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<SEC-DOCUMENT>0000928816-07-000448.txt : 20070328
<SEC-HEADER>0000928816-07-000448.hdr.sgml : 20070328
<ACCEPTANCE-DATETIME>20070328134816
ACCESSION NUMBER:		0000928816-07-000448
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070131
FILED AS OF DATE:		20070328
DATE AS OF CHANGE:		20070328
EFFECTIVENESS DATE:		20070328

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:		07723617

	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_manmuninctst.htm
<DESCRIPTION>PUTNAM MANAGED MUNICIPAL INCOME TRUST
<TEXT>
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<P align=center><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>
<BR>
<B><FONT face=sans-serif size=2>FORM N-Q </FONT></B><BR>
<BR>
<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><FONT face=sans-serif size=2> </FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%" colSpan=2><FONT face=sans-serif size=2>Investment Company Act file number: (811- </FONT><FONT face=sans-serif size=2>05740 </FONT><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=2>Exact name of registrant as specified in charter:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam Managed Municipal Income Trust</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%" colSpan=2><FONT face=sans-serif size=2>Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=2>Name and address of agent for service:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Beth S. Mazor, Vice President</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%">&nbsp; </TD>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>One Post Office Square</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%">&nbsp; </TD>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Boston, Massachusetts 02109</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center width="51%"><FONT face=sans-serif size=2>Copy to:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>John W. Gerstmayr, Esq.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%">&nbsp; </TD>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Ropes &amp; Gray LLP</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%">&nbsp; </TD>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>One International Place</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%">&nbsp; </TD>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Boston, Massachusetts 02110</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=2>Registrant&#146;s telephone number, including area code: </FONT></TD>
     <TD noWrap align=left width="48%" background="">&nbsp;&nbsp;&nbsp; <FONT face=Arial size=2>(617) 292-1000</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>Date of fiscal year end: </FONT><FONT face=sans-serif size=2>October 31, 2007</FONT><BR>
<BR>
<FONT face=sans-serif size=2>Date of reporting period: January 31, 2007 </FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Item 1. Schedule of Investments:</FONT></U><FONT face=sans-serif size=2> </FONT></P>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=5>Putnam Managed Municipal Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&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="54%"><FONT face=sans-serif size=4>The fund's portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif>1/31/07 (Unaudited)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Key to abbreviations</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>AMBAC -- AMBAC Indemnity Corporation</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>CIFG -- CIFG Assurance North America, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>COP -- Certificate of Participation</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>FGIC -- Financial Guaranty Insurance Company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>FHA Insd. -- Federal Housing Administration Insured</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>FHLMC Coll. -- Federal Home Loan Mortgage Corporation Collateralized</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>FNMA Coll. -- Federal National Mortgage Association Collateralized</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>FRB -- Floating Rate Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>FRN -- Floating Rate Notes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>FSA -- Financial Security Assurance</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>GNMA Coll. -- Government National Mortgage Association Collateralized</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>G.O. Bonds -- General Obligation Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>MBIA -- MBIA Insurance Company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>PSFG -- Permanent School Fund Guaranteed</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Radian Insd. -- Radian Group Insured</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>U.S. Govt. Coll. -- U.S. Government Collateralized</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>VRDN -- Variable Rate Demand Notes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=2>MUNICIPAL BONDS AND NOTES (143.7%)(a)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>Principal</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>Rating(RAT)</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>amount</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=2>Alabama (0.4%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Butler, Indl. Dev. Board Solid Waste Disp. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>(GA. Pacific Corp.), 5 3/4s, 9/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>B</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>$950,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>$969,808</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Sylacauga, Hlth. Care Auth. Rev. Bonds (Coosa Valley</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Med. Ctr.), Ser. A, 6s, 8/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>650,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>678,067</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><B><FONT face=sans-serif size=2>1,647,875</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="54%"><B><FONT face=sans-serif size=2>Arizona (3.3%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Apache Cnty., Indl. Dev. Auth. Poll. Control Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><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="17%"><FONT face=sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>1,000,970</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>AZ Hlth. Fac. Auth. Hosp. Syst. Rev. Bonds (John C.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Lincoln Hlth. Network), 6 3/8s, 12/1/37 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>1,137,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa Grande</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Regl. Med. Ctr.), Ser. A, 7 5/8s, 12/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>B+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>1,800,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>1,994,634</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Cochise Cnty., Indl. Dev. Auth. Rev. Bonds (Sierra</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Vista Regl. Hlth. Ctr.), Ser. A, 6.2s, 12/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>480,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>512,558</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Coconino Cnty., Poll. Control Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>(Tuscon/Navajo Elec. Pwr.), Ser. A, 7 1/8s, 10/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>3,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>3,106,950</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Glendale, Wtr. &amp; Swr. Rev. Bonds, AMBAC, 5s, 7/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>2,098,120</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Pima Cnty., Indl Dev. Auth. Rev. Bonds (Horizon Cmnty.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Learning Ctr.), 5.05s, 6/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>815,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>796,842</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Queen Creek, Special Assmt. Bonds (Dist. No. 001), 5s,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>1/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>612,780</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Scottsdale, Indl. Dev. Auth. Hosp. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>(Scottsdale Hlth. Care), 5.8s, 12/1/31 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>1,095,180</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><B><FONT face=sans-serif size=2>12,355,434</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="54%"><B><FONT face=sans-serif size=2>Arkansas (3.3%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>AR State Hosp. Dev. Fin. Auth. Rev. Bonds (Washington</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Regl. Med. Ctr.), 7 3/8s, 2/1/29 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>4,600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>5,053,652</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Independence Cnty., Poll. Control Rev. Bonds (Entergy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>AR, Inc.), 5s, 1/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>A-</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>1,023,830</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Little Rock G.O. Bonds (Cap. Impt.), FSA, 3.95s, 4/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>765,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>754,313</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Northwest Regl. Arpt. Auth. Rev. Bonds, 7 5/8s, 2/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>(Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>2,750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>2,905,238</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Springdale, Sales &amp; Use Tax Rev. Bonds, FSA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>4.05s, 7/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>993,330</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>4s, 7/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>993,080</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Washington Cnty., Hosp. Rev. Bonds (Regl. Med. Ctr.),</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Ser. B, 5s, 2/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>513,580</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><B><FONT face=sans-serif size=2>12,237,023</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="54%"><B><FONT face=sans-serif size=2>California (15.7%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>CA Hlth. Fac. Fin. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>AMBAC, 5.293s, 7/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>3,400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>3,402,720</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>(CA-NV Methodist), 5s, 7/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>523,670</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>(Stanford Hosp. &amp; Clinics), Ser. A, 5s, 11/15/23</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>1,046,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>CA Poll. Control Fin. Auth. Solid Waste Disp. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Bonds (Waste Management, Inc.), Ser. A-2, 5.4s, 4/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>1,200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>1,270,992</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>CA State Dept. of Wtr. Resources Rev. Bonds, Ser. A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>AMBAC, 5 1/2s, 5/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>16,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>18,029,550</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>5 1/2s, 5/1/11</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>3,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>3,201,390</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>CA Statewide Cmntys., Dev. Auth. COP (The Internext</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Group), 5 3/8s, 4/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>3,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>3,040,410</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>CA Statewide Cmntys., Dev. Auth. Rev. Bonds (Thomas</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Jefferson School of Law), Ser. B, 4 7/8s, 10/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>1,030,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>1,033,615</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>CA Statewide Cmntys., Dev. Auth. Apt. Mandatory Put</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Bonds (Irvine Apt. Cmntys.), Ser. A-3, 5.1s, 5/17/10</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>2,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>2,296,058</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Capistrano, Unified School Dist. Cmnty. Fac. Special</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Tax Bonds (No. 98-2 Ladera), 5.7s, 9/1/20 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>BBB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>1,066,560</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Cathedral City, Impt. Board Act of 1915 Special Assmt.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR></TABLE><BR>
