-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 S4OyLOsR2lg9gtO6RlpBBtS/SF3yQQywrXKINA13gUdxAEn/Mit4eFksVGR6o59q
 0+lvFQ41m1UAakpcyvesKQ==

<SEC-DOCUMENT>0000928816-07-001434.txt : 20070928
<SEC-HEADER>0000928816-07-001434.hdr.sgml : 20070928
<ACCEPTANCE-DATETIME>20070928114509
ACCESSION NUMBER:		0000928816-07-001434
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070731
FILED AS OF DATE:		20070928
DATE AS OF CHANGE:		20070928
EFFECTIVENESS DATE:		20070928

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:		071141248

	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_manmuniinctrust.htm
<DESCRIPTION>PUTNAM MANAGED MUNICIPAL INCOME TRUST
<TEXT>
<!DOCTYPE HTML PUBLIC "">


<HTML>
<HEAD>
   <TITLE>a_manmuniinctrust.htm</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY bgcolor="#ffffff">































<!--$$/page=-->
<A name="page_1"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="40%"></TD>
     <TD width="10%"></TD>
     <TD width="25%"></TD>
     <TD width="24%"></TD></TR>
<TR>
     <TD></TD>
     <TD colSpan=3></TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>UNITED STATES</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>SECURITIES AND EXCHANGE COMMISSION</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Washington, D.C. 20549</FONT> </TD></TR>
<TR>
     <TD align=center background="" colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=4><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>FORM N-Q</FONT></B> </TD></TR>
<TR>
     <TD noWrap align=center background="" colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center colSpan=4><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=4><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>INVESTMENT COMPANY</FONT></B> </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Investment Company Act file number: (811- </FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>05740 </FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>)</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background="" colSpan=3></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Exact name of registrant as specified in charter:</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Putnam Managed Municipal Income Trust</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background="" colSpan=3></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Name and address of agent for service:</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Beth S. Mazor, Vice President</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>One Post Office Square</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Boston, Massachusetts 02109</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background="" colSpan=3></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Copy to:</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>John W. Gerstmayr, Esq.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ropes &amp; Gray LLP</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>One International Place</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Boston, Massachusetts 02110</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Registrant&#146;s telephone number, including area code: </FONT></TD>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(617) 292-1000</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=left background=""></TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background="" colSpan=3></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Date of fiscal year end: </FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>October 31, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=3>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background="" colSpan=3></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Date of reporting period: July 31, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=3>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><U><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Item 1. Schedule of Investments:</FONT></U>&nbsp; </TD>
     <TD noWrap align=left colSpan=3>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>











































<!--$$/page=-->
<A name="page_1"></A>
<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=5>Putnam Managed Municipal Income Trust</FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=4>The fund's portfolio</FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif>7/31/07 (Unaudited)</FONT></P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Key to abbreviations</FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>AMBAC -- AMBAC Indemnity Corporation</FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>CGIC -- Capital Guaranty Insurance Corporation</FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>CIFG -- CIFG Assurance North America, Inc.</FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>COP -- Certificate of Participation</FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>FGIC -- Financial Guaranty Insurance Company</FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>FHA Insd. -- Federal Housing Administration Insured</FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>FHLMC Coll. -- Federal Home Loan Mortgage Corporation Collateralized</FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>FNMA Coll. -- Federal National Mortgage Association Collateralized</FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>FRB -- Floating Rate Bonds</FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>FRN -- Floating Rate Notes</FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>FSA -- Financial Security Assurance</FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>GNMA Coll. -- Government National Mortgage Association Collateralized</FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>G.O. Bonds -- General Obligation Bonds</FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>MBIA -- MBIA Insurance Company</FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>PSFG -- Permanent School Fund Guaranteed</FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Radian Insd. -- Radian Group Insured</FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>U.S. Govt. Coll. -- U.S. Government Collateralized</FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>VRDN -- Variable Rate Demand Notes</FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>XLCA -- XL Capital Assurance</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="56%"></TD>
     <TD width="20%">&nbsp;</TD>
     <TD width="12%">&nbsp;</TD>
