View Retirement), Ser. A, 5.3s, 12/15/26</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>BB-/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>496,225</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Lehigh Cnty., Gen. Purpose Auth.
      Rev. Bonds (Lehigh Valley Hosp. Hlth. Network), Ser. A, 5 1/4s,
      7/1/32</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>A1</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,031,420</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Monroe Cnty., Hosp. Auth. Rev.
      Bonds (Pocono Med. Ctr.), 6s, 1/1/43</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>BBB+</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>528,970</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Montgomery Cnty., Indl. Auth.
      Resource Recvy. Rev. Bonds (Whitemarsh Cont Care), 6 1/4s,
      2/1/35</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>B/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>700,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>736,351</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>PA State Econ. Dev. Fin. Auth.
      Resource Recvy. Rev. Bonds (Northampton Generating), Ser. A,
      6.6s,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>1/1/19</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>BB</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>4,200,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>4,184,880</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>PA State Higher Edl. Fac. Auth.
      Rev. Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>(Widener U.), 5.4s,
      7/15/36</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>BBB+</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,047,380</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>(Philadelphia College of
      Osteopathic Medicine), 5s, 12/1/07</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>995,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,016,542</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Philadelphia, Gas Wks. Rev.
      Bonds (1975 Gen. Ordinance 17th), FSA, 5s, 7/1/07</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>5,715,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>5,833,415</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Philadelphia, Hosp. &amp; Higher
      Ed. Fac. Auth. Rev. Bonds (Graduate Hlth. Syst.), 7 1/4s, 7/1/10 (In
      default)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>(NON)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Ca</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>2,729,624</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>3,412</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Philadelphia, Redev. Auth. Rev.
      Bonds (Neighborhood Transformation), Ser. C, FGIC, 5s,
      4/15/27</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>5,285,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>5,534,663</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Sayre, Hlth. Care Fac. Auth.
      Rev. Bonds (Guthrie Hlth.), Ser. A, 5 7/8s, 12/1/31</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>A-</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,800,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,919,376</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif
      size=1
     >26,830,546</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><B><FONT
      face=sans-serif size=1
     >South Carolina (1.5%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Lexington Cnty. Hlth. Svcs.
      Dist. Inc. Hosp. Rev. Bonds, 5 1/2s, 5/1/37</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>A2</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,055,480</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Richland Cnty., Rev. Bonds
      (Intl. Paper Co.), Ser. A, 4 1/4s, 10/1/07</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>BBB</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>3,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>3,012,270</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>SC Hosp. Auth. Rev. Bonds (Med.
      U.), Ser. A, 6 1/2s, 8/15/32 (Prerefunded)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,250,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,447,538</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>SC Jobs Econ. Dev. Auth. Hosp.
      Fac. Rev. Bonds (Palmetto Hlth. Alliance), Ser. A, 7 3/8s,
      12/15/21</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>(Prerefunded)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Baa2</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,180,940</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>SC Tobacco Settlement Rev. Mgt.
      Rev. Bonds, Ser. B, 6 3/8s, 5/15/30</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>FITCH BBB+</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,300,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,449,422</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif
      size=1
     >8,145,650</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><B><FONT
      face=sans-serif size=1
     >South Dakota (0.5%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>SD Edl. Enhancement Funding
      Corp. Rev. Bonds, Ser. B, 6 1/2s, 6/1/32</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>BBB</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>2,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>2,155,180</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>SD Hsg. Dev. Auth. Rev. Bonds
      (Home Ownership Mtge.), Ser. J, 4 1/2s, 5/1/17</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>AAA</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>503,895</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif
      size=1
     >2,659,075</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><B><FONT
      face=sans-serif size=1
     >Tennessee (3.6%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Johnson City, Hlth. &amp; Edl.
      Fac. Board Hosp. Rev. Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>(First Mtge. -Mountain States
      Hlth.), Ser. A, 7 1/2s, 7/1/33</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>BBB+</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>3,700,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>4,329,629</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>(First Mtg. -Mountain States
      Hlth.), Ser. A, MBIA, 6s, 7/1/21</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>12,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>13,072,200</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Johnson City, Hlth. &amp; Edl.
