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<SEC-DOCUMENT>0000928816-06-001250.txt : 20060928
<SEC-HEADER>0000928816-06-001250.hdr.sgml : 20060928
<ACCEPTANCE-DATETIME>20060928151219
ACCESSION NUMBER:		0000928816-06-001250
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060731
FILED AS OF DATE:		20060928
DATE AS OF CHANGE:		20060928
EFFECTIVENESS DATE:		20060928

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:		061113757

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































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<P align=left><FONT face=sans-serif size=5>Putnam Managed</FONT><BR><FONT
face=sans-serif size=5>Municipal Income</FONT><BR><FONT face=sans-serif
size=5>Trust</FONT><BR><FONT face=sans-serif size=4>The fund's
portfolio</FONT><BR><FONT face=sans-serif>7/31/06 (Unaudited)</FONT><BR></P>
<P align=left><FONT face=sans-serif size=2>Key to abbreviations <BR>AMBAC --
AMBAC Indemnity Corporation <BR>COP -- Certificate of Participation <BR>FGIC --
Financial Guaranty Insurance Company <BR>FHA Insd. -- Federal Housing
Administration Insured <BR>FHLMC Coll. -- Federal Home Loan Mortgage Corporation
Collateralized <BR>FNMA Coll. -- Federal National Mortgage Association
Collateralized <BR>FSA -- Financial Security Assurance <BR></FONT><FONT
face=sans-serif size=2>GNMA Coll. -- Government National Mortgage Association
Collateralized <BR>G.O. Bonds -- General Obligation Bonds <BR>MBIA -- MBIA
Insurance Company <BR>PSFG -- Permanent School Fund Guaranteed <BR>U.S. Govt.
Coll. -- U.S. Government Collateralized <BR>VRDN -- Variable Rate Demand
Notes</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><B><FONT
      face=sans-serif size=2
     >MUNICIPAL BONDS AND NOTES</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="21%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><B><FONT
      face=sans-serif size=2
     >(146.6%)(a)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="21%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%">&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>Rating (RAT)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"><FONT face=sans-serif
      size=2>Principal amount</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>Value</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
      &nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><B><FONT
      face=sans-serif size=2
     >Alabama (0.4%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="21%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face=sans-serif
      size=2>Butler, Indl. Dev. Board Solid
      Waste Disp. Rev. Bonds</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="21%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face=sans-serif
      size=2>(GA. Pacific Corp.), 5 3/4s,
      9/1/28</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>B</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"><FONT face=sans-serif
      size=2>$950,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>$968,373</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face=sans-serif
      size=2>Sylacauga, Hlth. Care Auth. Rev.
      Bonds (Coosa Valley</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="21%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face=sans-serif
      size=2>Med. Ctr.), Ser. A, 6s,
      8/1/25</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>B/P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"><FONT face=sans-serif
      size=2>650,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>669,097</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="21%">&nbsp; </TD>
    <TD noWrap align=left width="13%"><B><FONT
      face=sans-serif size=2
     >1,637,470</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="49%"><B><FONT
      face=sans-serif size=2
     >Arizona (3.1%)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="21%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face=sans-serif
      size=2>Apache Cnty., Indl. Dev. Auth.
      Poll. Control Rev.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="21%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face=sans-serif
      size=2>Bonds (Tucson Elec. Pwr. Co.),
      Ser. B, 5 7/8s, 3/1/33</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>Ba1</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"><FONT face=sans-serif
      size=2>1,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>1,000,920</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face=sans-serif
      size=2>AZ Hlth. Fac. Auth. Hosp. Syst.
      Rev. Bonds (John C.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="21%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face=sans-serif
      size=2>Lincoln Hlth. Network), 6 3/8s,
      12/1/37 (Prerefunded)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>BBB</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"><FONT face=sans-serif
      size=2>1,000,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>1,143,550</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face=sans-serif
      size=2>Casa Grande, Indl. Dev. Auth.
      Rev. Bonds (Casa Grande</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="21%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp;
</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>


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

<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Regl. Med. Ctr.), Ser. A, 7 5/8s, 12/1/29</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,800,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,988,856</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Cochise Cnty., Indl. Dev. Auth. Rev. Bonds (Sierra</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Vista Regl. Hlth. Ctr.), Ser. A, 6.2s, 12/1/21</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB+/P</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">495,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">521,671</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Coconino Cnty., Poll. Control Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">(Tuscon/Navajo Elec. Pwr.), Ser. A, 7 1/8s, 10/1/32</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Ba1</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">3,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">3,138,900</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Glendale, Wtr. &amp; Swr. Rev. Bonds,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">AMBAC, 5s, 7/1/28</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">2,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,067,160</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Pima Cnty., Indl Dev. Auth. Rev. Bonds (Horizon Cmnty.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Learning Ctr.), 5.05s, 6/1/25</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BBB-</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">815,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">779,629</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Scottsdale, Indl. Dev. Auth. Hosp. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">(Scottsdale Hlth. Care), 5.8s, 12/1/31 (Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">A3</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,101,730</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<B><FONT size=2 face="sans-serif">11,742,416</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=50% nowrap align=left>
<B><FONT size=2 face="sans-serif">Arkansas (2.9%)</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">AR State Hosp. Dev. Fin. Auth. Rev. Bonds (Washington</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Regl. Med. Ctr.), 7 3/8s, 2/1/29 (Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Baa2</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">4,600,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">5,122,238</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Independence Cnty., Poll. Control Rev. Bonds (Entergy,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Inc.), 5s, 1/1/21</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">A-</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,005,600</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Little Rock G.O. Bonds (Cap. Impt.),</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">FSA, 3.95s, 4/1/19</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">765,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">752,990</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Northwest Regl. Arpt. Auth. Rev. Bonds, 7 5/8s, 2/1/27</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">(Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB/P</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">2,750,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,952,153</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Washington Cnty., Hosp. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">(Regl. Med. Ctr.)</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. A, 5s, 2/1/35</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Baa2</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">250,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">247,005</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. B, 5s, 2/1/25</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Baa2</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">500,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">503,785</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<B><FONT size=2 face="sans-serif">10,583,771</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=50% nowrap align=left>
<B><FONT size=2 face="sans-serif">California (16.0%)</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">CA Hlth. Fac. Fin. Auth. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">AMBAC, 5.293s, 7/1/17</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">3,400,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">3,404,250</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">(CA-NV Methodist), 5s, 7/1/26</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">A+</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">500,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">513,350</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">CA Poll. Control Fin. Auth. Solid Waste Disp. Rev.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds (Waste Management, Inc.), Ser. A-2, 5.4s, 4/1/25</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,200,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,245,660</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">CA State Dept. of Wtr. Resources Rev.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds, Ser. A</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">AMBAC, 5 1/2s, 5/1/13</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">16,500,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">18,031,530</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">5 1/2s, 5/1/11</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">A2</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">3,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">3,204,540</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">CA Statewide Cmnty. Dev. Auth. COP (The Internext</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Group), 5 3/8s, 4/1/30</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">3,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">3,006,510</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">CA Statewide Cmnty. Dev. Auth. Rev.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">(Huntington Memorial Hosp.), 5s,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">7/1/21</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">A+</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">3,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">3,093,450</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">(Thomas Jefferson School of Law), Ser. B, 4 7/8s,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">10/1/31</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BBB-</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,030,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,011,038</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">CA Statewide Cmntys. Dev. Auth. Apt. Mandatory Put</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds (Irvine Apt. Cmntys.), Ser. A-3, 5.1s, 5/17/10</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Baa2</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">2,250,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,298,893</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Capistrano, Unified School Dist. Cmnty. Fac. Special</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Tax Bonds (Ladera Ranch - No. 98-2), 5.7s, 9/1/20</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">(Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BBB/P</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,074,290</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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