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<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Bonds (Cove Impt. Dist.), Ser. 04-02</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5.05s, 9/2/35</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>395,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>399,949</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5s, 9/2/30</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>252,805</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Chula Vista, Cmnty. Fac. Dist. Special Tax Bonds (No.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>08-1 Otay Ranch Village Six), 6s, 9/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,299,438</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Chula Vista, Cmnty. Fac. Dist. Special Tax Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(No. 07-1 Otay Ranch Village Eleven)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5 7/8s, 9/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>315,981</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5.8s, 9/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>316,704</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Chula Vista, Indl. Dev. Rev. Bonds (San Diego Gas),</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. B, 5s, 12/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>950,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>987,801</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Corona, COP (Vista Hosp. Syst.), zero %, 7/1/29 (In</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>default) (F)(NON)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>D/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>10,775,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>118,525</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Folsom, Special Tax Rev. Bonds (Cmnty. Facs. Dist. No.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>10), 5 7/8s, 9/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>776,498</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Gilroy, Rev. Bonds (Bonfante Gardens Park), 8s, 11/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>770,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>697,505</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Golden State Tobacco Securitization Corp. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. 03-A1, 6 3/4s, 6/1/39</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>850,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>972,230</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. B, FHLMC Coll., 5 5/8s, 6/1/38 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,746,775</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. 03 A-1, 5s, 6/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>615,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>616,611</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Jurupa, Cmnty. Svcs. Dist. Special Tax (Dist. No. 19</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Eastvale), 5s, 9/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>501,150</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Murrieta, Cmnty. Fac. Dist. Special Tax (No. 2</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>The Oaks Impt. Area A), 6s, 9/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,150,952</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Orange Cnty., Cmnty. Fac. Dist. Special Tax Bonds (No.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>02-1 Ladera Ranch), Ser. A, 5.55s, 8/15/33</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>650,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>665,496</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Poway, Unified School Dist. Cmnty. Facs. Special Tax</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Bonds (Dist. No. 14- Area A), 5 1/8s, 9/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>850,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>865,742</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Roseville, Special Tax (Fiddyment Ranch Cmnty. Fac),</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5s, 9/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>675,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>682,655</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Roseville, Cmnty. Fac. Special Tax (Dist. No. 1</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-Westpark)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5 1/4s, 9/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>315,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>322,188</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5 1/4s, 9/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>985,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,014,757</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Roseville, Cmnty. Fac. Special Tax Bonds (Dist. No.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>1), 5s, 9/1/14</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>408,580</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Sacramento, Special Tax (North Natomas Cmnty. Fac.),</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. 4-C, 6s, 9/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,339,175</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>San Diego, Assn. of Bay Area Governments Fin. Auth.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>For Nonprofit Corps. Rev. Bonds (San Diego Hosp.),</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. A, 6 1/8s, 8/15/20</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>270,083</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Santaluz, Cmnty. Facs. Dist. No. 2 Special Tax Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Bonds (Impt. Area No. 1), Ser. B, 6 3/8s, 9/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,455,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,476,187</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Thousand Oaks, Cmnty. Fac. Dist. Special Tax Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Bonds (Marketplace 94-1), zero %, 9/1/14</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,960,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,748,975</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Vallejo, COP (Marine World Foundation), 7.2s, 2/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,571,775</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>58,430,202</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>Colorado (2.2%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>CO Hlth. Fac. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Christian Living Cmntys.), Ser. A, 5 3/4s, 1/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>209,762</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Evangelical Lutheran), 5 1/4s, 6/1/23</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>A-</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,058,870</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Evangelical Lutheran), 5 1/4s, 6/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>660,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>701,441</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Evangelical Lutheran), 5 1/4s, 6/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>420,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>447,695</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>CO Pub. Hwy. Auth. Rev. Bonds (E-470 Pub. Hwy.), Ser. B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>zero %, 9/1/35 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>15,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,043,675</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>zero %, 9/1/34 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>16,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,347,290</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Denver, City &amp; Cnty. Arpt. Rev. Bonds, Ser. D, AMBAC,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>7 3/4s, 11/15/13</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,050,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,179,371</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>7,988,104</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>Delaware (1.0%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>GMAC Muni. Mtge. Trust 144A sub. notes, Ser. A1-3,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5.3s, 10/31/39</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,627,650</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>New Castle Cnty., Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Newark Charter School, Inc.), 5s, 9/1/36</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>304,320</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Newark Charter School, Inc.), 5s, 9/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>305,472</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Sussex Cnty., Rev. Bonds (First Mtge. - Cadbury</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Lewes), Ser. A, 5.9s, 1/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>350,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>364,322</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>3,601,764</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
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     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>District of Columbia (0.5%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>DC Tobacco Settlement Fin. Corp. Rev. Bonds, 6 1/4s,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5/15/24</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,900,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>2,028,345</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
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     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>Florida (9.6%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>CFM Cmnty. Dev. Dist. Rev. Bonds, Ser. A, 6 1/4s,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
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     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,606,170</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Clearwater Cay, Cmnty. Dev. Dist. Special Assmt.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Bonds, Ser. A, 5 1/2s, 5/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,618,912</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Fishhawk, Cmnty. Dev. Dist. II Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. A, 6 1/8s, 5/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>485,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>512,926</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. B, 5s, 11/1/07</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>40,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>40,022</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>FL Hsg. Fin. Corp. Rev. Bonds, Ser. G, 5 3/4s, 1/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Aa1</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,607,805</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>FL State Mid-Bay Bridge Auth. Rev. Bonds, Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>6.05s, 10/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>770,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>797,374</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Fleming Island, Plantation Cmnty. Dev. Dist. Special</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Assmt. Bonds, Ser. B, 7 3/8s, 5/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>799,013</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Gateway Svcs. Cmnty., Dev. Dist. Special Assmt. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
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     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Stoneybrook), 5 1/2s, 7/1/08</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>85,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>85,383</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Halifax, Hosp. Med. Ctr. Rev. Bonds, Ser. A, 5 1/4s,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>6/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>3,200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>3,375,904</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Heritage Harbor, South Cmnty. Dev. Distr. Rev. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. A, 6 1/2s, 5/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>480,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>517,118</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Heritage Isle at Viera, Cmnty. Dev. Dist. Special</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Assmt., Ser. B, 5s, 11/1/09</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>150,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>149,420</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Highlands Cnty., Hlth. Fac. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Adventist Hlth.), Ser. A, 5s, 11/15/21</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,046,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Hosp. Adventist Hlth.), Ser. A, 5s, 11/15/20</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,046,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Islands at Doral III, Cmnty. Dev. Dist. Special Assmt.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Bonds, Ser. 04-A, 5.9s, 5/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,230,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,274,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Lee Cnty., Indl. Dev. Auth. Rev. Bonds (Alliance</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Cmnty.), Ser. C, 5 1/2s, 11/15/29</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,025,640</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Lee Cnty., Indl. Dev. Auth. Hlth. Care Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Shell Pt./Alliance Oblig. Group), 5 1/8s, 11/15/36</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>475,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>483,560</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Miami Beach, Hlth. Fac. Auth. Hosp. Rev. Bonds (Mount</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Sinai Med. Ctr.), Ser. A, 6.7s, 11/15/19</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ba1</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,335,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,465,843</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>North Springs, Impt. Dist. Special Assmt. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Parkland Golf Country Club), Ser. A-1, 5.45s, 5/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>253,288</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Old Palm, Cmnty. Dev. Dist. Special Assmt. Bonds (Palm</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Beach Gardens), Ser. A, 5.9s, 5/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>985,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,026,912</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Palm Coast Pk. Cmnty. Dev. Dist. Special Assmt. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5.7s, 5/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,018,250</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Reunion West, Cmnty. Dev. Dist. Special Assmt. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>6 1/4s, 5/1/36</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,579,590</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>South Bay, Cmnty. Dev. Dist. Rev. Bonds, Ser. B-2,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5 3/8s, 5/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,512,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>South Miami, Hlth. Fac. Auth. Rev. Bonds (Baptist</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Hlth.), 5 1/4s, 11/15/33</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Aa3</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,565,685</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>South Village, Cmnty. Dev. Dist. Rev. Bonds, Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5.7s, 5/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>495,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>508,528</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Tampa Bay, Cmnty. Dev. Dist. Special Assmt. Bonds (New</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Port), Ser. A, 5 7/8s, 5/1/38</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,975,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,032,216</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Tern Bay, Cmnty. Dev. Dist. Special Assmt. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. A, 5 3/8s, 5/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,150,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,163,984</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. B, 5s, 5/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>497,295</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5.4s, 5/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>325,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>328,416</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Verano Ctr. Cmnty. Dev. Dist. Special Assmt. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Cmnty. Infrastructure)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. B, 5s, 11/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>475,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>473,086</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. A, 5 3/8s, 5/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>752,753</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Wentworth Estates, Cmnty. Dev. Dist. Special Assmt.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. A, 5 5/8s, 5/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>725,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>742,444</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. B, 5 1/8s, 11/1/12</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>845,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>843,479</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Westchester Cmnty. Dev. Dist. No. 1 Special Assmt.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Cmnty. Infrastructure), 6 1/8s, 5/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,325,850</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>World Commerce Cmnty. Dev. Dist. Special Assmt., Ser.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>A-1</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>6 1/2s, 5/1/36</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>950,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,014,752</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>6 1/4s, 5/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>550,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>584,084</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>35,675,502</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>Georgia (2.4%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Burke Cnty., Poll. Control Dev. Auth. Mandatory Put</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Bonds (GA Power Co.), 4.45s, 12/1/08</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>4,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>4,033,920</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Fulton Cnty., Res. Care Fac. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Canterbury Court), Class A, 6 1/8s, 2/15/34</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>425,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>446,828</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(First Mtge. - Lenbrook), Ser. A, 5s, 7/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,370,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,362,369</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>GA Med. Ctr. Hosp. Auth. Rev. Bonds, MBIA, 6.367s,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>8/1/10</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,403,220</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Rockdale Cnty., Dev. Auth. Solid Waste Disp. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Bonds (Visay Paper, Inc.), 7.4s, 1/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,820,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,827,771</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>9,074,108</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>Hawaii (0.5%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>HI Dept. of Trans. Special Fac. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Continental Airlines, Inc.), 7s, 6/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,635,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>1,749,221</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>Idaho (0.6%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>ID Hsg. &amp; Fin. Assn. Rev. Bonds (Single Fam. Mtge.),</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. C-2, FHA Insd., 5.15s, 7/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>740,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>746,608</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Madison Cnty., Hosp. COP, 5 1/4s, 9/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,480,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,577,369</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>2,323,977</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>Illinois (3.9%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Bedford Pk., Village Rev. Bonds (Hotel/Motel Tax),</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. A, 4.9s, 12/1/23</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>607,680</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Chicago, G.O. Bonds, Ser. A, AMBAC</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5 5/8s, 1/1/39 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>3,395,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>3,695,050</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5 5/8s, 1/1/39</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>105,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>112,689</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Du Page Cnty., Special Svc. Area No. 31 Special Tax</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Bonds (Monarch Landing)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5 5/8s, 3/1/36</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>104,435</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5.4s, 3/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>260,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>268,902</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>IL Dev. Fin. Auth. Hosp. Rev. Bonds (Adventist Hlth.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Syst./Sunbelt Obligation), 5.65s, 11/15/24</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR></TABLE><BR>
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<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>3,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>3,428,230</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>IL Fin. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Three Crowns Pk. Plaza), Ser. A, 5 7/8s, 2/15/26</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,042,270</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Landing At Plymouth Place), Ser. A, 5.35s, 5/15/15</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>606,744</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>IL Fin. Auth. Solid Waste Disposal (Waste Mgmt.,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Inc.), Ser. A, 5.05s, 8/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>256,138</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>IL Hlth. Fac. Auth. Rev. Bonds (St. Benedict), Ser.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>03A-1, 6.9s, 11/15/33</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>541,095</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>IL State Toll Hwy. Auth. Rev. Bonds, Ser. A-1, FSA,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5s, 1/1/23</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>3,750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>3,996,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>14,659,233</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>Indiana (0.8%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>IN State Dev. Fin. Auth. Env. Impt. Rev. Bonds (USX</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Corp.), 5.6s, 12/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,596,300</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>St. Joseph Cnty., Econ. Dev. Rev. Bonds (Holy Cross</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Village Notre Dame), Ser. A, 5 3/4s, 5/15/15</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>455,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>478,018</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>3,074,318</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>Iowa (2.8%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>IA Rev. Bonds (Care Initiatives), Ser. A, 5s, 7/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,840,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,853,653</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>IA Fin. Auth. Hlth. Care Fac. Rev. Bonds (Care</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Initiatives)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>9 1/4s, 7/1/25 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,565,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>3,140,996</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>9.15s, 7/1/09 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>880,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>945,102</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. A, 5 1/4s, 7/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,040,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,077,430</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>IA Fin. Auth. Retirement Cmnty. Rev. Bonds (Friendship</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Haven), Ser. A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>6 1/8s, 11/15/32</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>207,120</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>6s, 11/15/24</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>204,330</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Tobacco Settlement Auth. of IA Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. C, 5 3/8s, 6/1/38</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>781,860</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. B, zero %, 6/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,266,785</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>10,477,276</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>Kansas (0.4%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Salina, Hosp. Rev. Bonds (Salina Regl. Hlth.)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5s, 10/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>530,900</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5s, 10/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>605,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>644,283</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5s, 10/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>266,430</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>1,441,613</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>Kentucky (0.5%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>KY Econ. Dev. Fin. Auth. Hlth. Syst. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Norton Hlth. Care), Ser. A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>6 1/2s, 10/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>A-/F</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,040,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,123,626</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>6 1/2s, 10/1/20 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>AAA/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>675,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>743,708</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>1,867,334</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>Louisiana (1.4%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>LA Local Govt. Env. Fac. Cmnty. Dev. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Hlth. Care - St. James Place), Ser. A, 7s, 11/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>408,804</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(St. James Place), Ser. A, 7s, 11/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,027,340</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>LA Pub. Fac. Auth. Rev. Bonds (Pennington Med.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Foundation), 5s, 7/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>629,436</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Tangipahoa Parish Hosp. Svcs. Rev. Bonds (North Oaks</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Med. Ctr.), Ser. A, 5s, 2/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>513,915</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>W. Feliciana Parish, Poll. Control Rev. Bonds (Gulf</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>States Util. Co.), Ser. C, 7s, 11/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,758,745</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>5,338,240</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>Maine (1.0%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>ME State Hsg. Auth. Rev. Bonds, Ser. D-2-AMT, 5s,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>11/15/27</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Aa1</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,455,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,472,649</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Rumford, Solid Waste Disp. Rev. Bonds (Boise Cascade</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Corp.), 6 7/8s, 10/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ba3</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,198,580</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>3,671,229</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>Maryland (1.4%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>MD State Hlth. &amp; Higher Edl. Fac. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Medstar Hlth.), 5 3/4s, 8/15/15</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,093,070</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(King Farm Presbyterian Cmnty.), Ser. A, 5 1/4s, 1/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>710,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>721,481</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Edenwald), Ser. A, 5.2s, 1/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>309,213</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(King Farm Presbyterian Cmnty.), Ser. B, 4 3/4s, 1/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>997,920</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>MD State Indl. Dev. Fin. Auth. Econ. Dev. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Our Lady of Good Counsel School), Ser. A, 6s, 5/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>213,492</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Westminster, Econ. Dev. Rev. Bonds (Carroll Lutheran</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Village), Ser. A, 5 7/8s, 5/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,850,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,919,838</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>5,255,014</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>Massachusetts (9.1%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Boston, Indl. Dev. Fin. Auth. Rev. Bonds (Springhouse,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Inc.), 6s, 7/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>610,092</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>MA State Dev. Fin. Agcy. Rev. Bonds (Lasell Village),</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. A, 6 3/8s, 12/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>570,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>579,473</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>MA State Dev. Fin. Agcy. Higher Ed. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Emerson College), Ser. A, 5s, 1/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>A-</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>420,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>447,682</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>MA State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR></TABLE><BR>
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     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Civic Investments/HPHC), Ser. A, 9s, 12/15/15</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,845,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,269,904</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Norwood Hosp.), Ser. C, 7s, 7/1/14 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ba2</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,185,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,394,070</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,313,424</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(UMass Memorial), Ser. C, 6 5/8s, 7/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,225,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,442,650</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(UMass Memorial), Ser. C, 6 1/2s, 7/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,875,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,045,925</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Caritas Christi Oblig. Group), Ser. A, 5 1/4s, 7/1/08</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,518,975</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Partners Hlth. Care Syst.), Ser. F, 5s, 7/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Aa2</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,058,310</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>MA State Hsg. Fin. Agcy. Rev. Bonds (Rental Mtge.)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. C, AMBAC, 5 5/8s, 7/1/40</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,034,940</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. A, AMBAC, 5 1/2s, 7/1/40</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>15,290,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>15,588,614</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>MA State Indl. Fin. Agcy. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(1st Mtge. Stone Institution &amp; Newton), 7.9s, 1/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>503,290</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(TNG Marina Bay LLC), U.S. Govt. Coll., 7 1/2s,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>12/1/27 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>580,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>614,411</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(1st Mtge. Berkshire Retirement), Ser. A, 6 5/8s,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>7/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,550,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,554,015</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>33,975,775</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>Michigan (4.5%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Detroit, Swr. Disp. FRN, Ser. D, FSA, 4.191s, 7/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,503,250</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Detroit, Swr. Disp. VRDN, Ser. B, FSA, 3.70s, 7/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>VMIG1</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>700,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Flint, Hosp. Bldg. Auth. Rev. Bonds (Hurley Med.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ctr.), 6s, 7/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ba1</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>275,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>289,438</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Garden City, Hosp. Fin. Auth. Rev. Bonds (Garden City</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Hosp. OB Group), Ser. A, 5 3/4s, 9/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ba1</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>350,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>356,188</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Kentwood, Economic Dev. Rev. Bonds (Holland Home),</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. A, 5s, 11/15/22</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>302,004</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>MI State Hosp. Fin. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Oakwood Hosp.), Ser. A, 6s, 4/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,627,245</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. A, 5s, 4/15/26</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,665,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,766,297</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Chelsea Cmnty. Hosp. Oblig.), 5s, 5/15/25</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>755,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>768,779</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>MI State Hsg. Dev. Auth. Rev. Bonds, Ser. A, 3.9s,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>6/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>AA+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,492,905</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Midland Cnty., Econ. Dev. Corp. Rev. Bonds, 6 3/4s,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>7/23/09</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ba3</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,541,115</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Monroe Cnty., Hosp. Fin. Auth. Rev. Bonds (Mercy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Memorial Hosp.), 5 1/2s, 6/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,059,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Warren Cons. School Dist. G.O. Bonds, FSA, 5 3/8s,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5/1/18 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,975,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>3,177,598</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>16,584,569</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>Minnesota (2.5%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Cohasset, Poll. Control Rev. Bonds (Allete, Inc.),</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>4.95s, 7/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,044,680</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Inver Grove Heights, Nursing Home Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Presbyterian Homes Care), 5 3/8s, 10/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>505,115</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>MN Agricultural &amp; Econ. Dev. Board Rev. Bonds (Hlth.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Care Syst.), Ser. A, MBIA, 5 1/2s, 11/15/17</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,390,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,471,810</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>MN State Hsg. Fin. Agcy. Rev. Bonds (Residential</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Hsg.), Ser. H, 4.15s, 1/1/12</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Aa1</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>760,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>758,974</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Northfield, Hosp. Rev. Bonds, 5 1/2s, 11/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,140,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,217,873</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Sauk Rapids Hlth. Care &amp; Hsg. Fac. Rev. Bonds (Good</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Shepherd Lutheran Home), 6s, 1/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>411,108</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>St. Paul, Hsg. &amp; Redev. Auth. Hosp. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Healtheast), 6s, 11/15/25</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,099,480</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>St. Paul, Port Auth. Lease Rev. Bonds (Regions Hosp.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Pkg. Ramp), Ser. 1, 5s, 8/1/36</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>625,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>627,813</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>9,136,853</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>Mississippi (1.2%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Lowndes Cnty., Solid Waste Disp. &amp; Poll. Control Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Bonds (Weyerhaeuser Co.), Ser. B, 6.7s, 4/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,806,090</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>MS Bus. Fin. Corp. Poll. Control Rev. Bonds (Syst.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Energy Resources, Inc.), 5.9s, 5/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,260,425</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>MS Home Corp. Rev. Bonds (Single Fam. Mtge.), Ser.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B-2, GNMA Coll., FNMA Coll., 6.45s, 12/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>945,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>976,648</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>MS Hosp. Equip. &amp; Fac. Auth. Rev. Bonds (Hosp. South</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Central), 5 1/4s, 12/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>264,330</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>4,307,493</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>Missouri (3.4%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Cape Girardeau Cnty., Indl. Dev. Auth. Hlth. Care Fac.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Rev. Bonds (St. Francis Med. Ctr.), Ser. A, 5 1/2s,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>6/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,859,095</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Kansas City, Indl. Dev. Auth. Hlth. Fac. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(First Mtge. Bishop Spencer), Ser. A, 6 1/2s, 1/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,572,510</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>MO Hsg. Dev. Comm. Rev. Bonds (Home Ownership), Ser.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B, GNMA Coll., FNMA Coll.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>4.4s, 9/1/14</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>420,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>422,948</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>4.3s, 9/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>410,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>412,087</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>MO State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds (BJC Hlth.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Syst.), 5 1/4s, 5/15/32</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Aa2</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,450,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,516,062</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>MO State Hlth. &amp; Edl. Fac. Auth. VRDN (Cox Hlth.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Syst.), AMBAC, 3.74s, 6/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>VMIG1</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,900,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,900,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>MO State Hsg. Dev. Comm. Mtge. Rev. Bonds (Single Fam.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Home Ownership Loan)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. B, GNMA Coll., FNMA Coll., 5.8s, 9/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,660,125</FONT>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. D, GNMA Coll., FNMA Coll., 5.55s, 9/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,335,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,363,489</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>12,706,316</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>Montana (0.1%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>MT Fac. Fin. Auth. Rev. Bonds (Sr. Living St. Johns</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Lutheran), Ser. A, 6s, 5/15/25</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>350,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>366,174</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>Nebraska (--%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Kearney, Indl. Dev. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Great Platte River), 8s, 9/1/12</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>D/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>61,716</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>46,484</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Brookhaven), zero %, 9/1/12</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>D/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>791,466</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>7,915</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>54,399</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>Nevada (3.5%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Clark Cnty., Impt. Dist. Special Assmt.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Dist. No. 142), 6 3/8s, 8/1/23</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,035,430</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Summerlin No. 151), 5s, 8/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,010,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,035,391</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Clark Cnty., Indl. Dev. Rev. Bonds (Southwest Gas</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Corp.), Ser. C, AMBAC, 5.95s, 12/1/38</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>5,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>5,412,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Henderson, Local Impt. Dist. Special Assmt.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(No. T-14), 5.8s, 3/1/23</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>450,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>463,748</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(No. T-16), 5 1/8s, 3/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>502,210</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(No. T-17), 5s, 9/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>275,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>279,909</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(No. T-18), 5s, 9/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,425,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,466,453</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Las Vegas, Local Impt. Board Special Assmt. (Dist. No.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>607), 5.9s, 6/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>875,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>902,318</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Washoe Cnty., Wtr. Fac. Mandatory Put Bonds (Sierra</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Pacific Pwr. Co.), 5s, 7/1/09</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ba1</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,018,040</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>13,115,899</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>New Hampshire (1.7%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>NH Higher Edl. &amp; Hlth. Fac. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Riverwoods at Exeter), Ser. A, 6 3/8s, 3/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>590,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>600,874</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>NH Hlth. &amp; Ed. Fac. Auth. Rev. Bonds (Kendal</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>at Hanover), Ser. A, 5s, 10/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,275,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,316,654</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>NH State Bus. Fin. Auth. Rev. Bonds (Alice Peck Day</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Hlth. Syst.), Ser. A, 7s, 10/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,565,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,697,816</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>NH State Bus. Fin. Auth. Poll. Control Rev. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>3 1/2s, 7/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,726,515</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>6,341,859</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>New Jersey (3.8%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>NJ Econ. Dev. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Cedar Crest Village, Inc.), Ser. A, 7 1/4s, 11/15/31</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>AAA/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,443,588</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Newark Arpt. Marriot Hotel), 7s, 10/1/14</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ba1</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,900,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,931,293</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(First Mtge. Presbyterian Home), Ser. A, 6 3/8s,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>11/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>527,005</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(First Mtge. Lions Gate), Ser. A, 5 7/8s, 1/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>230,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>238,393</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Cigarette Tax), 5 1/2s, 6/15/24</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,609,300</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Seabrook Village), 5 1/4s, 11/15/26</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>407,968</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>NJ Econ. Dev. Auth. Solid Waste Rev. Bonds (Disp.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Waste Mgt.), 5.3s, 6/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,836,398</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>NJ Hlth. Care Fac. Fin. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Trinitas Hosp. Oblig. Group), 7 1/2s, 7/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,427,348</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(United Methodist Homes), Ser. A, 5 3/4s, 7/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,297,880</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Atlantic City Med. Ctr.), 5 3/4s, 7/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,324,175</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>14,043,348</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>New Mexico (1.2%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Farmington, Poll. Control Rev. Bonds (San Juan), Ser.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B, 4 7/8s, 4/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,217,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Farmington, Poll. Control VRDN (AZ Pub. Svc. Co.),</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. A, 3.73s, 5/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>P-1</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,100,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>NM Mtge. Fin. Auth. Rev. Bonds (Single Fam. Mtge.)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. D-2, GNMA Coll., FNMA Coll., FHLMC Coll., 5.64s,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>9/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>460,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>472,273</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. F2, Class I, GNMA Coll., FNMA Coll., FHLMC Coll.,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5.6s, 7/1/38</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>535,390</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>4,325,363</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>New York (14.9%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Huntington, Hsg. Auth. Rev. Bonds (Gurwin Jewish Sr.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Residence), Ser. A, 6s, 5/1/39</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>511,560</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Livingston Cnty., Indl. Dev. Agcy. Civic Fac. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Bonds (Nicholas H. Noyes Memorial Hosp.), 5 3/4s,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>7/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,330,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,368,357</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Long Island, Pwr. Auth. NY Elec. Syst. Rev. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. A, U.S. Govt. Coll., 5 3/4s, 12/1/24 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,073,480</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Nassau Cnty., Indl. Dev. Agcy. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Keyspan-Glenwood), 5 1/4s, 6/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,081,620</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>NY City, G.O. Bonds, Ser. B, 5 1/4s, 12/1/09</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>AA-</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>10,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>10,375,900</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>NY City, Indl. Dev. Agcy. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Staten Island U. Hosp. Project), 6.45s, 7/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B2</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,480,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,558,677</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Liberty-7 World Trade Ctr.), Ser. A, 6 1/4s, 3/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,275,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,356,128</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Queens Baseball Stadium - Pilot), AMBAC, 5s, 1/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>802,575</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>NY City, Indl. Dev. Agcy. Special Fac. FRB (American</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Airlines - JFK Intl. Arpt.), 7 5/8s, 8/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,532,113</FONT>&nbsp; </TD></TR></TABLE><BR>
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<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(American Airlines - JFK Intl. Arpt.), 7 1/2s, 8/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>3,400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>4,037,262</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(British Airways PLC), 5 1/4s, 12/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ba2</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,425,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,428,128</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Jetblue Airways Corp.), 5s, 5/15/20</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>225,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>223,045</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>NY Cntys., Tobacco Trust IV Rev. Bonds, Ser. A, 5s,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>6/1/38</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,011,470</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>NY State Dorm. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Winthrop-U. Hosp. Assn.), Ser. A, 5 1/2s, 7/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>900,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>948,537</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Lenox Hill Hosp. Oblig. Group), 5 1/4s, 7/1/09</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ba2</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,022,830</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(NY U. Hosp. Ctr.), Ser. A, 5s, 7/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ba2</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>516,265</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>NY State Energy Research &amp; Dev. Auth. Gas Fac. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Bonds (Brooklyn Union Gas), 6.952s, 7/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,452,416</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Onondaga Cnty., Indl. Dev. Agcy. Rev. Bonds (Solvay</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Paperboard, LLC), 7s, 11/1/30 (acquired 12/9/98, cost</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>$2,000,000) (RES)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,084,940</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Port. Auth. NY &amp; NJ Special Oblig. Rev. Bonds (Kennedy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Intl. Arpt. - 5th Installment), 6 3/4s, 10/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>202,530</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Port. Auth. NY &amp; NJ Special Oblig. Rev. Bonds (JFK</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Intl. Air Term. - 6), MBIA, 5.9s, 12/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>15,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>15,531,300</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Suffolk Cnty., Indl. Dev. Agcy. Rev. Bonds (Peconic</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Landing), Ser. A, 8s, 10/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,860,072</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Suffolk Cnty., Indl. Dev. Agcy. Continuing Care</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Retirement Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Jeffersons Ferry), 5s, 11/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>450,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>469,053</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Jefferson's Ferry), 4 5/8s, 11/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,013,650</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>55,461,908</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>North Carolina (6.5%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. D, 6 3/4s, 1/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,627,980</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. A, 5 3/4s, 1/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>3,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>3,151,470</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>NC Hsg. Fin. Agcy. Rev. Bonds (Homeownership), Ser.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>26, Class A, 5 1/2s, 1/1/38</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Aa2</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,061,080</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>NC Med. Care Cmnty. Healthcare Fac. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Deerfield), Ser. A, 5s, 11/1/23</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>A/F</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>779,198</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>NC Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Presbyterian Homes), 5.4s, 10/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,068,280</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Pines at Davidson), Ser. A, 5s, 1/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>A/F</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>545,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>579,591</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Novant Hlth. Oblig. Group), Ser. A, 5s, 11/1/14</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Aa3</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>10,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>10,627,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Pines at Davidson), Ser. A, 4.85s, 1/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>A/F</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,270,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,313,574</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>NC Med. Care Comm. Retirement Fac. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(First Mtge.), Ser. A-05, 5 1/2s, 10/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,040,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,061,393</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(First Mtge.), Ser. A-05, 5 1/4s, 10/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>609,786</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(First Mtge. United Methodist), Ser. C, 5 1/4s, 10/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>150,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>153,764</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>NC State Muni. Pwr. Agcy. Rev. Bonds (No. 1, Catawba</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Elec.), Ser. B, 6 1/2s, 1/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,079,090</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>24,112,706</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>Ohio (2.3%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Coshocton Cnty., Env. Rev. Bonds (Smurfit-Stone</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Container Corp.), 5 1/8s, 8/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>CCC+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,406,510</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Cuyahoga Cnty., Rev. Bonds, Ser. A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>6s, 1/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Aa3</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,280,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,423,347</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>6s, 1/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>AA-</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,227,560</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>OH State Air Quality Dev. Auth. Rev. Bonds (Toledo</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Poll. Control), Ser. A, 6.1s, 8/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>3,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>3,090,660</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>8,148,077</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>Oklahoma (5.6%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>OK City Arpt. Trust Rev. Bonds Jr. Lien 27th Ser.,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. A, FSA, 5s, 7/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>3,150,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>3,254,328</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>OK Dev. Fin. Auth. Rev. Bonds (Hillcrest Hlth. Care</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Syst.), Ser. A, U.S. Govt. Coll., 5 5/8s, 8/15/29</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,575,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,657,562</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>OK Hsg. Fin. Agcy. Single Family Mtge. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Homeownership Loan), Ser. C, GNMA Coll., FNMA Coll.,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5.95s, 3/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>3,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>3,243,120</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>OK State Cap. Impt. Auth. State Facs. VRDN (Higher</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ed.), Ser. D-1, CIFG, 3.74s, 7/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>VMIG1</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>5,200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>5,200,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>OK State Indl. Dev. Auth. Rev. Bonds (Hlth. Syst.),</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. A, MBIA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5 3/4s, 8/15/29</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>4,045,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>4,246,158</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5 3/4s, 8/15/29 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,955,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>3,118,737</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>20,719,905</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>Oregon (0.9%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Terwilliger Plaza)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>6 1/2s, 12/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,900,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,995,475</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. A, 5 1/4s, 12/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>510,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>522,791</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>OR State Hsg. &amp; Cmnty. Svcs. Dept. Rev. Bonds (Single</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Family Mtge.), Ser. K, 5 5/8s, 7/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Aa2</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>765,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>782,626</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>3,300,892</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>Pennsylvania (6.6%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Allegheny Cnty., Hosp. Dev. Auth. Rev. Bonds (Hlth.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Syst.), Ser. B, 9 1/4s, 11/15/15</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ba3</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>35,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>41,540</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Allegheny Cnty., Indl. Dev. Auth. Rev. Bonds (Env.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Impt.), 5 1/2s, 11/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ba1</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,320,325</FONT>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Bucks Cnty., Indl. Dev. Auth. Retirement Cmnty. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Bonds (Ann's Choice, Inc.), Ser. A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>6 1/8s, 1/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>610,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>646,997</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5.3s, 1/1/14</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>690,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>701,930</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5.2s, 1/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,010,070</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Carbon Cnty., Indl. Dev. Auth. Rev. Bonds (Panther</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Creek Partners), 6.65s, 5/1/10</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,560,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,615,895</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Erie-Western PA Port Auth. Rev. Bonds, 6 1/4s, 6/15/10</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB/F</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>505,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>514,034</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Lebanon Cnty., Hlth. Facs. Rev. Bonds (Pleasant View</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Retirement), Ser. A, 5.3s, 12/15/26</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>506,055</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Lehigh Cnty., Gen. Purpose Auth. Rev. Bonds (Lehigh</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Valley Hosp. Hlth. Network), Ser. A, 5 1/4s, 7/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,045,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Monroe Cnty., Hosp. Auth. Rev. Bonds (Pocono Med.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ctr.), 6s, 1/1/43</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>534,280</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Montgomery Cnty., Indl. Auth. Resource Recvy. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Bonds (Whitemarsh Cont Care), 6 1/4s, 2/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>740,985</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>PA State Econ. Dev. Fin. Auth. Resource Recvy. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Bonds (Northampton Generating), Ser. A, 6.6s, 1/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>4,200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>4,263,336</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>PA State Higher Edl. Fac. Auth. Rev. Bonds (Widener</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>U.), 5.4s, 7/15/36</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,052,120</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Philadelphia, Auth. for Indl. Dev. VRDN (Fox Chase</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Cancer Ctr.), 3.72s, 7/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>A-1+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>8,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>8,500,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Philadelphia, Hosp. &amp; Higher Ed. Fac. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Graduate Hlth. Syst.), 7 1/4s, 7/1/10 (In default)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(NON)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ca</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,729,624</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>5,459</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Sayre, Hlth. Care Fac. Auth. Rev. Bonds (Guthrie</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Hlth.), Ser. A, 5 7/8s, 12/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>A-</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,800,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,945,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>24,444,226</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>Puerto Rico (0.5%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Cmnwlth. of PR, Hwy. &amp; Trans. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>FGIC, 5 1/2s, 7/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,035,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,136,016</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5s, 7/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>590,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>609,553</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>1,745,569</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>South Carolina (2.4%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Lexington Cnty. Hlth. Svcs. Dist. Inc. Hosp. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Bonds, 5 1/2s, 5/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,067,490</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Richland Cnty., Rev. Bonds (Intl. Paper Co.), Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>4 1/4s, 10/1/07</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,502,275</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>SC Hosp. Auth. Rev. Bonds (Med. U.), Ser. A, 6 1/2s,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>8/15/32 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,415,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>SC Jobs Econ. Dev. Auth. Hosp. Fac. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Palmetto Hlth. Alliance), Ser. A, 7 3/8s, 12/15/21</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB+/F</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,140,610</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>SC Tobacco Settlement Rev. Mgmt. Auth. Rev. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. B, 6s, 5/15/22</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,195,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,266,652</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>SC Tobacco Settlement Rev. Mgmt. Auth. Rev. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. B, 6 3/8s, 5/15/30</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,510,522</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>8,903,049</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>South Dakota (0.7%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>SD Edl. Enhancement Funding Corp. SD Tobaccco Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Bonds, Ser. B, 6 1/2s, 6/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,191,140</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>SD Hsg. Dev. Auth. Rev. Bonds (Home Ownership Mtge.),</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. J, 4 1/2s, 5/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>515,650</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>2,706,790</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>Tennessee (2.6%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Johnson City, Hlth. &amp; Edl. Fac. Board Hosp. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(First Mtge. Mountain States Hlth.), Ser. A, 7 1/2s,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>7/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>3,700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>4,289,151</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(First Mtge. -Mountain States Hlth.), Ser. A, MBIA,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>6s, 7/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,142,900</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Johnson City, Hlth. &amp; Edl. Facs. Board Retirement Fac.