      Facs. Board Retirement Fac. Rev. Bonds (Appalachian Christian Village),
      Ser. A,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>6 1/4s, 2/15/32</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>BB-/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>600,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>607,266</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Shelby Cnty., Hlth. Edl. &amp;
      Hsg. Fac. Hosp. Board Rev. Bonds (Methodist Hlth. Care)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>6 1/2s, 9/1/26</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>A3</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,255,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,458,461</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>6 1/2s, 9/1/26
      (Prerefunded)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>A3</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>745,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>865,779</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif
      size=1
     >20,333,335</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><B><FONT
      face=sans-serif size=1
     >Texas (5.5%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Abilene, Hlth. Fac. Dev. Corp.
      Rev. Bonds (Sears Methodist Retirement), Ser. A, 7s, 11/15/33</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>BB/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>600,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>647,184</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Alliance, Arpt. Auth. Rev. Bonds
      (Federal Express Corp.), 6 3/8s, 4/1/21 (SEG)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Baa2</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>5,500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>5,635,960</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Carrollton, Farmers Branch
      Indpt. School Dist. G.O. Bonds, PSFG, 5s, 2/15/17</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>4,655,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>4,897,432</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Fort Worth, Higher Ed. Fin.
      Corp. Rev. Bonds (Wesleyan U.), Ser. A, 6s, 10/1/12</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Ba2</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>550,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>559,675</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Harris Cnty., Rev. Bonds, Ser.
      B, FSA, 5s, 8/15/32</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>5,500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>5,845,895</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Harris Cnty., Hlth. Fac. Rev.
      Bonds (Memorial Hermann Hlth. Care), Ser. A, 6 3/8s, 6/1/29
      (Prerefunded)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>A2</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>3,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>3,429,660</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Houston, Arpt. Syst. Rev. Bonds
      (Continental Airlines, Inc.), Ser. C, 5.7s, 7/15/29</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>B-</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>2,500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>2,061,175</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Sam Rayburn Muni. Pwr. Agcy.
      Rev. Bonds, 6s, 10/1/21</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Baa2</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>2,500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>2,664,725</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Tomball, Hosp. Auth. Rev. Bonds
      (Tomball Regl. Hosp.)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>6s, 7/1/29</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Baa3</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>2,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>2,109,040</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>6s, 7/1/25</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Baa3</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>800,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>846,472</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>6s, 7/1/19</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Baa3</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>800,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>848,824</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>TX State Dept. of Hsg. &amp;
      Cmnty. Affairs Rev. Bonds (Single Fam.), Ser. B, FSA, 4 1/4s,
      9/1/26</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,006,720</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif
      size=1
     >30,552,762</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><B><FONT
      face=sans-serif size=1
     >Utah (0.8%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Carbon Cnty., Solid Waste Disp.
      Rev. Bonds (Laidlaw Env.), Ser. A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>7 1/2s, 2/1/10</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>BB-</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>750,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>767,025</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>7.45s, 7/1/17</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Caa1</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>600,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>634,578</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>Tooele Cnty., Harbor &amp; Term.