<!--$$/page=-->
<A name="page_3"></A>

<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Cathedral City, Impt. Board Act of 1915 Special Assmt.</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds (Cove Impt. Dist.)</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. 04-02, 5s, 9/2/30</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">BB+/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">250,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">247,915</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. 04-02, 5.05s, 9/2/35</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">BB+/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">395,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">393,191</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Chula Vista, Cmnty. Fac. Dist. Special</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Tax Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(No. 08-1 Otay Ranch Village Six),</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">6s, 9/1/33</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">BB/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,250,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,291,813</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(No 07-I Otay Ranch Village Eleven),</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">5 7/8s, 9/1/34</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">BB/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">300,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">312,402</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(No. 07-I Otay Ranch Village</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Eleven), 5.8s, 9/1/28</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">BB/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">300,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">312,942</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Chula Vista, Indl. Dev. Rev. Bonds (San Diego Gas),</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. B, 5s, 12/1/27</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">A1</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">950,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">961,419</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Corona, COP (Vista Hosp. Syst.), zero %, 7/1/29 (In</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">default) (F)(NON)</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">D/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">10,775,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">118,525</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Folsom, Special Tax Rev. Bonds (Cmnty. Facs. Dist. No.</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">10), 5 7/8s, 9/1/28</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">BB/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">750,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">771,630</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Gilroy, Rev. Bonds (Bonfante Gardens</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Park), 8s, 11/1/25</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">B-/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">770,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">661,415</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Golden State Tobacco Securitization</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Corp. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. 03-A1, 6 3/4s, 6/1/39</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">850,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">954,389</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. B, FHLMC Coll., 5 5/8s, 6/1/38</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">2,500,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,759,325</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. 03 A-1, 5s, 6/1/21</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">625,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">627,675</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Murrieta, Cmnty. Fac. Dist. Special Tax (No. 2</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">The Oaks Impt. Area A), 6s, 9/1/34</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">BB+/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,100,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,144,880</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Orange Cnty., Cmnty. Fac. Dist. Special Tax Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(Ladera Ranch - No. 02-1), Ser. A, 5.55s, 8/15/33</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">BBB/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">650,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">663,325</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Poway, Unified School Dist. Cmnty. Facs. Special Tax</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds (Dist. No. 14- Area A), 5 1/8s, 9/1/26</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">850,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">850,961</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Roseville, Cmnty. Fac. Special Tax (Dist. No. 1</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">-Westpark)</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">5 1/4s, 9/1/25</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">BB/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">315,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">317,249</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">5 1/4s, 9/1/17</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">BB/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">985,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,007,803</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Roseville, Cmnty. Fac. Special Tax Bonds (Dist. No.</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">1), 5s, 9/1/14</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">BB/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">400,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">403,424</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Sacramento, Special Tax (North Natomas Cmnty. Fac.),</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. 4-C, 6s, 9/1/33</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">BBB/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,250,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,327,063</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">San Diego, Assn. of Bay Area Governments Fin. Auth.</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">For Nonprofit Corps. Rev. Bonds (San Diego Hosp.),</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. A, 6 1/8s, 8/15/20</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">Baa1</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">250,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">268,978</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Santaluz Cmnty., Facs. Dist. No. 2 Special Tax Rev.</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds (Impt. Area No. 1), Ser. B, 6 3/8s, 9/1/30</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">BBB/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">2,485,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,508,608</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Thousand Oaks, Cmnty. Fac. Dist. Special Tax Rev.</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds (Marketplace 94-1), zero %, 9/1/14</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">B/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">3,465,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,945,979</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Vallejo, COP (Marine World</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Foundation), 7.2s, 2/1/26</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">BBB-/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">2,500,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,579,800</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<B><FONT size=2 face="sans-serif">59,314,222</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=49% nowrap align=left>
<B><FONT size=2 face="sans-serif">Colorado (2.4%)</FONT></B>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">CO Hlth. Fac. Auth. Rev. Bonds (Evangelical Lutheran),</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
</TABLE><BR>

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



<!--$$/page=-->
<A name="page_4"></A>

<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">5 1/4s, 6/1/23</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">A-</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">1,035,650</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">CO Pub. Hwy. Auth. Rev. Bonds (E-470</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Pub. Hwy.), Ser. B</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">zero %, 9/1/35 (Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">15,500,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">1,996,555</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">zero %, 9/1/34 (Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">16,500,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">2,293,335</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Denver, City &amp; Cnty. Arpt. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. D, AMBAC, 7 3/4s, 11/15/13</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,050,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">1,192,496</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">MBIA, 5 1/2s, 11/15/25</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">2,500,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">2,535,900</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<B><FONT size=2 face="sans-serif">9,053,936</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=49% nowrap align=left>
<B><FONT size=2 face="sans-serif">Connecticut (1.4%)</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">CT State Hlth. &amp; Edl. Fac. Auth. VRDN, Ser. V-1,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">3.63s, 7/1/36</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">VMIG1</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">5,300,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<B><FONT size=2 face="sans-serif">5,300,000</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=49% nowrap align=left>
<B><FONT size=2 face="sans-serif">Delaware (0.8%)</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">GMAC Muni. Mtge. Trust 144A sub. notes, Ser. A1-3,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">5.3s, 10/31/39</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">A3</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">2,500,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">2,579,150</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Sussex Cnty., Rev. Bonds (First Mtge. - Cadbury</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Lewes), Ser. A, 5.9s, 1/1/26</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">B/P</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">350,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">355,177</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<B><FONT size=2 face="sans-serif">2,934,327</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=49% nowrap align=left>
<B><FONT size=2 face="sans-serif">District of Columbia (0.5%)</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">DC Tobacco Settlement Fin. Corp. Rev. Bonds, 6 1/4s,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">5/15/24</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,900,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<B><FONT size=2 face="sans-serif">2,008,129</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=49% nowrap align=left>
<B><FONT size=2 face="sans-serif">Florida (7.7%)</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">CFM Cmnty. Dev. Dist. Rev. Bonds, Ser. A, 6 1/4s,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">5/1/35</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,500,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">1,587,885</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Fishhawk, Cmnty. Dev. Dist. II Rev.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. A, 6 1/8s, 5/1/34</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB/P</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">485,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">506,345</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. B, 5s, 11/1/07</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB/P</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">70,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">69,655</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">FL State Mid-Bay Bridge Auth. Rev. Bonds, Ser. A,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">6.05s, 10/1/22</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BBB/P</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">770,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">795,248</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Fleming Island, Plantation Cmnty. Dev. Dist. Special</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Assmt. Bonds, Ser. B, 7 3/8s, 5/1/31</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB/P</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">750,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">799,110</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Gateway Svcs. Cmnty., Dev. Dist. Special Assmt. Bonds</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(Stoneybrook), 5 1/2s, 7/1/08</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB/P</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">240,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">240,775</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Halifax, Hosp. Med. Ctr. Rev. Bonds, Ser. A, 5 1/4s,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">6/1/21</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BBB+</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">3,200,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">3,306,496</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Heritage Harbor, South Cmnty. Dev. Distr. Rev. Bonds,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. A, 6 1/2s, 5/1/34</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB+/P</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">485,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">518,441</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Heritage Isle at Viera, Cmnty. Dev. Dist. Special</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Assmt., Ser. B, 5s, 11/1/09</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB/P</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">200,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">199,660</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Islands at Doral III, Cmnty. Dev. Dist. Special Assmt.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds, Ser. 04-A, 5.9s, 5/1/35</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB/P</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,230,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">1,270,578</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Lee Cnty., Indl. Dev. Auth. Rev. Bonds (Alliance</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Cmnty.), Ser. C, 5 1/2s, 11/15/29</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BBB-</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,410</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Miami Beach, Hlth. Fac. Auth. Hosp. Rev. Bonds (Mount</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
</TABLE><BR>

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



<!--$$/page=-->
<A name="page_5"></A>

<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Sinai Med. Ctr.), Ser. A, 6.7s, 11/15/19</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Ba1</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,335,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,467,646</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">North Springs, Impt. Dist. Special Assmt. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">(Parkland Golf Country Club), Ser. A-1, 5.45s, 5/1/26</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">250,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">249,080</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Old Palm, Cmnty. Dev. Dist. Special Assmt. Bonds (Palm</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Beach Gardens), Ser. A, 5.9s, 5/1/35</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">985,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,014,314</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Palm Coast Pk. Cmnty. Dev. Dist. Special Assmt. Bonds,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">5.7s, 5/1/37</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,005,920</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Reunion West, Cmnty. Dev. Dist. Special Assmt. Bonds,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">6 1/4s, 5/1/36</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,500,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,568,535</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">South Bay, Cmnty. Dev. Dist. Rev. Bonds, Ser. B-2,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">5 3/8s, 5/1/13</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">2,500,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,520,175</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">South Miami, Hlth. Fac. Auth. Rev. Bonds (Baptist</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Hlth.), 5 1/4s, 11/15/33</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Aa3</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,500,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,544,865</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">South Village, Cmnty. Dev. Dist. Rev. Bonds, Ser. A,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">5.7s, 5/1/35</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">495,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">503,257</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Tampa Bay, Cmnty. Dev. Dist. Special Assmt. Bonds (New</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Port), Ser. A, 5 7/8s, 5/1/38</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,425,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,437,996</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Tern Bay, Cmnty. Dev. Dist. Rev. Bonds, Ser. B, 5s,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">5/1/15</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">600,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">600,288</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Tern Bay, Cmnty. Dev. Dist. Special Assmt. Bonds, Ser.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">A, 5 3/8s, 5/1/37</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,150,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,149,034</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">5.4s, 5/1/37</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">325,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">325,419</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Verano Ctr. Cmnty. Dev. Dist. Special Assmt. (Cmnty.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Infrastructure), Ser. B, 5s, 11/1/13</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">475,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">473,566</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Wentworth Estates Cmnty., Dev. Dist. Special Assmt.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds, Ser. B, 5 1/8s, 11/1/12</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">850,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">853,128</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Wentworth Estates, Cmnty. Dev. Dist. Special Assmt.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds, Ser. A, 5 5/8s, 5/1/37</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">725,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">733,664</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Westchester Cmnty. Dev. Dist. No. 1 Special Assmt.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">(Cmnty. Infrastructure), 6 1/8s, 5/1/35</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,250,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,312,263</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">World Commerce Cmnty. Dev. Dist. Special Assmt., Ser.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">A-1</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">6 1/2s, 5/1/36</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">950,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,003,001</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">6 1/4s, 5/1/22</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">550,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">577,495</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<B><FONT size=2 face="sans-serif">28,634,249</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=50% nowrap align=left>
<B><FONT size=2 face="sans-serif">Georgia (2.8%)</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Burke Cnty., Poll. Control Dev. Auth. Mandatory Put</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds (GA Power Co.), 4.45s, 12/1/08</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">A2</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">4,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">4,052,760</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Fulton Cnty., Res. Care Fac. Rev. Bonds (Canterbury</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Court), Class A, 6 1/8s, 2/15/34</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">B+/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">425,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">442,009</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">GA Med. Ctr. Hosp. Auth. Rev. Bonds, MBIA, 6.367s,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">8/1/10</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,400,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,401,736</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">GA Muni. Elec. Auth. Rev. Bonds,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">AMBAC, 5s, 1/1/26</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">2,500,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,561,450</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Rockdale Cnty., Dev. Auth. Solid Waste Disp. Rev.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds (Visay Paper, Inc.), 7.4s, 1/1/16</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">B+/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,890,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,896,899</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<B><FONT size=2 face="sans-serif">10,354,854</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=50% nowrap align=left>
<B><FONT size=2 face="sans-serif">Hawaii (0.9%)</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
</TABLE><BR>