     <TD width="10%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>MUNICIPAL BONDS AND NOTES (148.4%)(a)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Principal</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Rating(RAT)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>amount</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Alabama (0.5%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Butler, Indl. Dev. Board Solid Waste Disp. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(GA. Pacific Corp.), 5 3/4s, 9/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$950,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$971,537</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sylacauga, Hlth. Care Auth. Rev. Bonds (Coosa Valley</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Med. Ctr.), Ser. A, 6s, 8/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>650,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>668,252</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>1,639,789</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Arizona (3.5%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Apache Cnty., Indl. Dev. Auth. Poll. Control Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bonds (Tucson Elec. Pwr. Co.), Ser. B, 5 7/8s, 3/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,000,960</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>AZ Hlth. Fac. Auth. Hosp. Syst. Rev. Bonds (John C.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Lincoln Hlth. Network), 6 3/8s, 12/1/37 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,122,510</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa Grande</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Regl. Med. Ctr.), Ser. A, 7 5/8s, 12/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,800,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,967,256</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Cochise Cnty., Indl. Dev. Auth. Rev. Bonds (Sierra</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Vista Regl. Hlth. Ctr.), Ser. A, 6.2s, 12/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>480,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>501,950</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Coconino Cnty., Poll. Control Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Tuscon/Navajo Elec. Pwr.), Ser. A, 7 1/8s, 10/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,071,940</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Glendale, Wtr. &amp; Swr. Rev. Bonds, AMBAC, 5s, 7/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,071,260</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Pima Cnty., Indl. Dev. Auth. Rev. Bonds (Horizon</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Cmnty. Learning Ctr.), 5.05s, 6/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>815,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>787,975</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Scottsdale, Indl. Dev. Auth. Hosp. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Scottsdale Hlth. Care), 5.8s, 12/1/31 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,080,490</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>11,604,341</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Arkansas (3.0%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>AR State Hosp. Dev. Fin. Auth. Rev. Bonds (Washington</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Regl. Med. Ctr.), 7 3/8s, 2/1/29 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,983,272</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Baxter Cnty., Hosp. Rev. Bonds, 5s, 9/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>753,773</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Independence Cnty., Poll. Control Rev. Bonds (Entergy</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>AR, Inc.), 5s, 1/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,011,560</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Little Rock G.O. Bonds (Cap. Impt.), FSA, 3.95s, 4/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>565,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>558,570</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Springdale, Sales &amp; Use Tax Rev. Bonds, FSA</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4.05s, 7/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>993,320</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4s, 7/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>925,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>918,581</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Washington Cnty., Hosp. Rev. Bonds (Regl. Med. Ctr.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. B, 5s, 2/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>502,480</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>9,721,556</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>California (11.5%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>ABAG Fin. Auth. COP (American Baptist Homes), Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.2s, 10/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>345,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>352,901</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>CA Hlth. Fac. Fin. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>AMBAC, 5.293s, 7/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,403,570</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(CA-NV Methodist), 5s, 7/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>507,885</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Stanford Hosp. &amp; Clinics), Ser. A, 5s, 11/15/23</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,023,740</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>CA Muni. Fin. Auth. COP (Cmnty. Hosp. Central CA),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5 1/4s, 2/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,270,093</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>CA Poll. Control Fin. Auth. Solid Waste Disp. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bonds (Waste Management, Inc.), Ser. A-2, 5.4s, 4/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,224,024</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>CA Statewide Cmntys., Dev. Auth. COP (The Internext</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Group), 5 3/8s, 4/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,950,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,973,779</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>CA Statewide Cmntys., Dev. Auth. Rev. Bonds (Thomas</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Jefferson School of Law), Ser. B, 4 7/8s, 10/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,471,710</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Cathedral City, Impt. Board Act of 1915 Special Assmt.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bonds (Cove Impt. Dist.), Ser. 04-02</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.05s, 9/2/35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>395,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>389,731</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5s, 9/2/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>246,288</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Chula Vista, Cmnty. Fac. Dist. Special Tax Bonds (No.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_2"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="56%"></TD>
     <TD width="20%">&nbsp;</TD>
     <TD width="12%">&nbsp;</TD>
     <TD width="10%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>08-1 Otay Ranch Village Six), 6s, 9/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,286,725</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Chula Vista, Cmnty. Fac. Dist. Special Tax Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(No. 07-1 Otay Ranch Village Eleven)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5 7/8s, 9/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>312,030</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.8s, 9/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>312,693</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Chula Vista, Indl. Dev. Rev. Bonds (San Diego Gas),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. B, 5s, 12/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,065,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,083,851</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Corona, COP (Vista Hosp. Syst.), zero %, 7/1/29 (In</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>default) (F)(NON)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>D/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10,775,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>118,525</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Folsom, Special Tax Rev. Bonds (Cmnty. Facs. Dist. No.