      Dist. Port Fac. Rev. Bonds (Union Pacific), Ser. A, 5.7s,
      11/1/26</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Baa2</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>2,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>2,094,880</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>UT Cnty., Env. Impt. Rev. Bonds
      (Marathon Oil), 5.05s, 11/1/17</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Baa1</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>1,051,590</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif
      size=1
     >4,548,073</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><B><FONT
      face=sans-serif size=1
     >Vermont (0.2%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face=sans-serif
      size=1>VT Hsg. Fin. Agcy. Rev. Bonds,
      Ser. 19A, FSA, 4.62s, 5/1/29</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Aaa</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>975,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif
      size=1
     >988,055</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=1
>Virginia (1.9%)</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>


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<A name="page_6"></A>

<TABLE border=0 width=100% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<FONT size=1 face="sans-serif">Clarke Cnty., Indl. Dev. Auth. Hosp. Facs. VRDN (Winchester Med. Ctr., Inc.), FSA, 3.05s, 1/1/30</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=1 face="sans-serif">VMIG1</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">3,770,000</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<FONT size=1 face="sans-serif">3,770,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<FONT size=1 face="sans-serif">Henrico Cnty., Econ. Dev. Auth. Res. Care Fac. Rev. Bonds (VA Baptist Homes), Ser. A</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<FONT size=1 face="sans-serif">5 3/8s, 7/1/30</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=1 face="sans-serif">B+/P</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">500,000</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<FONT size=1 face="sans-serif">499,635</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<FONT size=1 face="sans-serif">5 1/4s, 7/1/25</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=1 face="sans-serif">B+/P</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">250,000</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<FONT size=1 face="sans-serif">249,808</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<FONT size=1 face="sans-serif">Hopewell, Indl. Dev. Auth. Env. Impt. Rev. Bonds (Smurfit-Stone Container Corp.), 5 1/4s, 6/1/15</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=1 face="sans-serif">CCC+</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">500,000</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<FONT size=1 face="sans-serif">451,870</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<FONT size=1 face="sans-serif">James Cnty., Indl. Dev. Auth. Rev. Bonds (Williamsburg), Ser. A, 6 1/8s, 3/1/32</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=1 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<FONT size=1 face="sans-serif">1,045,710</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<FONT size=1 face="sans-serif">Russell Cnty. Indl. Dev. Auth. Poll. Control Rev. Bonds (Appalachian Pwr. Co.), Ser. I, 2.7s, 11/1/07</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=1 face="sans-serif">Baa2</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">2,000,000</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<FONT size=1 face="sans-serif">1,981,620</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<FONT size=1 face="sans-serif">VA State Hsg. Dev. Auth. Rev. Bonds (Cmnwlth. Mtge.), 3.45s, 10/1/10</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=1 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">2,300,000</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<FONT size=1 face="sans-serif">2,257,082</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<FONT size=1 face="sans-serif">Winchester, Indl. Dev. Auth. Residential Care Fac. Rev. Bonds (Westminster-Canterbury), Ser. A, 5.2s,</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<FONT size=1 face="sans-serif">1/1/27</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=1 face="sans-serif">BB/P</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">500,000</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<FONT size=1 face="sans-serif">503,555</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<B><FONT size=1 face="sans-serif">10,759,280</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<B><FONT size=1 face="sans-serif">Washington (1.4%)</FONT></B>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<FONT size=1 face="sans-serif">King Cnty., G.O. Bonds, Ser. C, 6 1/4s, 1/1/32</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">5,000,000</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<FONT size=1 face="sans-serif">5,224,050</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<FONT size=1 face="sans-serif">Tobacco Settlement Auth. of WA Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<FONT size=1 face="sans-serif">6 5/8s, 6/1/32</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=1 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<FONT size=1 face="sans-serif">1,096,660</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<FONT size=1 face="sans-serif">6 1/2s, 6/1/26</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=1 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">1,200,000</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<FONT size=1 face="sans-serif">1,310,736</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<B><FONT size=1 face="sans-serif">7,631,446</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<B><FONT size=1 face="sans-serif">West Virginia (0.4%)</FONT></B>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<FONT size=1 face="sans-serif">Princeton, Hosp. Rev. Bonds (Cmnty. Hosp. Assn., Inc.), 6.1s, 5/1/29</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=1 face="sans-serif">B2</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">2,250,000</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<B><FONT size=1 face="sans-serif">2,089,283</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<B><FONT size=1 face="sans-serif">Wisconsin (2.5%)</FONT></B>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<FONT size=1 face="sans-serif">Badger Tobacco Settlement Asset Securitization Corp. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<FONT size=1 face="sans-serif">7s, 6/1/28</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=1 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">3,000,000</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<FONT size=1 face="sans-serif">3,308,100</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<FONT size=1 face="sans-serif">6 3/8s, 6/1/32</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=1 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">3,000,000</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<FONT size=1 face="sans-serif">3,207,750</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<FONT size=1 face="sans-serif">Kimberly, Area School Distr. G.O. Bonds, FSA, 5s, 3/1/25</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=1 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">2,625,000</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<FONT size=1 face="sans-serif">2,757,773</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<FONT size=1 face="sans-serif">WI Hsg. &amp; Econ. Dev. Auth. Rev. Bonds (Home Ownership), Ser. D, 4 7/8s, 3/1/36</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=1 face="sans-serif">Aa2</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">500,000</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<FONT size=1 face="sans-serif">516,385</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<FONT size=1 face="sans-serif">WI State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds (Wheaton Franciscan), 5 3/4s, 8/15/30</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=1 face="sans-serif">A2</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">3,900,000</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<FONT size=1 face="sans-serif">4,135,599</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<B><FONT size=1 face="sans-serif">13,925,607</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<B><FONT size=1 face="sans-serif">Wyoming (0.3%)</FONT></B>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<FONT size=1 face="sans-serif">Sweetwater Cnty., Poll. Control VRDN (Pacificorp.), Ser. B, 3.12s, 1/1/14</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=1 face="sans-serif">A-1+</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">850,000</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<FONT size=1 face="sans-serif">850,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<FONT size=1 face="sans-serif">Sweetwater Cnty., Solid Waste Disp. Rev. Bonds (FMC Corp.), 5.6s, 12/1/35</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=1 face="sans-serif">Baa3</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">700,000</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<FONT size=1 face="sans-serif">710,507</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<B><FONT size=1 face="sans-serif">1,560,507</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<B><FONT size=1 face="sans-serif">Total municipal bonds and notes (cost &#36;529,973,378)</FONT></B>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<B><FONT size=1 face="sans-serif">&#36;547,646,814</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<B><FONT size=1 face="sans-serif">PREFERRED STOCKS (1.2%)(a)</FONT></B>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">Shares</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<FONT size=1 face="sans-serif">Value</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<FONT size=1 face="sans-serif">Charter Mac. Equity Trust 144A Ser. A, 6.625% cum. pfd.</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">2,000,000</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<FONT size=1 face="sans-serif">&#36;2,145,860</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<FONT size=1 face="sans-serif">MuniMae Tax Exempt Bond Subsidiary, LLC 144A Ser. A, 6.875% cum. pfd.</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=1 face="sans-serif">4,000,000</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<FONT size=1 face="sans-serif">4,296,880</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<B><FONT size=1 face="sans-serif">Total preferred stocks (cost &#36;6,000,000)</FONT></B>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<B><FONT size=1 face="sans-serif">&#36;6,442,740</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<B><FONT size=1 face="sans-serif">TOTAL INVESTMENTS</FONT></B>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<B><FONT size=1 face="sans-serif">Total investments (cost &#36;535,973,378) (b)</FONT></B>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<B><FONT size=1 face="sans-serif">&#36;554,089,554</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE><BR>

<HR noshade align="center" width="100%" size=2>

<!--$$/page=--><A name=page_7></A>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"
   ><B><FONT face=sans-serif size=2
     >FUTURES CONTRACTS
      OUTSTANDING at 1/31/06 (Unaudited)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >Number of</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >Expiration</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=2
     >Unrealized</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >contracts</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=2
     >Value&nbsp;</FONT> </TD>
    <TD noWrap align=left width="12%" background=""
   ><FONT face=Arial
      size=2>date</FONT>&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=2
     >appreciation</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=5
   >
      <HR noShade SIZE=1>
       &nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"
   ><FONT face=sans-serif size=2
     >U.S. Treasury Note 5 yr
      (Short)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >231</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=2
     >$24,424,641</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >Mar-06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=2
     >$167,143</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"
   ><FONT face=sans-serif size=2
     >U.S. Treasury Bond 10 yr
      (Short)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >31</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=2
     >3,498,156</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >Mar-06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=2
     >8,019</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"
   ><B><FONT face=sans-serif size=2
     >Total</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=2
     >$175,162</FONT>&nbsp;
</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
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<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=1
     >NOTES</FONT><BR><FONT face=sans-serif size=1
     >(a) Percentages indicated are based on
      net assets of $557,943,310.<BR></FONT><BR><FONT face=sans-serif size=1
     >(RAT) The Moody's, Standard &amp;
      Poor's, or Fitch ratings indicated are believed to be the most recent
      ratings available at January 31,</FONT><BR><FONT face=sans-serif size=1
     >2006, for the securities listed.