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



<!--$$/page=-->
<A name="page_6"></A>

<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">HI Dept. of Trans. Special Fac. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(Continental Airlines, Inc.), 7s, 6/1/20</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">B</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,635,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,726,527</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">HI State Hsg. &amp; Cmnty. Dev. Corp. Rev. Bonds (Single</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Fam. Mtge.), Ser. B, 3.7s, 1/1/22</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,800,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,777,230</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<B><FONT size=2 face="sans-serif">3,503,757</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=49% nowrap align=left>
<B><FONT size=2 face="sans-serif">Idaho (1.1%)</FONT></B>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">ID Hlth. Fac. Auth. VRDN (St. Lukes Med. Ctr.), FSA,</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">3.57s, 7/1/30</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">VMIG1</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,600,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,600,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">ID Hsg. &amp; Fin. Assn. Rev. Bonds (Single Fam. Mtge.),</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. C-2, FHA Insd., 5.15s, 7/1/29</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">830,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">840,765</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Madison Cnty., Hosp. COP, 5 1/4s,</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">9/1/20</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">BBB-</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,480,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,541,065</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<B><FONT size=2 face="sans-serif">3,981,830</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=49% nowrap align=left>
<B><FONT size=2 face="sans-serif">Illinois (3.7%)</FONT></B>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Bedford Pk., Village Rev. Bonds (Hotel/Motel Tax),</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. A, 4.9s, 12/1/23</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">Baa1</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">600,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">595,116</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Chicago, G.O. Bonds, Ser. A, AMBAC</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">5 5/8s, 1/1/39 (Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">3,395,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">3,714,503</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">5 5/8s, 1/1/39</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">105,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">112,077</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Du Page Cnty., Special Svc. Area No. 31 Special Tax</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds (Monarch Landing)</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">5 5/8s, 3/1/36</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">100,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">100,311</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">5.4s, 3/1/16</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">260,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">261,147</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">IL Dev. Fin. Auth. Hosp. Rev. Bonds (Adventist Hlth.</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Syst./Sunbelt Obligation), 5.65s, 11/15/24</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">A2</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">3,250,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">3,453,158</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">IL Fin. Auth. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(Friendship Village Schaumburg), Ser. A, 5 5/8s,</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">2/15/37</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">B+/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">300,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">302,988</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(Landing At Plymouth Place), Ser. A,</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">5.35s, 5/15/15</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">B+/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">600,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">600,366</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">IL Fin. Auth. Solid Waste Disposal (Waste Mgmt.,</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Inc.), Ser. A, 5.05s, 8/1/29</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">250,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">249,663</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">IL Hlth. Fac. Auth. Rev. Bonds (St. Benedict), Ser.</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">03A-1, 6.9s, 11/15/33</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">B/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">500,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">538,620</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">IL State Toll Hwy. Auth. Rev. Bonds, Ser. A-1, FSA,</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">5s, 1/1/23</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">3,750,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">3,919,838</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<B><FONT size=2 face="sans-serif">13,847,787</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=49% nowrap align=left>
<B><FONT size=2 face="sans-serif">Indiana (3.4%)</FONT></B>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">IN State Dev. Fin. Auth. Env. Impt. Rev. Bonds (USX</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Corp.), 5.6s, 12/1/32</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">Baa1</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">2,500,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,572,275</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">IN Trans. Fin. Auth. Arpt. Facs. Lease Rev. Bonds,</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. A, AMBAC, 5s, 11/1/16 (Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">6,500,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">6,650,215</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Purdue U. VRDN (Student Fee), Ser. T,</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">3.64s, 7/1/27</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">VMIG1</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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



<!--$$/page=-->
<A name="page_7"></A>

<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Rockport, Poll. Control Mandatory Put Bonds (Indiana</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Michigan Pwr. Co.), Ser. C, 2 5/8s, 10/1/06</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Baa2</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,750,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,744,418</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">St. Joseph Cnty., Econ. Dev. Rev. Bonds (Holy Cross</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Village Notre Dame), Ser. A, 5 3/4s, 5/15/15</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">B/P</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">455,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">472,913</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<B><FONT size=2 face="sans-serif">12,439,821</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=50% nowrap align=left>
<B><FONT size=2 face="sans-serif">Iowa (2.9%)</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">IA Rev. Bonds (Care Initiatives), Ser. A,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">5s, 7/1/19</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BBB-</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,840,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,830,230</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">IA Fin. Auth. Hlth. Care Fac. Rev. Bonds (Care</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Initiatives)</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">9 1/4s, 7/1/25 (Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">2,855,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">3,556,274</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">9.15s, 7/1/09 (Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">880,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">966,451</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. A, 5 1/4s, 7/1/17</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BBB-</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,040,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,063,504</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">IA Fin. Auth. Retirement Cmnty. Rev. Bonds (Friendship</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Haven), Ser. A</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">6 1/8s, 11/15/32</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB/P</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">200,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">205,920</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">6s, 11/15/24</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB/P</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">200,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">203,728</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Tobacco Settlement Auth. of IA Rev.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. C, 5 3/8s, 6/1/38</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">750,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">751,770</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. B, zero %, 6/1/34</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">2,250,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,112,570</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<B><FONT size=2 face="sans-serif">10,690,447</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=50% nowrap align=left>
<B><FONT size=2 face="sans-serif">Kansas (0.4%)</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Salina, Hosp. Rev. Bonds (Salina Regl.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Hlth.)</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">5s, 10/1/17</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">A1</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">500,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">522,175</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">5s, 10/1/16</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">A1</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">605,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">633,768</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">5s, 10/1/15</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">A1</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">250,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">262,350</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<B><FONT size=2 face="sans-serif">1,418,293</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=50% nowrap align=left>
<B><FONT size=2 face="sans-serif">Kentucky (0.5%)</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">KY Econ. Dev. Fin. Auth. Rev. Bonds (Norton Hlth.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Care, Inc.), Ser. A, 6 1/2s, 10/1/20</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">NR/P</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,700,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<B><FONT size=2 face="sans-serif">1,832,311</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=50% nowrap align=left>
<B><FONT size=2 face="sans-serif">Louisiana (1.5%)</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">LA Local Govt. Env. Fac. Cmnty. Dev.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Auth. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">(Hlth. Care - St. James Place), Ser.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">A, 7s, 11/1/26</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">B-/P</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">400,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">399,512</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">(St. James Place), Ser. A, 7s, 11/1/20</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">B-/P</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,002,890</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">LA Pub. Fac. Auth. Rev. Bonds (Pennington Med.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Foundation), 5s, 7/1/16</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">A3</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">600,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">620,802</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Tangipahoa Parish Hosp. Svcs. Rev. Bonds (North Oaks</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Med. Ctr.), Ser. A, 5s, 2/1/25</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">A</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">500,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">504,130</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">W. Feliciana Parish, Poll. Control Rev. Bonds (Gulf</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
</TABLE><BR>