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10), 5 7/8s, 9/1/28 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>796,208</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gilroy, Rev. Bonds (Bonfante Gardens Park), 8s, 11/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>770,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>714,183</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Golden State Tobacco Securitization Corp. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. 03-A1, 6 3/4s, 6/1/39 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>850,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>974,661</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. B, FHLMC Coll., 5 5/8s, 6/1/38 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,721,375</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. A-1, 5s, 6/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>934,010</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. 03 A-1, 5s, 6/1/21 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>85,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>85,888</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. A-1, 4 1/2s, 6/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,930,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,825,645</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Jurupa, Cmnty. Svcs. Dist. Special Tax (Dist. No. 19</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Eastvale), 5s, 9/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>491,340</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Murrieta, Cmnty. Fac. Dist. Special Tax (No. 2</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>The Oaks Impt. Area A), 6s, 9/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,137,037</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Orange Cnty., Cmnty. Fac. Dist. Special Tax Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Ladera Ranch No. 02-1), Ser. A, 5.55s, 8/15/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>650,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>661,388</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Poway, Unified School Dist. Cmnty. Facs. Special Tax</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bonds (Dist. No. 14- Area A), 5 1/8s, 9/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>850,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>854,565</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Roseville, Cmnty. Fac. Special Tax (Dist. No. 1</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>-Westpark)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5 1/4s, 9/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>315,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>318,292</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5 1/4s, 9/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>985,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,009,054</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Roseville, Cmnty. Fac. Special Tax Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Dist. No. 1 - Fiddyment Ranch), 5s, 9/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>675,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>673,839</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Dist. No. 1), 5s, 9/1/14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>403,780</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sacramento, Special Tax (North Natomas Cmnty. Fac.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. 4-C, 6s, 9/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,322,925</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>San Diego, Assn. of Bay Area Governments Fin. Auth.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>For Nonprofit Corps. Rev. Bonds (San Diego Hosp.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. A, 6 1/8s, 8/15/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>529,860</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Santaluz, Cmnty. Facs. Dist. No. 2 Special Tax Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bonds (Impt. Area No. 1), Ser. B, 6 3/8s, 9/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,455,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,457,381</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Thousand Oaks, Cmnty. Fac. Dist. Special Tax Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bonds (Marketplace 94-1), zero %, 9/1/14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,960,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,791,925</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>37,680,901</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Colorado (2.5%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>CO Hlth. Fac. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Christian Living Cmntys.), Ser. A, 5 3/4s, 1/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>204,998</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Evangelical Lutheran), 5 1/4s, 6/1/23</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,037,100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Evangelical Lutheran), 5 1/4s, 6/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>660,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>684,004</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Evangelical Lutheran), 5s, 6/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>420,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>422,054</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>CO Pub. Hwy. Auth. Rev. Bonds (E-470 Pub. Hwy.), Ser. B</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>zero %, 9/1/35 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>15,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,088,935</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>zero %, 9/1/34 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>16,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,399,265</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Denver, City &amp; Cnty. Arpt. Rev. Bonds, Ser. D, AMBAC,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7 3/4s, 11/15/13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,050,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,162,655</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Denver, City &amp; Cnty. Special Fac. Arpt. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(United Airlines), Ser. A, 5 1/4s, 10/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>225,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>219,461</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>8,218,472</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Connecticut (2.1%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>CT State Hlth. &amp; Edl. Fac. Auth. VRDN (Yale U.), Ser.