      Ratings are generally ascribed to securities at the time of issuance.
      While the agencies may from</FONT><BR><FONT face=sans-serif size=1
     >time to time revise such ratings, they
      undertake no obligation to do so, and the ratings do not necessarily
      represent what the</FONT><BR><FONT face=sans-serif size=1
     >agencies would ascribe to these securities at
      January 31, 2006. Securities rated by Putnam are indicated by "/P".
      Security</FONT><BR><FONT face=sans-serif size=1
     >ratings are defined in the Statement of Additional
      Information.</FONT><BR><FONT face=sans-serif size=1
     ><BR>(b) The aggregate identified cost on a tax basis
      is $535,413,194, resulting in gross unrealized appreciation and
      depreciation of</FONT><BR><FONT face=sans-serif size=1
     >$23,494,207 and $4,817,847, respectively, or net
      unrealized appreciation of $18,676,360.</FONT><BR><FONT face=sans-serif
      size=1><BR>(NON) Non-income-producing
      security.</FONT><BR><FONT face=sans-serif size=1
     ><BR>(S) Securities on loan, in part or in entirety,
      at January 31, 2006.</FONT><BR><FONT face=sans-serif size=1
     ><BR>(RES) Restricted, excluding 144A securities, as
      to public resale. The total market value of restricted securities held at
      January 31, 2006</FONT><BR><FONT face=sans-serif size=1
     >was $2,102,360 or 0.4% of net
      assets.</FONT><BR><FONT face=sans-serif size=1
     ><BR>(F) Security is valued at fair value following
      procedures approved by the Trustees.</FONT><BR><FONT face=sans-serif
      size=1><BR>(SEG) A portion of this
      security was pledged and segregated with the custodian to cover margin
      requirements for futures contracts at</FONT><BR><FONT face=sans-serif
      size=1>January 31,
      2006.</FONT><BR><FONT face=sans-serif size=1
     ><BR>144A after the name of a security represents
      those exempt from registration under Rule 144A of the Securities Act of
      1933.</FONT><BR><FONT face=sans-serif size=1
     >These securities may be resold in transactions
      exempt from registration, normally to qualified institutional
      buyers.</FONT><BR><FONT face=sans-serif size=1
     ><BR>The rates shown on VRDN and Mandatory Put Bonds
      are the current interest rates at January 31, 2006.</FONT><BR><FONT
      face=sans-serif size=1><BR>The dates
      shown on Mandatory Put Bonds are the next mandatory put
      dates.</FONT><BR><FONT face=sans-serif size=1
     ><BR>The fund had the following industry group
      concentrations greater than 10% at January 31, 2006 (as a percentage of
      net assets):</FONT><BR><FONT face=sans-serif size=1
     ><BR>Health care 31.1%</FONT><BR><FONT
      face=sans-serif size=1>Utilities
      16.5</FONT><BR><FONT face=sans-serif size=1
     >Transportation 11.5</FONT><BR><FONT face=sans-serif
      size=1><BR>The fund had the following
      insurance concentrations greater than 10% at January 31, 2006 (as a
      percentage of net assets):</FONT><BR><FONT face=sans-serif size=1
     ><BR>AMBAC 18.1%</FONT><BR><FONT
      face=sans-serif size=1>MBIA
      10.9</FONT><BR><B><FONT face=sans-serif size=1
     ><BR>Security valuation </FONT></B><FONT
      face=sans-serif size=1>Tax-exempt bonds
      and notes are valued at fair value on the basis of valuations provided by
      an independent</FONT><BR><FONT face=sans-serif size=1
     >pricing service, approved by the Trustees. Such
      services use information with respect to transactions in bonds, quotations
      from</FONT><BR><FONT face=sans-serif size=1
     >bond dealers, market transactions in comparable
      securities and various relationships between securities in determining
      value.</FONT><BR><FONT face=sans-serif size=1
     >Other investments are valued at fair value following
      procedures approved by the Trustees. Such valuations and procedures
      are</FONT><BR><FONT face=sans-serif size=1
     >reviewed periodically by the
      Trustees.</FONT><BR><B><FONT face=sans-serif size=1
     ><BR>Futures and options contracts </FONT></B><FONT
      face=sans-serif size=1>The fund may use
      futures and options contracts to hedge against changes in the values