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



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<A name="page_8"></A>

<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">States Util. Co.), Ser. C, 7s, 11/1/15</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BBB-</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">2,750,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,765,895</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<B><FONT size=2 face="sans-serif">5,293,229</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=50% nowrap align=left>
<B><FONT size=2 face="sans-serif">Maine (1.0%)</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">ME State Hsg. Auth. Rev. Bonds, Ser. D-2-AMT, 5s,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">11/15/27</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Aa1</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,600,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,623,120</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Rumford, Solid Waste Disp. Rev. Bonds (Boise Cascade</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Corp.), 6 7/8s, 10/1/26</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Ba2</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">2,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,170,760</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<B><FONT size=2 face="sans-serif">3,793,880</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=50% nowrap align=left>
<B><FONT size=2 face="sans-serif">Maryland (0.9%)</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">MD State Hlth. &amp; Higher Edl. Fac. Auth.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">(Medstar Hlth.), 5 3/4s, 8/15/15</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Baa1</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,080,670</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">(Edennwald), Ser. A, 5.2s, 1/1/24</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">300,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">302,343</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">MD State Indl. Dev. Fin. Auth. Econ. Dev. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">(Our Lady of Good Counsel School), Ser. A, 6s, 5/1/35</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">B/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">200,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">212,118</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Westminster, Econ. Dev. Rev. Bonds (Carroll Lutheran</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Village), Ser. A, 5 7/8s, 5/1/21</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,850,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,900,135</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<B><FONT size=2 face="sans-serif">3,495,266</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=50% nowrap align=left>
<B><FONT size=2 face="sans-serif">Massachusetts (10.7%)</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Boston, Indl. Dev. Fin. Auth. Rev. Bonds (Springhouse,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Inc.), 6s, 7/1/28</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">600,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">605,148</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">MA State G.O. Bonds, 5s, 7/1/09</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Aa2</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">6,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">6,196,440</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">MA State Dev. Fin. Agcy. Rev. Bonds (Lasell Village),</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. A, 6 3/8s, 12/1/25</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">585,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">590,979</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">MA State Hlth. &amp; Edl. Fac. Auth. Rev.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">(Civic Investments/HPHC), Ser. A,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">9s, 12/15/15</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BBB-/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,900,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,344,676</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">(Norwood Hosp.), Ser. C, 7s, 7/1/14</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">(Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Ba2</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,185,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,400,528</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">(Jordan Hosp.), Ser. E, 6 3/4s,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">10/1/33</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BBB-</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,200,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,305,588</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">(UMass Memorial), Ser. C, 6 5/8s,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">7/1/32</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Baa2</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">2,225,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,433,193</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">(UMass Memorial), Ser. C, 6 1/2s,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">7/1/21</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Baa2</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,875,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,037,638</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">(Caritas Christi Oblig. Group), Ser. A,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">5 1/4s, 7/1/08</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,500,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,520,865</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">(Partners Hlth. Care Syst.), Ser. F,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">5s, 7/1/21</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Aa2</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,043,050</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">MA State Hsg. Fin. Agcy. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">(Rental Mtge.)</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. C, AMBAC, 5 5/8s, 7/1/40</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">2,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,039,560</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. A, AMBAC, 5 1/2s, 7/1/40</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">15,290,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">15,577,299</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">MA State Indl. Fin. Agcy. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
</TABLE><BR>

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



<!--$$/page=-->
<A name="page_9"></A>

<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(1st Mtge. Stone Institution &amp;</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Newton), 7.9s, 1/1/24</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">500,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">502,895</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(TNG Marina Bay LLC), U.S. Govt. Coll., 7 1/2s,</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">12/1/27 (Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">580,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">620,838</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(1st Mtge. Berkshire Retirement), Ser. A, 6 5/8s,</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">7/1/16</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">BBB-</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,550,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,552,883</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<B><FONT size=2 face="sans-serif">39,771,580</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=49% nowrap align=left>
<B><FONT size=2 face="sans-serif">Michigan (3.2%)</FONT></B>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Detroit, Swr. Disp. VRDN, Ser. B, FSA,</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">3.68s, 7/1/33</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">VMIG1</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Flint, Hosp. Bldg. Auth. Rev. Bonds (Hurley Med.</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Ctr.), 6s, 7/1/20</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">Ba1</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">275,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">289,086</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Garden City, Hosp. Fin. Auth. Rev. Bonds (Garden City</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Hosp. OB Group), Ser. A, 5 3/4s, 9/1/17</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">Ba1</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">350,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">344,362</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">MI State Hosp. Fin. Auth. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(Oakwood Hosp.), Ser. A, 6s, 4/1/22</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">A2</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,500,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,607,655</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(Chelsea Cmnty. Hosp. Oblig.), 5s,</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">5/15/25</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">755,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">752,214</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">MI State Hsg. Dev. Auth. Rev. Bonds, Ser. A, 3.9s,</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">6/1/30</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">AA+</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,500,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,489,785</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Midland Cnty., Econ. Dev. Corp. Rev. Bonds, 6 3/4s,</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">7/23/09</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">B</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">2,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,040,180</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Monroe Cnty., Hosp. Fin. Auth. Rev. Bonds (Mercy</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Memorial Hosp.), 5 1/2s, 6/1/20</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">Baa3</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,039,950</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Warren Cons. School Dist. G.O. Bonds, FSA, 5 3/8s,</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">5/1/18</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">2,975,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">3,160,819</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<B><FONT size=2 face="sans-serif">11,724,051</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=49% nowrap align=left>
<B><FONT size=2 face="sans-serif">Minnesota (4.1%)</FONT></B>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Cohasset, Poll. Control Rev. Bonds (Allete, Inc.),</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">4.95s, 7/1/22</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">A</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">2,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,005,100</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Hutchinson, G.O. Bonds (Indpt. School Dist. No. 423),</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. A, 5 3/4s, 2/1/13 (Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">Aa2</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,028,070</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">MN Agricultural &amp; Econ. Dev. Board Rev. Bonds (Hlth.</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Care Syst.), Ser. A, MBIA, 5 1/2s, 11/15/17</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">2,390,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,490,428</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">MN State Hsg. Fin. Agcy. Rev. Bonds (Residential</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Hsg.), Ser. H, 4.15s, 1/1/12</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">Aa1</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">760,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">755,250</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Northfield, Hosp. Rev. Bonds, 5 1/2s,</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">11/1/18</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">BBB-</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,140,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,204,843</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Sauk Rapids Hlth. Care &amp; Hsg. Fac. Rev. Bonds (Good</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Shepherd Lutheran Home), 6s, 1/1/34</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">B/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">400,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">406,904</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">St. Paul, Hsg. &amp; Redev. Auth. Hosp. Rev. Bonds (Hlth.</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">East), 6s, 11/15/25</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">Baa3</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,078,770</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">U. of MN VRDN, Ser. C, 3.64s, 12/1/36</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">VMIG1</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">6,100,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">6,100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<B><FONT size=2 face="sans-serif">15,069,365</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
	<TD>
	</TD>
</TR>
</TABLE><BR>

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



<!--$$/page=-->
<A name="page_10"></A>

<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<B><FONT size=2 face="sans-serif">Mississippi (1.1%)</FONT></B>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Lowndes Cnty., Solid Waste Disp. &amp; Poll. Control Rev.</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds (Weyerhaeuser Co.), Ser. B, 6.7s, 4/1/22</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">Baa2</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,500,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">1,754,820</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">MS Bus. Fin. Corp. Poll. Control Rev. Bonds (Syst.</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Energy Resources, Inc.), 5.9s, 5/1/22</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">BBB-</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,250,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">1,256,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">MS Home Corp. Rev. Bonds (Single Fam. Mtge.), Ser.</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">B-2, GNMA Coll., FNMA Coll., 6.45s, 12/1/33</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,095,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">1,139,884</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<B><FONT size=2 face="sans-serif">4,150,704</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=49% nowrap align=left>
<B><FONT size=2 face="sans-serif">Missouri (1.9%)</FONT></B>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Cape Girardeau Cnty., Indl. Dev. Auth. Hlth. Care Fac.</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Rev. Bonds (St. Francis Med. Ctr.), Ser. A, 5 1/2s,</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">6/1/32</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">A+</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,750,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">1,833,965</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Kansas City, Indl. Dev. Auth. Hlth. Fac. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(First Mtge. Bishop Spencer), Ser. A, 6 1/2s, 1/1/35</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,500,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">1,555,890</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">MO Hsg. Dev. Comm. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(Home Ownership)</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. D, GNMA Coll., FNMA Coll.,</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">5.55s, 9/1/34</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,460,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">1,497,464</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. B, GNMA Coll., FNMA Coll.,</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">4.4s, 9/1/14</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">420,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">417,451</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. B, GNMA Coll., FNMA Coll.,</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">4.3s, 9/1/13</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">410,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">408,012</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">MO State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds (BJC Hlth.</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Syst.), 5 1/4s, 5/15/32</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">Aa2</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,450,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">1,494,066</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<B><FONT size=2 face="sans-serif">7,206,848</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=49% nowrap align=left>
<B><FONT size=2 face="sans-serif">Montana (2.6%)</FONT></B>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Forsyth, Poll. Control Mandatory Put Bonds (Avista</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Corp.), AMBAC, 5s, 12/30/08</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,775,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">1,811,210</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Forsyth, Poll. Control VRDN (Pacific Corp.), 3.70s,</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">1/1/18</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">A-1+</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">7,500,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">7,500,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">MT Fac. Fin. Auth. Rev. Bonds (Sr. Living St. Johns</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Lutheran), Ser. A, 6s, 5/15/25</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">B+/P</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">350,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">354,585</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<B><FONT size=2 face="sans-serif">9,665,795</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=49% nowrap align=left>
<B><FONT size=2 face="sans-serif">Nebraska (--%)</FONT></B>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Kearney, Indl. Dev. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(Great Platte River), 8s, 9/1/12</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">D/P</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">65,059</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">49,542</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(Brookhaven), zero %, 9/1/12</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">D/P</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">791,466</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">39,573</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<B><FONT size=2 face="sans-serif">89,115</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=49% nowrap align=left>
<B><FONT size=2 face="sans-serif">Nevada (3.5%)</FONT></B>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Clark Cnty., Impt. Dist. Special Assmt.</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(Dist. No. 142), 6 3/8s, 8/1/23</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">1,041,030</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(Summerlin No. 151), 5s, 8/1/16</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">BB/P</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,010,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">1,012,767</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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