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>V-2, 3.62s, 7/1/36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>VMIG1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>7,000,000</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Delaware (0.9%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>GMAC Muni. Mtge. Trust 144A sub. notes, Ser. A1-3,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.3s, 10/31/39</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,515,475</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sussex Cnty., Rev. Bonds (First Mtge. - Cadbury</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Lewes), Ser. A, 5.9s, 1/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>350,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>358,754</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>2,874,229</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>District of Columbia (0.6%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>DC Tobacco Settlement Fin. Corp. Rev. Bonds, 6 1/4s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5/15/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,785,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>1,873,804</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Florida (11.2%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>CFM Cmnty. Dev. Dist. Rev. Bonds, Ser. A, 6 1/4s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,470,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,546,190</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Clearwater Cay, Cmnty. Dev. Dist. Special Assmt.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bonds, Ser. A, 5 1/2s, 5/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,598,688</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Fishhawk, Cmnty. Dev. Dist. II Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. A, 6 1/8s, 5/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>475,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>496,114</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. B, 5s, 11/1/07</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9,998</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,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><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,587,990</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>FL State Mid-Bay Bridge Auth. Rev. Bonds, Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.05s, 10/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB/F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>770,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>791,676</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Fleming Island, Plantation Cmnty. Dev. Dist. Special</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Assmt. Bonds, Ser. B, 7 3/8s, 5/1/31 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>825,128</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gateway Svcs. Cmnty., Dev. Dist. Special Assmt. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Stoneybrook), 5 1/2s, 7/1/08</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>20,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>20,045</FONT>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_3"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="56%"></TD>
     <TD width="20%">&nbsp;</TD>
     <TD width="12%">&nbsp;</TD>
     <TD width="10%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Halifax, Hosp. Med. Ctr. Rev. Bonds, Ser. A, 5 1/4s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,276,960</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Heritage Harbor, South Cmnty. Dev. Distr. Rev. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. A, 6 1/2s, 5/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>475,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>513,974</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Heritage Isle at Viera, Cmnty. Dev. Dist. Special</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Assmt., Ser. B, 5s, 11/1/09</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>115,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>114,270</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Highlands Cnty., Hlth. Fac. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Adventist Hlth.), Ser. A, 5s, 11/15/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,017,570</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Hosp. Adventist Hlth.), Ser. A, 5s, 11/15/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,021,010</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Islands at Doral III, Cmnty. Dev. Dist. Special Assmt.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bonds, Ser. 04-A, 5.9s, 5/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,215,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,245,752</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Jacksonville, Econ. Dev. Comm. Indl. Dev. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Gerdau Ameristeel US, Inc.), 5.3s, 5/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>589,368</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Lee Cnty., Indl. Dev. Auth. Hlth. Care Fac. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Alliance Cmnty.), Ser. C, 5 1/2s, 11/15/29</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,045,960</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Shell Pt./Alliance Oblig. Group), 5 1/8s, 11/15/36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>475,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>461,980</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Shell Pt./Alliance Cmnty.), 5s, 11/15/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>984,190</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Miami Beach, Hlth. Fac. Auth. Hosp. Rev. Bonds (Mount</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sinai Med. Ctr.), Ser. A, 6.7s, 11/15/19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ba1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,335,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,452,654</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>North Springs, Impt. Dist. Special Assmt. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Parkland Golf Country Club), Ser. A-1, 5.45s, 5/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>245,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>243,555</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Old Palm, Cmnty. Dev. Dist. Special Assmt. Bonds (Palm</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Beach Gardens), Ser. A, 5.9s, 5/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>975,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,003,051</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Palm Coast Pk. Cmnty. Dev. Dist. Special Assmt. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.7s, 5/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,006,680</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Reunion West, Cmnty. Dev. Dist. Special Assmt. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6 1/4s, 5/1/36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,485,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,545,737</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Six Mile Creek, Cmnty. Dev. Dist. Rev. Bonds, 5.65s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>900,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>901,917</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>South Bay, Cmnty. Dev. Dist. Rev. Bonds, Ser. B-2,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5 3/8s, 5/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,480,925</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>South Miami, Hlth. Fac. Auth. Rev. Bonds (Baptist</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Hlth.), 5 1/4s, 11/15/33 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,594,710</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>South Village, Cmnty. Dev. Dist. Rev. Bonds, Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.7s, 5/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>485,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>489,913</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Split Pine, Cmnty. Dev. Dist. Special Assmt. Bonds, Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5 1/4s, 5/1/39</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,150,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,060,162</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Tampa Bay, Cmnty. Dev. Dist. Special Assmt. Bonds (New</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Port), Ser. A, 5 7/8s, 5/1/38</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,975,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,006,501</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.4s, 5/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>325,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>319,303</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Verano Ctr. Cmnty. Dev. Dist. Special Assmt. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Cmnty. Infrastructure)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. A, 5 3/8s, 5/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>737,573</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. B, 5s, 11/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>475,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>468,958</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Wentworth Estates, Cmnty. Dev. Dist. Special Assmt.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. A, 5 5/8s, 5/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>725,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>733,773</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. B, 5 1/8s, 11/1/12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>765,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>757,702</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Westchester Cmnty. Dev. Dist. No. 1 Special Assmt.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Cmnty. Infrastructure), 6 1/8s, 5/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,302,688</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>World Commerce Cmnty. Dev. Dist. Special Assmt., Ser.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A-1</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6 1/2s, 5/1/36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>950,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,001,196</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6 1/4s, 5/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>530,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>555,080</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>36,808,941</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Georgia (1.6%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Fulton Cnty., Res. Care Fac. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Canterbury Court), Class A, 6 1/8s, 2/15/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>425,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>441,724</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(First Mtge. - Lenbrook), Ser. A, 5s, 7/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,370,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,365,698</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>GA Med. Ctr. Hosp. Auth. Rev. Bonds, MBIA, 6.367s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8/1/10</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,401,806</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Med. Ctr. Hosp. Auth. Rev. Bonds (Spring Harbor Green</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Island), 5 1/4s, 7/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>375,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>368,171</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Rockdale Cnty., Dev. Auth. Solid Waste Disp. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bonds (Visay Paper, Inc.), 7.4s, 1/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,759,048</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>5,336,447</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Hawaii (0.5%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>HI Dept. of Trans. Special Fac. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Continental Airlines, Inc.), 7s, 6/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,565,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>1,651,044</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Idaho (0.7%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>ID Hsg. &amp; Fin. Assn. Rev. Bonds (Single Fam. Mtge.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. C-2, FHA Insd., 5.15s, 7/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>670,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>672,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Madison Cnty., Hosp. COP, 5 1/4s, 9/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,480,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,485,239</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>2,157,839</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Illinois (4.2%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Chicago, G.O. Bonds, Ser. A, AMBAC</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5 5/8s, 1/1/39 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,395,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,657,467</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5 5/8s, 1/1/39</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>105,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>111,717</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Du Page Cnty., Special Svc. Area No. 31 Special Tax</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bonds (Monarch Landing)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5 5/8s, 3/1/36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>102,489</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.4s, 3/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>260,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>262,980</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>IL Dev. Fin. Auth. Hosp. Rev. Bonds (Adventist Hlth.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_4"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="57%"></TD>
     <TD width="20%">&nbsp;</TD>
     <TD width="12%">&nbsp;</TD>
     <TD width="10%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Syst./Sunbelt Obligation), 5.65s, 11/15/24</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,407,755</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>IL Fin. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Three Crowns Pk. Plaza), Ser. A, 5 7/8s, 2/15/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,037,650</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Landing At Plymouth Place), Ser. A, 5.35s, 5/15/15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>601,464</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>IL Fin. Auth. Solid Waste Disposal (Waste Mgmt.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Inc.), Ser. A, 5.05s, 8/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>243,205</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>IL Hlth. Fac. Auth. Rev. Bonds (St. Benedict), Ser.