      of</FONT><BR><FONT face=sans-serif size=1
     >securities the fund owns or expects to purchase, or
      for other investment purposes. The fund may also write options on swaps
      or</FONT><BR><FONT face=sans-serif size=1
     >securities it owns or in which it may invest to
      increase its current returns.</FONT><BR><FONT face=sans-serif size=1
     ><BR>The potential risk to the fund is
      that the change in value of futures and options contracts may not
      correspond to the change in</FONT><BR><FONT face=sans-serif size=1
     >value of the hedged instruments. In
      addition, losses may arise from changes in the value of the underlying
      instruments, if there is</FONT><BR><FONT face=sans-serif size=1
     >an illiquid secondary market for the
      contracts, or if the counterparty to the contract is unable to perform.
      Risks may exceed</FONT><BR><FONT face=sans-serif size=1
     >amounts recognized on the statement of assets and
      liabilities. When the contract is closed, the fund records a realized gain
      or</FONT><BR><FONT face=sans-serif size=1
     >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.</FONT><BR><FONT face=sans-serif size=1
     >Realized gains and losses on purchased options are
      included in realized gains and losses on investment securities. If a
      written</FONT><BR><FONT face=sans-serif size=1
     >call option is exercised, the premium originally
      received is recorded as an addition to sales proceeds. If a written put
      option is</FONT><BR><FONT face=sans-serif size=1
     >exercised, the premium originally received is
      recorded as a reduction to cost of investments.</FONT><BR><FONT
      face=sans-serif size=1><BR>Futures
      contracts are valued at the quoted daily settlement prices established by
      the exchange on which they trade. The fund </FONT><BR><FONT
      face=sans-serif size=1>and the broker
      agree to exchange an amount of cash equal to the daily fluctuation in the
      value of the futures contract. Such </FONT><BR><FONT face=sans-serif
      size=1>receipts or payments are known
      as &#147;variation margin.&#148; Exchange traded options are valued at the last sale
      price, or if no sales </FONT><BR><FONT face=sans-serif size=1
     >are reported, the last bid price for purchased
      options and the last ask price for written options. Options traded
      over-the-counter </FONT><BR><FONT face=sans-serif size=1
     >are valued using prices supplied by dealers. Futures
      and written option contracts outstanding at period end, if any, are listed
      </FONT><BR><FONT face=sans-serif size=1
     >after the fund&#146;s portfolio.</FONT><BR><FONT
      face=sans-serif size=1><BR>For
      additional information regarding the fund please see the fund's most
      recent annual or semiannual shareholder report filed on</FONT><BR><FONT
      face=sans-serif size=1>the Securities
      and Exchange Commission's Web site, www.sec.gov, or visit Putnam's
      Individual Investor Web site at</FONT><BR><FONT face=sans-serif size=1

 >www.putnaminvestments.com</FONT><BR></TD></TR></TABLE></P>
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<TABLE>

  <TR>
    <TD noWrap><U><FONT face=sans-serif size=2
     >Item 2. Controls and
  Procedures:</FONT></U><BR></TD></TR></TABLE></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">(a) The registrant's principal executive officer and
principal financial officer have concluded, based on their evaluation of the
effectiveness of the design and operation of the registrant's disclosure
controls and procedures as of a date within 90 days of the filing date of this
report, that the design and operation of such procedures are generally effective
to provide reasonable assurance that information required to be disclosed by the
registrant in this report is recorded, processed, summarized and reported within
the time periods specified in the Commission's rules and forms.</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">(b) Changes in internal control over financial reporting:
<BR><BR>Not applicable</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><U><FONT face=sans-serif size=2
     >Item 3.