<!--$$/page=-->
<A name="page_11"></A>

<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Clark Cnty., Indl. Dev. Rev. Bonds (Southwest Gas</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Corp.), Ser. C, AMBAC, 5.95s, 12/1/38</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">5,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">5,395,250</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Henderson, Local Impt. Dist. Special</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Assmt.</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(No. T-14), 5.8s, 3/1/23</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">BB/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">480,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">494,611</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(No. T-16), 5 1/8s, 3/1/25</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">500,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">497,905</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(No. T-17), 5s, 9/1/18</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">BB/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">275,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">274,249</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(No. T-18), 5s, 9/1/16</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,425,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,420,483</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Las Vegas, Local Impt. Board Special Assmt. (Dist. No.</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">607), 5.9s, 6/1/18</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">875,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">901,985</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Washoe Cnty., Wtr. Fac. Mandatory Put Bonds (Sierra</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Pacific Pwr. Co.), 5s, 7/1/09</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">Ba1</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">2,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,990,300</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<B><FONT size=2 face="sans-serif">13,028,580</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=49% nowrap align=left>
<B><FONT size=2 face="sans-serif">New Hampshire (1.7%)</FONT></B>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">NH Higher Ed. &amp; Hlth. Fac. Auth. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(Riverwoods at Exeter), Ser. A, 6 3/8s, 3/1/13</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">BB+/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">590,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">601,369</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">NH Hlth. &amp; Ed. Fac. Auth. Rev. Bonds (Kendal</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">at Hanover), Ser. A, 5s, 10/1/18</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,275,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,276,607</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">NH State Bus. Fin. Auth. Rev. Bonds (Alice Peck Day</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Hlth. Syst.), Ser. A, 7s, 10/1/29</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">BBB-/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">2,565,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,660,444</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">NH State Bus. Fin. Auth. Poll. Control Rev. Bonds,</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">3 1/2s, 7/1/27</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">Baa2</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,750,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,706,723</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<B><FONT size=2 face="sans-serif">6,245,143</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=49% nowrap align=left>
<B><FONT size=2 face="sans-serif">New Jersey (4.0%)</FONT></B>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">NJ Econ. Dev. Auth. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(Cranes Mill), Ser. A, 7 1/2s, 2/1/27</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,300,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,349,842</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(Cedar Crest Vlg., Inc.), Ser. A, 7</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">1/4s, 11/15/31</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,250,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,351,200</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(Newark Arpt. Marriot Hotel), 7s,</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">10/1/14</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">Ba3</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,900,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,938,304</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(First Mtge. Presbyterian Home), Ser. A, 6 3/8s,</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">11/1/31</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">BB/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">500,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">514,560</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(First Mtge. Lions Gate), Ser. A, 5</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">7/8s, 1/1/37</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">B/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">230,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">235,686</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(Cigarette Tax), 5 1/2s, 6/15/24</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">Baa2</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">2,500,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,598,750</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">NJ Econ. Dev. Auth. Solid Waste Rev. Bonds (Disp.</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Waste Mgt.), 5.3s, 6/1/15</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,750,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,811,040</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">NJ Hlth. Care Fac. Fin. Auth. Rev.</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(Trinitas Hosp. Oblig. Group), 7 1/2s,</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">7/1/30</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">Baa3</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,300,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,428,687</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(United Methodist Homes), Ser. A, 5</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">3/4s, 7/1/29</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">BB+</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">2,250,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,287,598</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(Atlantic City Med. Ctr.), 5 3/4s,</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">7/1/25</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">A2</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,250,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,310,425</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<B><FONT size=2 face="sans-serif">14,826,092</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
	<TD>
	</TD>
</TR>
</TABLE><BR>

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



<!--$$/page=-->
<A name="page_12"></A>

<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<B><FONT size=2 face="sans-serif">New Mexico (0.5%)</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Farmington, Poll. Control Rev. Bonds (San Juan), Ser.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">B, 4 7/8s, 4/1/33</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Baa2</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,200,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,193,712</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">NM Mtge. Fin. Auth. Rev. Bonds (Single Fam. Mtge.),</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. D-2, GNMA Coll., FNMA Coll., FHLMC Coll., 5.64s,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">9/1/33</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">525,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">541,727</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<B><FONT size=2 face="sans-serif">1,735,439</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=49% nowrap align=left>
<B><FONT size=2 face="sans-serif">New York (16.1%)</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Huntington, Hsg. Auth. Rev. Bonds (Gurwin Jewish Sr.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Residence), Ser. A, 6s, 5/1/39</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">B+/P</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">500,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">509,015</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Long Island, Pwr. Auth. NY Elec. Syst. Rev. Bonds,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. A, U.S. Govt. Coll., 5 3/4s, 12/1/24 (Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">2,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,091,860</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Nassau Cnty., Indl. Dev. Agcy. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(Keyspan-Glenwood), 5 1/4s, 6/1/27</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">A</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">2,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,050,560</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">NY City, G.O. Bonds, Ser. B, 5 1/4s,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">12/1/09</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">AA-</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">10,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">10,423,300</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">NY City, Indl. Dev. Agcy. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(Staten Island U. Hosp. Project),</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">6.45s, 7/1/32</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">B2</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,480,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,510,814</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(Liberty-7 World Trade Ctr.), Ser. A, 6</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">1/4s, 3/1/15</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">B-/P</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,275,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,357,620</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">NY City, Indl. Dev. Agcy. Special Fac.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(American Airlines - JFK Intl., Arpt.),</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">7 1/2s, 8/1/16</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">B</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">3,400,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">3,804,430</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(British Airways PLC), 5 1/4s, 12/1/32</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Ba2</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">2,425,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,299,070</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">NY City, Muni. Wtr. Fin. Auth. Rev. Bonds, Ser. C,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">MBIA, 5 1/2s, 6/15/17</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">10,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">10,153,400</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">NY Cntys., Tobacco Trust IV Rev. Bonds, Ser. A, 5s,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">6/1/38</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">967,460</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">NY State Dorm. Auth. Rev. Bonds (Winthrop-U. Hosp.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Assn.), Ser. A, 5 1/2s, 7/1/32</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Baa1</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">900,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">935,037</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">NY State Energy Research &amp; Dev. Auth. Gas Fac. Rev.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds (Brooklyn Union Gas), 6.952s, 7/1/26</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">A+</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">2,400,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,475,432</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Onondaga Cnty., Indl. Dev. Agcy. Rev. Bonds (Solvay</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Paperboard, LLC), 7s, 11/1/30 (acquired 12/9/98, cost</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">&#36;2,000,000) (RES)</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB/P</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">2,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,089,080</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Port Auth. NY &amp; NJ Rev. Bonds (Kennedy Intl. Arpt. -</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">5th Installment), 6 3/4s, 10/1/19</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB+/P</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">200,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">203,300</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Port. Auth. NY &amp; NJ Special Oblig. Rev. Bonds (JFK</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Intl. Air Term. - 6), MBIA, 5.9s, 12/1/17</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">15,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">15,656,550</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Suffolk Cnty., Indl. Dev. Agcy. Rev. Bonds (Peconic</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Landing), Ser. A, 8s, 10/1/30</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">B+/P</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,700,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,861,653</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Suffolk Cnty., Indl. Dev. Agcy. Continuing Care</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Retirement Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(Jeffersons Ferry), 5s, 11/1/15</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BBB-</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">450,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">465,111</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(Jefferson's Ferry), 4 5/8s, 11/1/16</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BBB-</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,001,960</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<B><FONT size=2 face="sans-serif">59,855,652</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
	<TD>
	</TD>
</TR>
</TABLE><BR>

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



<!--$$/page=-->
<A name="page_13"></A>

<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<B><FONT size=2 face="sans-serif">North Carolina (6.2%)</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">NC Eastern Muni. Pwr. Agcy. Syst. Rev.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. D, 6 3/4s, 1/1/26</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Baa2</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,500,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,633,335</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. A, 5 3/4s, 1/1/26</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Baa2</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">3,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">3,156,180</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">NC Med. Care Cmnty. Healthcare Fac. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(Deerfield), Ser. A, 5s, 11/1/23</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">A-/F</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">750,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">764,663</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">NC Med. Care Cmnty. Hlth. Care Fac.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(Presbyterian Homes), 5.4s, 10/1/27</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB/P</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">2,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,023,240</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(Pines at Davidson), Ser. A, 5s,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">1/1/16</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">A-/F</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">545,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">570,386</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(Novant Hlth. Oblig. Group), Ser. A,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">5s, 11/1/14</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Aa3</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">10,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">10,488,200</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(Pines at Davidson), Ser. A, 4.85s,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">1/1/26</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">A-/F</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,270,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,285,265</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">NC Med. Care Comm. Retirement Fac.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(First Mtge.), Ser. A-05, 5 1/2s,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">10/1/35</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB+/P</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,040,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,044,597</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(First Mtge.), Ser. A-05, 5 1/4s,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">10/1/25</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB+/P</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">600,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">604,590</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(First Mtge. United Methodist), Ser.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">C, 5 1/4s, 10/1/24</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB+/P</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">150,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">151,511</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">NC State Muni. Pwr. Agcy. Rev. Bonds (No. 1, Catawba</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Elec.), Ser. B, 6 1/2s, 1/1/20</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">A3</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,086,340</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<B><FONT size=2 face="sans-serif">22,808,307</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=49% nowrap align=left>
<B><FONT size=2 face="sans-serif">Ohio (2.2%)</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Coshocton Cnty., Env. Rev. Bonds (Smurfit-Stone</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Container Corp.), 5 1/8s, 8/1/13</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">CCC+</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,400,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,362,732</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Cuyahoga Cnty., Rev. Bonds, Ser. A</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">6s, 1/1/16</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Aa3</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,280,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,414,490</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">6s, 1/1/15</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Aa3</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">2,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,215,180</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">OH State Air Quality Dev. Auth. Rev. Bonds (Toledo</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Poll. Control), Ser. A, 6.1s, 8/1/27</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Baa2</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">3,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">3,117,300</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<B><FONT size=2 face="sans-serif">8,109,702</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=49% nowrap align=left>
<B><FONT size=2 face="sans-serif">Oklahoma (3.3%)</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">OK City Arpt. Trust Rev. Bonds Jr. Lien 27th Ser.,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. A, FSA, 5s, 7/1/18</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">3,150,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">3,245,634</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">OK Dev. Fin. Auth. Rev. Bonds (Hillcrest Hlth. Care</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Syst.), Ser. A, U.S. Govt. Coll., 5 5/8s, 8/15/29</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">(Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">1,575,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,668,791</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">OK State Indl. Dev. Auth. Rev. Bonds (Hlth. Syst.),</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. A, MBIA</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">5 3/4s, 8/15/29</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">4,045,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">4,256,230</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% nowrap align=left>
<FONT size=2 face="sans-serif">5 3/4s, 8/15/29 (Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">2,955,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">3,141,431</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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