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>03A-1, 6.9s, 11/15/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>537,235</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>IL State Toll Hwy. Auth. Rev. Bonds, Ser. A-1, FSA,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5s, 1/1/23</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,931,163</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>13,893,125</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Indiana (1.0%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Anderson, Econ. Dev. Rev. Bonds (Anderson U.), 5s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB-/F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>375,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>373,616</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>IN State Dev. Fin. Auth. Env. Impt. Rev. Bonds (USX</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Corp.), 5.6s, 12/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,564,325</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>St. Joseph Cnty., Econ. Dev. Rev. Bonds (Holy Cross</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Village Notre Dame), Ser. A, 5 3/4s, 5/15/15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>455,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>473,023</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>3,410,964</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Iowa (2.9%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>IA Fin. Auth. Hlth. Care Fac. Rev. Bonds (Care</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Initiatives)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9 1/4s, 7/1/25 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,510,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,014,786</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. A, 5 1/4s, 7/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,040,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,077,378</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. A, 5s, 7/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,840,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,858,363</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>IA Fin. Auth. Retirement Cmnty. Rev. Bonds (Friendship</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Haven), Ser. A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6 1/8s, 11/15/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>205,306</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6s, 11/15/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>202,954</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Tobacco Settlement Auth. of IA Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. C, 5 3/8s, 6/1/38</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>738,285</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. B, zero %, 6/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,283,210</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>9,380,282</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Kansas (0.4%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Salina, Hosp. Rev. Bonds (Salina Regl. Hlth.)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5s, 10/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>520,650</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5s, 10/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>605,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>631,318</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5s, 10/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>261,223</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>1,413,191</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Kentucky (0.6%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>KY Econ. Dev. Fin. Auth. Hlth. Syst. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Norton Hlth. Care), Ser. A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6 1/2s, 10/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A-/F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,040,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,107,392</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6 1/2s, 10/1/20 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>AAA/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>675,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>735,386</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>1,842,778</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Louisiana (1.6%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>LA Local Govt. Env. Fac. Cmnty. Dev. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Hlth. Care - St. James Place), Ser. A, 7s, 11/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>406,076</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(St. James Place), Ser. A, 7s, 11/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,019,630</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>LA Pub. Fac. Auth. Rev. Bonds (Pennington Med.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Foundation), 5s, 7/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>616,770</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Tangipahoa Parish Hosp. Svcs. Rev. Bonds (North Oaks</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Med. Ctr.), Ser. A, 5s, 2/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>504,975</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>W. Feliciana Parish, Poll. Control Rev. Bonds (Gulf</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>States Util. Co.), Ser. C, 7s, 11/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,758,278</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>5,305,729</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Maine (1.1%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>ME State Hsg. Auth. Rev. Bonds, Ser. D-2-AMT, 5s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/15/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,455,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,466,829</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Rumford, Solid Waste Disp. Rev. Bonds (Boise Cascade</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Corp.), 6 7/8s, 10/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ba3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,171,880</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>3,638,709</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Maryland (2.2%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Baltimore Cnty., Rev. Bonds (Oak Crest Village, Inc.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. A, 5s, 1/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,997,440</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>MD State Hlth. &amp; Higher Edl. Fac. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Medstar Hlth.), 5 3/4s, 8/15/15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,072,140</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(King Farm Presbyterian Cmnty.), Ser. A, 5 1/4s, 1/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>710,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>703,993</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Edenwald), Ser. A, 5.2s, 1/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>305,553</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(King Farm Presbyterian Cmnty.), Ser. B, 4 3/4s, 1/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>989,630</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>MD State Indl. Dev. Fin. Auth. Econ. Dev. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Our Lady of Good Counsel School), Ser. A, 6s, 5/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>211,380</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Westminster, Econ. Dev. Rev. Bonds (Carroll Lutheran</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Village), Ser. A, 5 7/8s, 5/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,850,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,894,752</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>7,174,888</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Massachusetts (11.2%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Boston, Indl. Dev. Fin. Auth. Rev. Bonds (Springhouse,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Inc.), 6s, 7/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>609,708</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>MA State Dev. Fin. Agcy. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_5"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="57%"></TD>