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Rev. Bonds (Appalachian Christian Village), Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>6 1/4s, 2/15/32</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>624,966</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Shelby Cnty., Hlth. Edl. &amp; Hsg. Fac. Hosp. Board Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Bonds (Methodist Hlth. Care)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>6 1/2s, 9/1/26 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,255,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,422,329</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>6 1/2s, 9/1/26 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>745,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>844,331</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Sullivan Cnty., Hlth. Edl. &amp; Hsg. Hosp. Fac. Board</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Rev. Bonds (Wellmont Hlth. Syst.), Ser. C, 5s, 9/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>450,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>464,850</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>9,788,527</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>Texas (8.7%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Abilene, Hlth. Fac. Dev. Corp. Rev. Bonds (Sears</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Methodist Retirement), Ser. A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>7s, 11/15/33</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>650,538</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5 7/8s, 11/15/18</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>20,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>20,305</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Alliance, Arpt. Auth. Rev. Bonds (Federal Express</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Corp.), 4.85s, 4/1/21 (SEG)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>3,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>3,035,220</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Carrollton, Farmers Branch Indpt. School Dist. G.O.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Bonds, PSFG, 5s, 2/15/17</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>4,655,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>4,820,625</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Dallas, Indpt. School Dist. G.O. Bonds, PSFG, 5 1/2s,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>2/15/16</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,610,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,730,364</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Fort Worth, Higher Ed. Fin. Corp. Rev. Bonds (Wesleyan</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>U.), Ser. A, 6s, 10/1/12</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ba2</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>550,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>553,707</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Harris Cnty., Rev. Bonds, Ser. B, FSA, 5s, 8/15/32</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>5,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>5,806,570</FONT>&nbsp; </TD></TR></TABLE><BR>
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     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Harris Cnty., Hlth. Fac. Rev. Bonds (Memorial Hermann</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Hlth. Care), Ser. A, 6 3/8s, 6/1/29 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>3,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>3,325,470</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Houston, Arpt. Syst. Rev. Bonds (Continental Airlines,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Inc.), Ser. C, 5.7s, 7/15/29</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B-</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,562,450</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Sabine River Auth. Rev. Bonds (TXU Electric), Ser. C,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5.2s, 5/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,045,630</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Sam Rayburn Muni. Pwr. Agcy. Rev. Bonds, 6s, 10/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,643,075</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Northwest Sr. Hsg. Edgemere), Ser. A, 5 3/4s, 11/15/16</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>318,162</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Tomball, Hosp. Auth. Rev. Bonds (Tomball Regl. Hosp.)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>6s, 7/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,080,440</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>6s, 7/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>800,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>833,848</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>6s, 7/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>800,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>834,960</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>TX State Dept. of Hsg. &amp; Cmnty. Affairs Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Single Fam.), Ser. F, FHA Insd., 5 3/4s, 3/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,134,320</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>32,395,684</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>Utah (1.1%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Carbon Cnty., Solid Waste Disp. Rev. Bonds (Laidlaw</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Env.), Ser. A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>7 1/2s, 2/1/10</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>757,268</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>7.45s, 7/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>618,882</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Tooele Cnty., Harbor &amp; Term. Dist. Port Fac. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Bonds (Union Pacific), Ser. A, 5.7s, 11/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,559,895</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>UT Cnty., Env. Impt. Rev. Bonds (Marathon Oil), 5.05s,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>11/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,051,530</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>3,987,575</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>Vermont (0.2%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>VT Hsg. Fin. Agcy. Rev. Bonds, Ser. 19A, FSA, 4.62s,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>820,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>825,625</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>Virginia (1.8%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Henrico Cnty., Econ. Dev. Auth. Res. Care Fac. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(VA Baptist Homes), Ser. A, 5 3/8s, 7/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>512,715</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(VA Baptist Homes), Ser. A, 5 1/4s, 7/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>255,095</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Westminster-Canterbury), 5s, 10/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>624,204</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Hopewell, Indl. Dev. Auth. Env. Impt. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Smurfit-Stone Container Corp.), 5 1/4s, 6/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>CCC+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>506,655</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>James Cnty., Indl. Dev. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Williamsburg), Ser. A, 6 1/8s, 3/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,065,920</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Lynchburg, Indl. Dev. Auth. Res. Care Fac. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Westminster-Canterbury)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5s, 7/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,242,788</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>4 7/8s, 7/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>995,550</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Peninsula Ports Auth. Rev. Bonds (Baptist Homes), Ser.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>C, 5 3/8s, 12/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>775,680</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Winchester, Indl. Dev. Auth. Res. Care Fac. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>(Westminster-Canterbury), Ser. A, 5.2s, 1/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>509,055</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>6,487,662</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>Washington (1.2%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Tobacco Settlement Auth. of WA Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>6 5/8s, 6/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,204,860</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>6 1/2s, 6/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,180,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,296,938</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>WA State Hlth. Care Fac. Auth. Rev. Bonds (Group Hlth.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Coop), Radian Insd., 5s, 12/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>875,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>917,875</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>4,419,673</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>West Virginia (0.6%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Princeton, Hosp. Rev. Bonds (Cmnty. Hosp. Assn.,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Inc.), 6.1s, 5/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>B2</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>2,306,678</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>Wisconsin (3.4%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Badger Tobacco Settlement Asset Securitization Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>7s, 6/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>3,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>3,342,210</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>6 3/8s, 6/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>4,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>4,363,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>WI Hsg. &amp; Econ. Dev. Auth. Rev. Bonds (Home</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ownership), Ser. D, 4 7/8s, 3/1/36</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Aa2</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>490,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>500,491</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>WI State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds (Wheaton</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Franciscan), 5 3/4s, 8/15/30 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>3,900,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>4,273,525</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>12,479,226</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>Wyoming (1.0%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Sweetwater Cnty., Poll. Control VRDN (Pacificorp.),</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Ser. B, 3.74s, 1/1/14</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>A-1+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,800,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,800,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Sweetwater Cnty., Solid Waste Disp. Rev. Bonds (FMC</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Corp.), 5.6s, 12/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>743,981</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>3,543,981</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>Total municipal bonds and notes (cost $514,052,159)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>$533,631,613</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>PREFERRED STOCKS (1.7%)(a)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>Shares</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="100%" background="" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Charter Mac. Equity Trust 144A Ser. A, 6.625% cum. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>$2,100,780</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>MuniMae Tax Exempt Bond Subsidiary, LLC 144A Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>6.875% cum. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>4,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>4,224,120</FONT>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_10"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=sans-serif size=2>Total preferred stocks (cost $6,000,000)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="39%"><B><FONT face=sans-serif size=2>$6,324,900</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=sans-serif size=2>TOTAL INVESTMENTS</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="39%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=sans-serif size=2>Total investments (cost $520,052,159) (b)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="39%"><B><FONT face=sans-serif size=2>$539,956,513</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_11"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><B><FONT face=sans-serif size=2>FUTURES CONTRACTS OUTSTANDING at 1/31/07 (Unaudited)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Number of</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="6%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Expiration</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>Unrealized</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>contracts</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=2>Value</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>date</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>appreciation</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=2>U.S. Treasury Note 10 yr (Short)</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>284</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=2>$30,317,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Mar-07</FONT>&nbsp; </TD>
     <TD noWrap align=center width="8%"><FONT face=sans-serif size=2>$578,575</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>


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<A name="page_12"></A>