Exhibits:</FONT></U><BR></TD></TR></TABLE></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Separate certifications for the principal executive
officer and principal financial officer of the registrant as required by Rule
30a-2(a) under the Investment Company Act of 1940, as amended, are filed
herewith.</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><U><FONT face=sans-serif size=2
     >SIGNATURES</FONT></U><BR></TD></TR></TABLE></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Pursuant to the requirements of the Securities Exchange
Act of 1934 and the Investment Company Act of 1940, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Putnam Managed Municipal Income Trust <BR><BR>By
(Signature and Title):</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><U><FONT face=sans-serif size=2
     >/s/ Michael T. Healy</FONT></U><BR><FONT
      face=sans-serif size=2>Michael T.
      Healy</FONT><BR><FONT face=sans-serif size=2
     >Principal Accounting Officer</FONT><BR><FONT
      face=sans-serif size=2><BR>Date: March
      29, 2006</FONT><BR></TD></TR></TABLE></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Pursuant to the requirements of the Securities Exchange
Act of 1934 and the Investment Company Act of 1940, this report has been signed
below by the following persons on behalf of the registrant and in the capacities
and on the dates indicated.</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=2
     >By (Signature and Title):</FONT><BR><U><FONT
      face=sans-serif size=2><BR>/s/ Charles
      E. Porter</FONT></U><BR><FONT face=sans-serif size=2
     >Charles E. Porter</FONT><BR><FONT face=sans-serif
      size=2>Principal Executive
      Officer</FONT><BR><FONT face=sans-serif size=2
     ><BR>Date: March 29, 2006</FONT><BR><FONT
      face=sans-serif size=2><BR>By
      (Signature and Title):</FONT><BR><U><FONT face=sans-serif size=2
     ><BR>/s/ Steven D.
      Krichmar</FONT></U><BR><FONT face=sans-serif size=2
     >Steven D. Krichmar</FONT><BR><FONT face=sans-serif
      size=2>Principal Financial
      Officer</FONT><BR><FONT face=sans-serif size=2
     ><BR>Date: March 29,
2006</FONT><BR></TD></TR></TABLE></P>
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<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>b_exnncert2.htm
<DESCRIPTION>EX-99.CERT
<TEXT>
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<P align="left">
<U><FONT size=2 face="sans-serif">Certifications</FONT></U></P>
<P align="left">
<FONT size=2 face="sans-serif">I, Charles E. Porter, the Principal Executive Officer of the funds listed on Attachment A, certify that:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">1. I have reviewed each report on Form N-Q of the funds listed on Attachment A:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by each report;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal
quarter for which the report is filed; </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating
to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">c) evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">d) disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has
materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">5. The registrant&#146;s other certifying officer and I have disclosed to each registrant&#146;s auditors and the audit committee of each registrant&#146;s board of directors (or
persons performing the equivalent functions):</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each
registrant&#146;s ability to record, process, summarize, and report financial information; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant&#146;s internal control over financial
reporting.</FONT></P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="sans-serif">/s/ Charles E. Porter</FONT><BR>
<FONT size=2 face="sans-serif">_____________________________</FONT><BR>
<FONT size=2 face="sans-serif">Date: March 29, 2006</FONT><BR>
<FONT size=2 face="sans-serif">Charles E. Porter</FONT><BR>
<FONT size=2 face="sans-serif">Principal Executive Officer</FONT><BR>
</TD></TR></TABLE>
</P>

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<A name="page_2"></A>

<P align="left">
<U><FONT size=2 face="sans-serif">Certifications</FONT></U></P>
<P align="left">