<!--$$/page=-->
<A name="page_14"></A>

<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<B><FONT size=2 face="sans-serif">12,312,086</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=50% nowrap align=left>
<B><FONT size=2 face="sans-serif">Oregon (0.8%)</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">(Terwilliger Plaza), 6 1/2s, 12/1/29</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,900,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,966,158</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">OR State Hsg. &amp; Cmnty. Svcs. Dept. Rev. Bonds (Single</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Family Mtge.), Ser. K, 5 5/8s, 7/1/29</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Aa2</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">845,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">868,347</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<B><FONT size=2 face="sans-serif">2,834,505</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=50% nowrap align=left>
<B><FONT size=2 face="sans-serif">Pennsylvania (6.0%)</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Allegheny Cnty., Hosp. Dev. Auth. Rev. Bonds (Hlth.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Syst.), Ser. B, 9 1/4s, 11/15/15</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Ba3</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">20,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">23,762</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Allegheny Cnty., Indl. Dev. Auth. Rev. Bonds (Env.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Impt.), 5 1/2s, 11/1/16</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Ba1</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,250,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,305,638</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Bucks Cnty., Indl. Dev. Auth. Retirement Cmnty. Rev.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds (Ann's Choice, Inc.), Ser. A</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">6 1/8s, 1/1/25</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">610,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">632,161</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">5.3s, 1/1/14</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">690,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">693,326</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">5.2s, 1/1/13</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,001,900</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Carbon Cnty., Indl. Dev. Auth. Rev. Bonds (Panther</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Creek Partners), 6.65s, 5/1/10</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BBB-</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,560,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,632,992</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Lebanon Cnty., Hlth. Facs. Rev. Bonds (Pleasant View</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Retirement), Ser. A, 5.3s, 12/15/26</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">500,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">498,115</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Lehigh Cnty., Gen. Purpose Auth. Rev. Bonds (Lehigh</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Valley Hosp. Hlth. Network), Ser. A, 5 1/4s, 7/1/32</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">A1</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,027,160</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Monroe Cnty., Hosp. Auth. Rev. Bonds (Pocono Med.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Ctr.), 6s, 1/1/43</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BBB+</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">500,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">526,195</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Montgomery Cnty., Indl. Auth. Resource Recvy. Rev.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds (Whitemarsh Cont Care), 6 1/4s, 2/1/35</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">B/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">700,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">740,838</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">PA State Econ. Dev. Fin. Auth. Resource Recvy. Rev.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds (Northampton Generating), Ser. A, 6.6s, 1/1/19</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">B+</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">4,200,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">4,189,458</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">PA State Higher Edl. Fac. Auth. Rev.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">(Widener U.), 5.4s, 7/15/36</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BBB+</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,038,070</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">(Philadelphia College of Osteopathic Medicine), 5s,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">12/1/07</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">A</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">995,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,006,532</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Philadelphia, Auth. for Indl. Dev. VRDN (Fox Chase</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Cancer Ctr.), 3.66s, 7/1/25</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">A-1+</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">6,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">6,000,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Philadelphia, Hosp. &amp; Higher Ed. Fac. Auth. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">(Graduate Hlth. Syst.), 7 1/4s, 7/1/10 (In default)</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">(NON)</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Ca</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">2,729,624</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,730</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Sayre, Hlth. Care Fac. Auth. Rev. Bonds (Guthrie</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Hlth.), Ser. A, 5 7/8s, 12/1/31</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">A-</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,800,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,930,158</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<B><FONT size=2 face="sans-serif">22,249,035</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=50% nowrap align=left>
<B><FONT size=2 face="sans-serif">Puerto Rico (0.5%)</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Cmnwlth. of PR, Hwy. &amp; Trans. Auth.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">FGIC, 5 1/2s, 7/1/13</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,035,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,133,780</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">5s, 7/1/28</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">590,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">597,882</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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



<!--$$/page=-->
<A name="page_15"></A>

<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<B><FONT size=2 face="sans-serif">1,731,662</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=50% nowrap align=left>
<B><FONT size=2 face="sans-serif">South Carolina (2.4%)</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Lexington Cnty. Hlth. Svcs. Dist. Inc. Hosp. Rev.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds, 5 1/2s, 5/1/37</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">A2</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">1,050,030</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Richland Cnty., Rev. Bonds (Intl. Paper Co.), Ser. A,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">4 1/4s, 10/1/07</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">2,500,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">2,500,450</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">SC Hosp. Auth. Rev. Bonds (Med. U.), Ser. A, 6 1/2s,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">8/15/32 (Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,250,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">1,424,650</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">SC Jobs Econ. Dev. Auth. Hosp. Fac. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">(Palmetto Hlth. Alliance), Ser. A, 7 3/8s, 12/15/21</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">(Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BBB+/F</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">1,154,240</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">SC Tobacco Settlement Rev. Mgmt. Auth. Rev. Bonds,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. B, 6s, 5/15/22</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,195,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">1,248,178</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">SC Tobacco Settlement Rev. Mgt. Rev. Bonds, Ser. B,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">6 3/8s, 5/15/30</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,300,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">1,462,838</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<B><FONT size=2 face="sans-serif">8,840,386</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=50% nowrap align=left>
<B><FONT size=2 face="sans-serif">South Dakota (0.7%)</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">SD Edl. Enhancement Funding Corp. Rev. Bonds, Ser. B,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">6 1/2s, 6/1/32</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">2,000,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">2,171,200</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">SD Hsg. Dev. Auth. Rev. Bonds (Home Ownership Mtge.),</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Ser. J, 4 1/2s, 5/1/17</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">500,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">507,150</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<B><FONT size=2 face="sans-serif">2,678,350</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=50% nowrap align=left>
<B><FONT size=2 face="sans-serif">Tennessee (2.5%)</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Johnson City, Hlth. &amp; Edl. Fac. Board Hosp. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">(First Mtge. -Mountain States Hlth.), Ser. A</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">7 1/2s, 7/1/33</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BBB+</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">3,700,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">4,286,228</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">MBIA, 6s, 7/1/21</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">2,000,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">2,152,260</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Johnson City, Hlth. &amp; Edl. Facs. Board Retirement Fac.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Rev. Bonds (Appalachian Christian Village), Ser. A,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">6 1/4s, 2/15/32</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">600,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">618,966</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Shelby Cnty., Hlth. Edl. &amp; Hsg. Fac. Hosp. Board Rev.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds (Methodist Hlth. Care)</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">6 1/2s, 9/1/26 (Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">A3</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,255,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">1,431,466</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">6 1/2s, 9/1/26 (Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">A3</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">745,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">849,754</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<B><FONT size=2 face="sans-serif">9,338,674</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=50% nowrap align=left>
<B><FONT size=2 face="sans-serif">Texas (8.3%)</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Abilene, Hlth. Fac. Dev. Corp. Rev. Bonds (Sears</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Methodist Retirement), Ser. A, 7s, 11/15/33</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">600,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">645,942</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Alliance, Arpt. Auth. Rev. Bonds (Federal Express</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Corp.), 4.85s, 4/1/21 (SEG)</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Baa2</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">3,000,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">2,981,160</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Carrollton, Farmers Branch Indpt. School Dist. G.O.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds, PSFG, 5s, 2/15/17</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">4,655,000</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="sans-serif">4,814,480</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Dallas, Indpt. School Dist. G.O. Bonds, PSFG, 5 1/2s,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
</TR>
</TABLE><BR>