<P align="left">
<FONT size=2 face="sans-serif">NOTES</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(a) Percentages indicated are based on net assets of &#36;371,417,290</FONT><FONT size=2 face="sans-serif">.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(RAT) The Moody's or Standard &amp; Poor's ratings indicated are believed to be the most recent ratings available at January 31, 2007 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 January 31, 2007. Securities rated
by Putnam are indicated by "/P." Securities rated by Fitch are indicated by "/F."</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(b) The aggregate identified cost on a tax basis is &#36;519,508,900, resulting in gross unrealized appreciation and depreciation of &#36;23,807,058 and &#36;3,359,445, respectively, or net unrealized appreciation of
&#36;20,447,613.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(NON) Non-income-producing security.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(RES) Restricted, excluding 144A securities, as to public resale. The total market value of restricted securities held at January 31, 2007 was &#36;2,084,940 or 0.6% of net assets.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(SEG) A portion of this security was pledged and segregated with the custodian to cover margin requirements for futures contracts at January 31, 2007.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(F) Security is valued at fair value following procedures approved by the Trustees.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">144A after the name of an issuer represents securities exempt from registration under Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration,
normally to qualified institutional buyers.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">The rates shown on VRDN, Mandatory Put Bonds, Floating Rate Bonds (FRB) and Floating Rate Notes (FRN) are the current interest rates at January 31, 2007.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">The dates shown on Mandatory Put Bonds are the next mandatory put dates.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">The dates shown on debt obligations other than Mandatory Put Bonds are the original maturity dates.</FONT></P>
<TABLE border=0 width=80% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=90% nowrap>
<FONT size=2 face="sans-serif">The fund had the following sector concentrations greater than 10% at January 31, 2007 (as a percentage of net assets):</FONT>&nbsp;
	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=90% nowrap>
<FONT size=2 face="sans-serif">Health care</FONT>&nbsp;
	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="sans-serif">52.3%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=90% nowrap>
<FONT size=2 face="sans-serif">Utilities</FONT>&nbsp;
	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="sans-serif">17.9</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=90% nowrap>
<FONT size=2 face="sans-serif">Transportation</FONT>&nbsp;
	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="sans-serif">13.9</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=90% nowrap>
<FONT size=2 face="sans-serif">Housing</FONT>&nbsp;
	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="sans-serif">13.7</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=90% nowrap>
<FONT size=2 face="sans-serif">The fund had the following insurance concentration greater than 10% at January 31, 2007 (as a percentage of net assets):</FONT>&nbsp;
	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=90% nowrap>
<FONT size=2 face="sans-serif">AMBAC</FONT>&nbsp;
	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="sans-serif">14.9%</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<B><FONT size=2 face="sans-serif">Security valuation </FONT></B><FONT size=2 face="sans-serif">Tax-exempt bonds and notes are valued at fair value on the basis of valuations provided by an independent pricing service, approved by the Trustees. 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, which may be
different by a material amount.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Futures and options contracts </FONT></B><FONT size=2 face="sans-serif">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 size=2 face="sans-serif">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 size=2 face="sans-serif">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 size=2 face="sans-serif">For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's
Individual Investor Web site at www.putnaminvestments.com</FONT></P>

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<P align=left><U><FONT face=sans-serif size=2>Item 2. Controls and Procedures:</FONT></U><FONT face=sans-serif size=2> </FONT></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: <BR>
</FONT><FONT face=sans-serif size=2>Effective January 1, 2007, the fund retained State Street Bank and Trust Company ("State Street") as its custodian. Putnam Fiduciary Trust Company, the fund's previous custodian, is managing the transfer of the fund's assets to State Street. This transfer is expected to be completed for all Putnam funds during the first half of 2007, with PFTC remaining as custodian with respect to fund assets until the assets are transferred.&nbsp;</FONT><FONT face=sans-serif size=2>Also effective January 1, 2007, the fund's investment manager, Putnam Investment Management, LLC entered into a Master Sub-Accounting Services Agreement with State Street, under which the investment manager has delegated to State Street responsibility for providing certain administrative, pricing, and bookkeeping services for the fund. </FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Item 3. Exhibits:</FONT></U><FONT face=sans-serif size=2> </FONT></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><FONT face=sans-serif size=2> </FONT></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><FONT face=sans-serif size=2> </FONT><BR>
<BR>
<FONT face=sans-serif size=2>By (Signature and Title): </FONT><BR>
<BR>
<U><FONT face=sans-serif size=2>/s/ Janet C. Smith</FONT></U><FONT face=sans-serif size=2> </FONT><BR>
<FONT face=sans-serif size=2>Janet C. Smith </FONT><BR>
<FONT face=sans-serif size=2>Principal Accounting Officer </FONT><BR>
<FONT face=sans-serif size=2>Date: March 28, 2007 </FONT></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>
<BR>
<U><FONT face=sans-serif size=2>/s/ Charles E. Porter</FONT></U><FONT face=sans-serif size=2> </FONT><BR>
<FONT face=sans-serif size=2>Charles E. Porter </FONT></P>
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<FONT size=2 face="sans-serif">Principal Executive Officer </FONT><BR>
<FONT size=2 face="sans-serif">Date: March 28, 2007 </FONT><BR>
<BR>
<FONT size=2 face="sans-serif">By (Signature and Title): </FONT><BR>
<BR>
<U><FONT size=2 face="sans-serif">/s/ Steven D. Krichmar</FONT></U><FONT size=2 face="sans-serif"> </FONT><BR>
<FONT size=2 face="sans-serif">Steven D. Krichmar </FONT><BR>
<FONT size=2 face="sans-serif">Principal Financial Officer </FONT><BR>
<FONT size=2 face="sans-serif">Date: March 28, 2007 </FONT></P>

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<P align="left">
<U><FONT size=2 face="sans-serif">Certifications</FONT></U><FONT size=2 face="sans-serif"> </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">I, Charles E. Porter, the Principal Executive Officer of the funds listed on Attachment A, certify that: </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">1. I have reviewed each report on Form N-Q of the funds listed on Attachment A: </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by each report; </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is
filed;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have: </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared; </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">c) evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report, based on such evaluation; and </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">d) disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is
reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">5. The registrant&#146;s other certifying officer and I have disclosed to each registrant&#146;s auditors and the audit committee of each registrant&#146;s board of directors (or persons performing the equivalent
functions): </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant&#146;s ability to record,
process, summarize, and report financial information; and </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant&#146;s internal control over financial reporting. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">/s/ Charles E. Porter </FONT><BR>
<FONT size=2 face="sans-serif">_____________________________ </FONT><BR>
<FONT size=2 face="sans-serif">Date: March 27, 2007 </FONT><BR>
<FONT size=2 face="sans-serif">Charles E. Porter </FONT><BR>
<FONT size=2 face="sans-serif">Principal Executive Officer </FONT></P>

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<P align="left">
<U><FONT size=2 face="sans-serif">Certifications</FONT></U><FONT size=2 face="sans-serif"> </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">I, Steven D. Krichmar, the Principal Financial Officer of the funds listed on Attachment A, certify that: </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">1. I have reviewed each report on Form N-Q of the funds listed on Attachment A: </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by each report; </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is
filed;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have: </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared; </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">c) evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report, based on such evaluation; and </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">d) disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is
reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">5. The registrant&#146;s other certifying officer and I have disclosed to each registrant&#146;s auditors and the audit committee of each registrant&#146;s board of directors (or persons performing the equivalent
functions): </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant&#146;s ability to record,
process, summarize, and report financial information; and </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant&#146;s internal control over financial reporting. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">/s/ Steven D. Krichmar</FONT><BR>
<FONT size=2 face="sans-serif">_______________________________ </FONT><BR>
<FONT size=2 face="sans-serif">Date: March 27, 2007 </FONT><BR>
<FONT size=2 face="sans-serif">Steven D. Krichmar</FONT><BR>
<FONT size=2 face="sans-serif">Principal Financial Officer </FONT></P>

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<P align=center><FONT face=sans-serif size=1><FONT size=2>Attachment A</FONT></FONT> <BR>
<FONT face=sans-serif size=1><FONT size=2>NQ</FONT></FONT> <BR>
<FONT face=sans-serif size=1><FONT size=2>Period (s) ended January 31, 2007</FONT></FONT></P>
<TABLE style="WIDTH: 499px; HEIGHT: 270px" cellSpacing=1 cellPadding=0 width=499 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%"><FONT size=2><FONT face=sans-serif size=2>2OV</FONT>&nbsp;</FONT></TD>
     <TD noWrap align=left width="87%"><FONT size=2><FONT face=sans-serif size=2>Putnam Mid Cap Value Fund</FONT>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%"><FONT size=2><FONT face=sans-serif size=2>052</FONT>&nbsp;</FONT></TD>
     <TD noWrap align=left width="87%"><FONT size=2><FONT face=sans-serif size=2>Putnam Managed Municipal Income Trust</FONT>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%"><FONT size=2><FONT face=sans-serif size=2>183</FONT>&nbsp;</FONT></TD>
     <TD noWrap align=left width="87%"><FONT size=2><FONT face=sans-serif size=2>Putnam Municipal Bond Fund</FONT>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%"><FONT size=2><FONT face=sans-serif size=2>582</FONT>&nbsp;</FONT></TD>
     <TD noWrap align=left width="87%"><FONT size=2><FONT face=sans-serif size=2>Putnam Municipal Opportunities Trust</FONT>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%"><FONT size=2><FONT face=sans-serif size=2>002</FONT>&nbsp;</FONT></TD>
     <TD noWrap align=left width="87%"><FONT size=2><FONT face=sans-serif size=2>The Putnam Fund for Growth &amp; Income</FONT>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%"><FONT size=2><FONT face=sans-serif size=2>004</FONT>&nbsp;</FONT></TD>
     <TD noWrap align=left width="87%"><FONT size=2><FONT face=sans-serif size=2>Putnam Income Fund</FONT>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%"><FONT size=2><FONT face=sans-serif size=2>2II</FONT>&nbsp;</FONT></TD>
     <TD noWrap align=left width="87%"><FONT size=2><FONT face=sans-serif size=2>Putnam Capital Opportunities Fund</FONT>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%"><FONT size=2><FONT face=sans-serif size=2>840</FONT>&nbsp;</FONT></TD>
     <TD noWrap align=left width="87%"><FONT size=2><FONT face=sans-serif size=2>Putnam Utilities Growth &amp; Income Fund</FONT>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%"><FONT size=2><FONT face=sans-serif size=2>184</FONT>&nbsp;</FONT></TD>
     <TD noWrap align=left width="87%"><FONT size=2><FONT face=sans-serif size=2>Putnam CA Investment Grade Municipal Trust</FONT>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%"><FONT size=2><FONT face=sans-serif size=2>185</FONT>&nbsp;</FONT></TD>
     <TD noWrap align=left width="87%"><FONT size=2><FONT face=sans-serif size=2>Putnam NY Investment Grade Municipal Trust</FONT>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%"><FONT size=2><FONT face=sans-serif size=2>2MI</FONT>&nbsp;</FONT></TD>
     <TD noWrap align=left width="87%"><FONT size=2><FONT face=sans-serif size=2>Putnam Tax Smart Equity Fund</FONT>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%"><FONT size=2><FONT face=sans-serif size=2>005</FONT>&nbsp;</FONT></TD>
     <TD noWrap align=left width="87%"><FONT size=2><FONT face=sans-serif size=2>Putnam Global Equity Fund</FONT>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%"><FONT size=2><FONT face=sans-serif size=2>008</FONT>&nbsp;</FONT></TD>
     <TD noWrap align=left width="87%"><FONT size=2><FONT face=sans-serif size=2>Putnam Convertible Income-Growth Trust</FONT>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%"><FONT size=2><FONT face=sans-serif size=2>041</FONT>&nbsp;</FONT></TD>
     <TD noWrap align=left width="87%"><FONT size=2><FONT face=sans-serif size=2>Putnam Global Income Trust</FONT>&nbsp;</FONT></TD></TR></TABLE><BR>
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