<FONT size=2 face="sans-serif">I, Steven D. Krichmar, the Principal Financial Officer of the funds listed on Attachment A, certify that:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">1. I have reviewed each report on Form N-Q of the funds listed on Attachment A:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by each report;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal
quarter for which the report is filed; </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating
to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">c) evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">d) disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has
materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">5. The registrant&#146;s other certifying officer and I have disclosed to each registrant&#146;s auditors and the audit committee of each registrant&#146;s board of directors (or
persons performing the equivalent functions):</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each
registrant&#146;s ability to record, process, summarize, and report financial information; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant&#146;s internal control over financial
reporting.</FONT></P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="sans-serif">/s/ Steven D. Krichmar </FONT><BR>
<FONT size=2 face="sans-serif">_______________________________</FONT><BR>
<FONT size=2 face="sans-serif">Date: March 29, 2006</FONT><BR>
<FONT size=2 face="sans-serif">Steven D. Krichmar </FONT><BR>
<FONT size=2 face="sans-serif">Principal Financial Officer</FONT><BR>
</TD></TR></TABLE>
</P>

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<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="sans-serif">Attachment A</FONT><BR>
<FONT size=2 face="sans-serif">NQ</FONT><BR>
<FONT size=2 face="sans-serif">Period (s) ended January 31, 2006 </FONT><BR>
</TD></TR></TABLE>
</P>
<TABLE border=0 width=100% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">2OV</FONT>&nbsp;
	</TD>
	<TD width=88% nowrap align=left>
<FONT size=2 face="sans-serif">Putnam Mid Cap Value Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">052</FONT>&nbsp;
	</TD>
	<TD width=88% nowrap align=left>
<FONT size=2 face="sans-serif">Putnam Managed Municipal Income Trust</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">183</FONT>&nbsp;
	</TD>
	<TD width=88% nowrap align=left>
<FONT size=2 face="sans-serif">Putnam Municipal Bond Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">582</FONT>&nbsp;
	</TD>
	<TD width=88% nowrap align=left>
<FONT size=2 face="sans-serif">Putnam Municipal Opportunities Trust</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">002</FONT>&nbsp;
	</TD>
	<TD width=88% nowrap align=left>
<FONT size=2 face="sans-serif">The Putnam Fund for Growth &amp; Income</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">004</FONT>&nbsp;
	</TD>
	<TD width=88% nowrap align=left>
<FONT size=2 face="sans-serif">Putnam Income Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">2II</FONT>&nbsp;
	</TD>
	<TD width=88% nowrap align=left>
<FONT size=2 face="sans-serif">Putnam Capital Opportunities Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">840</FONT>&nbsp;
	</TD>
	<TD width=88% nowrap align=left>
<FONT size=2 face="sans-serif">Putnam Utilities Growth &amp; Income Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">184</FONT>&nbsp;
	</TD>
	<TD width=88% nowrap align=left>
<FONT size=2 face="sans-serif">Putnam CA Investment Grade Municipal Trust</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">185</FONT>&nbsp;
	</TD>
	<TD width=88% nowrap align=left>
<FONT size=2 face="sans-serif">Putnam NY Investment Grade Municipal Trust</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">2MI</FONT>&nbsp;
	</TD>
	<TD width=88% nowrap align=left>
<FONT size=2 face="sans-serif">Putnam Tax Smart Equity Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">005</FONT>&nbsp;
	</TD>
	<TD width=88% nowrap align=left>
<FONT size=2 face="sans-serif">Putnam Global Equity Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">008</FONT>&nbsp;
	</TD>
	<TD width=88% nowrap align=left>
<FONT size=2 face="sans-serif">Putnam Convertible Income-Growth Trust</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=11% nowrap align=left>
<FONT size=2 face="sans-serif">041</FONT>&nbsp;
	</TD>
	<TD width=88% nowrap align=left>
<FONT size=2 face="sans-serif">Putnam Global Income Trust</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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