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



<!--$$/page=-->
<A name="page_16"></A>

<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">2/15/16</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,610,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,732,102</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Fort Worth, Higher Ed. Fin. Corp. Rev. Bonds (Wesleyan</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">U.), Ser. A, 6s, 10/1/12</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Ba2</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">550,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">555,715</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Harris Cnty., Rev. Bonds, Ser. B, FSA,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">5s, 8/15/32</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">5,500,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">5,762,130</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Harris Cnty., Hlth. Fac. Rev. Bonds (Memorial Hermann</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Hlth. Care), Ser. A, 6 3/8s, 6/1/29 (Prerefunded)</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">A+</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">3,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">3,357,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Houston, Arpt. Syst. Rev. Bonds (Continental Airlines,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Inc.), Ser. C, 5.7s, 7/15/29</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">B-</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">2,500,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,419,175</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Sabine River Auth. Rev. Bonds (TXU Electric), Ser. C,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">5.2s, 5/1/28</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Baa2</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,025,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Sam Rayburn Muni. Pwr. Agcy. Rev.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds, 6s, 10/1/21</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Baa2</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">2,500,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,622,875</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">(Northwest Sr. Hsg. Edgemere), Ser. A, 5 3/4s, 11/15/16</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">300,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">314,205</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Tomball, Hosp. Auth. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">(Tomball Regl. Hosp.)</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">6s, 7/1/29</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Baa3</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">2,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">2,080,700</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">6s, 7/1/25</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Baa3</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">800,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">834,048</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">6s, 7/1/19</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Baa3</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">800,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">836,048</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">TX State Dept. of Hsg. &amp; Cmnty. Affairs Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">(Single Fam.), Ser. B, FSA, 4 1/4s, 9/1/26</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">985,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">987,078</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<B><FONT size=2 face="sans-serif">30,967,658</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=50% nowrap align=left>
<B><FONT size=2 face="sans-serif">Utah (1.1%)</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Carbon Cnty., Solid Waste Disp. Rev. Bonds (Laidlaw</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Env.), Ser. A</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">7 1/2s, 2/1/10</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB-</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">750,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">757,838</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">7.45s, 7/1/17</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">600,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">626,400</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Tooele Cnty., Harbor &amp; Term. Dist. Port Fac. Rev.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds (Union Pacific), Ser. A, 5.7s, 11/1/26</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Baa2</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,500,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,563,810</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">UT Cnty., Env. Impt. Rev. Bonds (Marathon Oil), 5.05s,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">11/1/17</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Baa1</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,044,890</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<B><FONT size=2 face="sans-serif">3,992,938</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=50% nowrap align=left>
<B><FONT size=2 face="sans-serif">Vermont (0.2%)</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">VT Hsg. Fin. Agcy. Rev. Bonds, Ser. 19A, FSA, 4.62s,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">5/1/29</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">910,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<B><FONT size=2 face="sans-serif">917,417</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=50% nowrap align=left>
<B><FONT size=2 face="sans-serif">Virginia (2.3%)</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Henrico Cnty., Econ. Dev. Auth. Res. Care Fac. Rev.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds (VA Baptist Homes), Ser. A</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">5 3/8s, 7/1/30</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">B+/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">500,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">501,555</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">5 1/4s, 7/1/25</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">B+/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">250,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">250,340</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Hopewell, Indl. Dev. Auth. Env. Impt. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">(Smurfit-Stone Container Corp.), 5 1/4s, 6/1/15</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">CCC+</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">500,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">484,755</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">James Cnty., Indl. Dev. Auth. Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">(Williamsburg), Ser. A, 6 1/8s, 3/1/32</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB-/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,060,720</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Peninsula Ports Auth. Rev. Bonds (Baptist Homes), Ser.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">C, 5 3/8s, 12/1/26</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">B+/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,500,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">1,522,335</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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



<!--$$/page=-->
<A name="page_17"></A>

<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Russell Cnty. Indl. Dev. Auth. Poll. Control Rev.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds (Appalachian Pwr. Co.), Ser. I, 2.7s, 11/1/07</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Baa2</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">2,000,000</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">1,992,160</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">VA State Hsg. Dev. Auth. Rev. Bonds (Cmnwlth. Mtge.),</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">3.45s, 10/1/10</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">2,300,000</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">2,236,451</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Winchester, Indl. Dev. Auth. Residential Care Fac.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Rev. Bonds (Westminster-Canterbury), Ser. A, 5.2s,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">1/1/27</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BB/P</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">500,000</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">502,345</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<B><FONT size=2 face="sans-serif">8,550,661</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=50% nowrap align=left>
<B><FONT size=2 face="sans-serif">Washington (2.3%)</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">King Cnty., G.O. Bonds, Ser. C, 6 1/4s,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">1/1/32</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">5,000,000</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">5,148,250</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Tobacco Settlement Auth. of WA Rev.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Bonds</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">6 5/8s, 6/1/32</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">2,000,000</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">2,193,120</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">6 1/2s, 6/1/26</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1,185,000</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">1,293,807</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<B><FONT size=2 face="sans-serif">8,635,177</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=50% nowrap align=left>
<B><FONT size=2 face="sans-serif">West Virginia (0.6%)</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Princeton, Hosp. Rev. Bonds (Cmnty. Hosp. Assn.,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Inc.), 6.1s, 5/1/29</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">B2</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">2,250,000</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<B><FONT size=2 face="sans-serif">2,261,678</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=50% nowrap align=left>
<B><FONT size=2 face="sans-serif">Wisconsin (3.3%)</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Badger Tobacco Settlement Asset Securitization Corp.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Rev. Bonds</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">7s, 6/1/28</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">3,000,000</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">3,318,960</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">6 3/8s, 6/1/32</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">4,000,000</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">4,299,840</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">WI Hsg. &amp; Econ. Dev. Auth. Rev. Bonds (Home</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Ownership), Ser. D, 4 7/8s, 3/1/36</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Aa2</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">500,000</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">511,490</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">WI State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds (Wheaton</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Franciscan), 5 3/4s, 8/15/30</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">A2</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">3,900,000</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">4,127,543</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<B><FONT size=2 face="sans-serif">12,257,833</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=50% nowrap align=left>
<B><FONT size=2 face="sans-serif">Wyoming (0.2%)</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Sweetwater Cnty., Solid Waste Disp. Rev. Bonds (FMC</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Corp.), 5.6s, 12/1/35</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="sans-serif">Baa3</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">700,000</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<B><FONT size=2 face="sans-serif">735,210</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<B><FONT size=2 face="sans-serif">Total municipal bonds and notes</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<B><FONT size=2 face="sans-serif">&#36;544,449,638</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<B><FONT size=2 face="sans-serif">(cost &#36;528,838,151)</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<B><FONT size=2 face="sans-serif">PREFERRED STOCKS (1.7%)(a)</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">Shares</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">Value</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">Charter Mac. Equity Trust 144A Ser. A,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">6.625% cum. pfd.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">2,000,000</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">&#36;2,117,340</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">MuniMae Tax Exempt Bond Subsidiary, LLC 144A Ser. A,</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50% nowrap align=left>
<FONT size=2 face="sans-serif">6.875% cum. pfd.</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">4,000,000</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">4,261,680</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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

<!--$$/page=--><A name=page_18></A>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="56%"><B><FONT
      face=sans-serif size=2
     >Total preferred stocks (cost</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="43%"><B><FONT
      face=sans-serif size=2
     >$6,379,020</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="56%"><B><FONT
      face=sans-serif size=2
     >$6,000,000)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="43%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="56%"><B><FONT
      face=sans-serif size=2
     >TOTAL INVESTMENTS</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="43%">&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
      &nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="56%"><B><FONT
      face=sans-serif size=2
     >Total investments (cost</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="43%"><B><FONT
      face=sans-serif size=2
     >$550,828,658</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="56%"><B><FONT
      face=sans-serif size=2
     >$534,838,151) (b)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="43%">&nbsp;
</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_19></A>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><B><FONT
      face=sans-serif size=1
     >FUTURES CONTRACTS OUTSTANDING at 7/31/06
      (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=1>Number of</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Expiration</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>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=1>contracts</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>Value </FONT></TD>
    <TD noWrap align=left width="12%" background=""><FONT
      face=Arial size=1>date</FONT>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>depreciation</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=1>U.S. Treasury Note 10 yr
      (Short)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>362</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>$38,383,313</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>Sep-06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>$(193,387)</FONT>&nbsp;
  </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_20></A>
<P align=left><FONT face=sans-serif size=2>NOTES</FONT></P>
<P align=left><FONT face=sans-serif size=2>(a) Percentages indicated are based
on net assets of $371,277,827.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(RAT) The Moody's or Standard &amp;
Poor's ratings indicated are believed to be the most recent ratings available at
July 31, 2006 for the securities listed. Ratings are generally ascribed to
securities at the time of issuance. While the agencies may from time to time
revise such ratings, they undertake no obligation to do so, and the ratings do
not necessarily represent what the agencies would ascribe to these securities at
July 31, 2006. Securities rated by Putnam are indicated by "/P". Securities
rated by Fitch are indicated by "/F". </FONT></P>
<P align=left><FONT face=sans-serif size=2>(b) The aggregate identified cost on
a tax basis is $520,914,401, resulting in gross unrealized appreciation and
depreciation of $34,326,003 and $4,411,746, respectively, or net unrealized
appreciation of $29,914,257.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(NON) Non-income-producing
security.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(RES) Restricted, excluding 144A
securities, as to public resale. The total market value of restricted securities
held at July 31, 2006 was $2,089,080 or 0.6% of net assets.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(SEG) A portion of this security was
pledged and segregated with the custodian to cover margin requirements for
futures contracts at July 31, 2006.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(F) Security is valued at fair value
following procedures approved by the Trustees.</FONT></P>
<P align=left><FONT face=sans-serif size=2>144A after the name of an issuer
represents securities exempt from registration under Rule 144A of the Securities
Act of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The rates shown on VRDN and Mandatory
Put Bonds are the current interest rates at July 31, 2006.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The dates shown on Mandatory Put
Bonds are the next mandatory put dates.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The dates shown on debt obligations
other than Mandatory Put Bonds are the original maturity dates.</FONT></P>

<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=sans-serif
      size=2>The fund had the following
      industry group concentrations greater than 10% at July 31, 2006 (as a
      percentage of net</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=sans-serif
      size=2>assets):</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=sans-serif
      size=2>Health care</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>47.5%</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=sans-serif
      size=2>Utilities</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>26.2</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=sans-serif
      size=2>Transportation</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>15.6</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=sans-serif
      size=2>Housing</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>12.2</FONT>&nbsp;
</TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"
   ><FONT face=sans-serif size=2
     >The fund had the following insurance
      concentrations greater than 10% at July 31, 2006 (as a percentage of
      net</FONT>&nbsp;<FONT face=Arial size=2>assets):</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"
   >&nbsp;</TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"
   ><FONT face=sans-serif size=2
     >AMBAC</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >16.8%</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"
   ><FONT face=sans-serif size=2
     >MBIA</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >11.3</FONT>&nbsp;
</TD></TR></TABLE><BR>




<P align=left><B><FONT face=sans-serif size=2>Security valuation
</FONT></B><FONT face=sans-serif size=2>Tax-exempt bonds and notes are generally
valued on the basis of valuations provided by an independent pricing service
approved by the Trustees. Such services use information with respect to
transactions in bonds, quotations from bond dealers, market transactions in
comparable securities and various relationships between securities in
determining value. Other investments are valued at fair value following
procedures approved by the Trustees. Such valuations and procedures are reviewed
periodically by the Trustees. The fair value of securities is generally
determined as the amount that the fund could reasonably expect to realize from
an orderly disposition of such securities over a reasonable period of time. By
its nature, a fair value price is a good faith estimate of the value of a
security at a given point in time and does not reflect an actual market
price.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Futures and options contracts
</FONT></B><FONT face=sans-serif size=2>The fund may use futures and options
contracts to hedge against changes in the values of securities the fund owns or
expects to purchase, or for other investment purposes. The fund may also write
options on swaps or securities it owns or in which it may invest to increase its
current returns.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The potential risk to the fund is
that the change in value of futures and options contracts may not correspond to
the change in value of the hedged instruments. In addition, losses may arise
from changes in the value of the underlying instruments, if there is an illiquid
secondary market for the contracts, or if the counterparty to the contract is
unable to perform. Risks may exceed amounts recognized on the statement of
assets and liabilities. When the contract is closed, the fund records a realized
gain or loss equal to the difference between the value of the contract at the
time it was opened and the value at the time it was closed. Realized gains and
losses on purchased options are included in realized gains and losses on
investment securities. If a written call option is exercised, the premium
originally received is recorded as an addition to sales proceeds. If a written
put option is exercised, the premium originally received is recorded as a
reduction to the cost of investments.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Futures contracts are valued at the
quoted daily settlement prices established by the exchange on which they trade.
The fund and the broker agree to exchange an amount of cash equal to the daily
fluctuation in the value of the futures contract. Such receipts or payments are
known as &#147;variation margin.&#148; Exchange traded options are valued at the last sale
price or, if no sales are reported, the last bid price for purchased options and
the last ask price for written options. Options traded over-the-counter are
valued using prices supplied by dealers. Futures and written option contracts
outstanding at period end, if any, are listed after the fund&#146;s
portfolio.</FONT></P>
<P align=left><FONT face=sans-serif size=2>For additional information regarding
the fund please see the fund's most recent annual or semiannual shareholder
report filed on the Securities and Exchange Commission's Web site, www.sec.gov,
or visit Putnam's Individual Investor Web site at
www.putnaminvestments.com</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

























<!--$$/page=--><A name=page_1></A>
<P align=left><U><FONT face=sans-serif size=2>Item 2. Controls and
Procedures:</FONT></U><BR></P>
<P align=left><FONT face=sans-serif size=2>(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>(b) Changes in internal control over
financial reporting: Not applicable</FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Item 3.
Exhibits:</FONT></U><BR></P>
<P align=left><FONT face=sans-serif size=2>Separate certifications for the
principal executive officer and principal financial officer of the registrant as
required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended,
are filed herewith.</FONT></P>
<P align=left><U><FONT face=sans-serif size=2>SIGNATURES</FONT></U><BR></P>
<P align=left><FONT face=sans-serif size=2>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><U><FONT face=sans-serif size=2>Putnam Managed Municipal Income
Trust</FONT></U></P>
<P align=left><FONT face=sans-serif size=2>By (Signature and
Title):</FONT><BR><U><FONT face=sans-serif size=2><BR>/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>Date: September 28,
2006</FONT><BR></P>
<P align=left><FONT face=sans-serif size=2>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><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>Date: September 28,
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>Date: September 28,
2006</FONT><BR></P>
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<P align=left><U><FONT face=sans-serif size=2>Certifications<BR></FONT></U><FONT
face=sans-serif size=2>I, Charles E. Porter, the Principal Executive Officer of
the funds listed on Attachment A, certify that:</FONT></P>
<P align=left><FONT face=sans-serif size=2>1. I have reviewed each report on
Form N-Q of the funds listed on Attachment A:</FONT></P>
<P align=left><FONT face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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><FONT face=sans-serif size=2>/s/ Charles E. Porter</FONT><BR><FONT
face=sans-serif size=2>_____________________________</FONT><BR><FONT
face=sans-serif size=2>Date: September 26, 2006</FONT><BR><FONT face=sans-serif
size=2>Charles E. Porter</FONT><BR><FONT face=sans-serif size=2>Principal
Executive Officer</FONT><BR></P>
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<P align=left><U><FONT face=sans-serif size=2>Certifications<BR></FONT></U><FONT
face=sans-serif size=2>I, Steven D. Krichmar, the Principal Financial Officer of
the funds listed on Attachment A, certify that:</FONT></P>
<P align=left><FONT face=sans-serif size=2>1. I have reviewed each report on
Form N-Q of the funds listed on Attachment A:</FONT></P>
<P align=left><FONT face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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><FONT face=sans-serif size=2>/s/ Steven D.
Krichmar</FONT><BR><FONT face=sans-serif
size=2>_______________________________</FONT><BR><FONT face=sans-serif
size=2>Date: September 26, 2006</FONT><BR><FONT face=sans-serif size=2>Steven D.
Krichmar</FONT><BR><FONT face=sans-serif size=2>Principal Financial
Officer</FONT><BR></P>
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<P align="left">
<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 July 31, 2006</FONT><BR>
</P>
<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=10% nowrap align=left>
<FONT face="sans-serif">2OV</FONT>&nbsp;
	</TD>
	<TD width=89% nowrap align=left>
<FONT face="sans-serif">Putnam Mid-Cap Value Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap align=left>
<FONT face="sans-serif">002</FONT>&nbsp;
	</TD>
	<TD width=89% nowrap align=left>
<FONT face="sans-serif">The Putnam Fund for Growth and Income</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap align=left>
<FONT face="sans-serif">2II</FONT>&nbsp;
	</TD>
	<TD width=89% nowrap align=left>
<FONT face="sans-serif">Putnam Capital Opportunities Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap align=left>
<FONT face="sans-serif">840</FONT>&nbsp;
	</TD>
	<TD width=89% nowrap align=left>
<FONT face="sans-serif">Putnam Utilities Growth and Income Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap align=left>
<FONT face="sans-serif">005</FONT>&nbsp;
	</TD>
	<TD width=89% nowrap align=left>
<FONT face="sans-serif">Putnam Global Equity Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap align=left>
<FONT face="sans-serif">008</FONT>&nbsp;
	</TD>
	<TD width=89% nowrap align=left>
<FONT face="sans-serif">Putnam Convertible Income-Growth Trust</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap align=left>
<FONT face="sans-serif">052</FONT>&nbsp;
	</TD>
	<TD width=89% nowrap align=left>
<FONT face="sans-serif">Putnam Managed Municipal Income Trust</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap align=left>
<FONT face="sans-serif">183</FONT>&nbsp;
	</TD>
	<TD width=89% nowrap align=left>
<FONT face="sans-serif">Putnam Municipal Bond Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap align=left>
<FONT face="sans-serif">582</FONT>&nbsp;
	</TD>
	<TD width=89% nowrap align=left>
<FONT face="sans-serif">Putnam Municipal Opportunities Trust</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap align=left>
<FONT face="sans-serif">004</FONT>&nbsp;
	</TD>
	<TD width=89% nowrap align=left>
<FONT face="sans-serif">Putnam Income Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap align=left>
<FONT face="sans-serif">184</FONT>&nbsp;
	</TD>
	<TD width=89% nowrap align=left>
<FONT face="sans-serif">Putnam California Investment Grade Municipal Trust</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap align=left>
<FONT face="sans-serif">185</FONT>&nbsp;
	</TD>
	<TD width=89% nowrap align=left>
<FONT face="sans-serif">Putnam New York Investment Grade Municipal Trust</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap align=left>
<FONT face="sans-serif">2MI</FONT>&nbsp;
	</TD>
	<TD width=89% nowrap align=left>
<FONT face="sans-serif">Putnam Tax Smart Equity Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap align=left>
<FONT face="sans-serif">041</FONT>&nbsp;
	</TD>
	<TD width=89% nowrap align=left>
<FONT face="sans-serif">Putnam Global Income Trust</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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