     <TD width="20%">&nbsp;</TD>
     <TD width="12%">&nbsp;</TD>
     <TD width="10%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Lasell Village), Ser. A, 6 3/8s, 12/1/25 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>570,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>597,514</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Linden Ponds, Inc.), Ser. A, 5 1/2s, 11/15/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>330,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>332,808</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Linden Ponds, Inc.), Ser. A, 5 1/2s, 11/15/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>390,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>396,396</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>MA State Dev. Fin. Agcy. VRDN (Boston U.), Ser. R-4,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>XLCA, 3.46s, 10/1/42</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>VMIG1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,000,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>MA State Dev. Fin. Agcy. Higher Ed. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Emerson College), Ser. A, 5s, 1/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>420,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>440,551</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>MA State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Civic Investments/HPHC), Ser. A, 9s, 12/15/15</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,845,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,196,749</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Norwood Hosp.), Ser. C, 7s, 7/1/14 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ba2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,185,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,373,711</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,290,984</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(UMass Memorial), Ser. C, 6 5/8s, 7/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,225,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,376,278</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(UMass Memorial), Ser. C, 6 1/2s, 7/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,875,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,997,644</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Caritas Christi Oblig. Group), Ser. A, 5 1/4s, 7/1/08</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,506,015</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Partners Hlth. Care Syst.), Ser. F, 5s, 7/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,037,650</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>MA State Hsg. Fin. Agcy. Rev. Bonds (Rental Mtge.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. A, AMBAC, 5 1/2s, 7/1/40</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>15,290,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>15,514,916</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>MA State Indl. Fin. Agcy. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(1st Mtge. Stone Institution &amp; Newton), 7.9s, 1/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>503,035</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(1st Mtge. Berkshire Retirement), Ser. A, 6 5/8s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,550,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,561,734</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>36,735,693</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Michigan (5.3%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Detroit, Swr. Disp. FRN, Ser. D, FSA, 4.191s, 7/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,445,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,429,572</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Detroit, Swr. Disp. VRDN, Ser. B, FSA, 3.66s, 7/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>VMIG1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,265,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,265,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Flint, Hosp. Bldg. Auth. Rev. Bonds (Hurley Med.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ctr.), 6s, 7/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ba1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>275,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>283,940</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Garden City, Hosp. Fin. Auth. Rev. Bonds (Garden</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>City), Ser. A, 5 3/4s, 9/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ba1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>185,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>187,588</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Kentwood, Economic Dev. Rev. Bonds (Holland Home),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. A, 5s, 11/15/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>299,343</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>MI State Hosp. Fin. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Oakwood Hosp.), Ser. A, 6s, 4/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,598,130</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Midmichigan Hlth. Oblig. Group), Ser. A, 5s, 4/15/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,665,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,706,148</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Chelsea Cmnty. Hosp. Oblig.), 5s, 5/15/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>755,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>746,182</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Hosp. Sparrow), 5s, 11/15/23</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,270,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,304,504</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>MI State Hsg. Dev. Auth. Rev. Bonds, Ser. A, 3.9s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>AA+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,493,310</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Monroe Cnty., Hosp. Fin. Auth. Rev. Bonds (Mercy</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Memorial Hosp.), 5 1/2s, 6/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,037,790</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Warren Cons. School Dist. G.O. Bonds, FSA, 5 3/8s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5/1/18 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,975,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,153,292</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>17,504,799</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Minnesota (2.0%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Cohasset, Poll. Control Rev. Bonds (Allete, Inc.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4.95s, 7/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,012,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Inver Grove Heights, Nursing Home Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Presbyterian Homes Care), 5 3/8s, 10/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>498,480</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>MN State Hsg. Fin. Agcy. Rev. Bonds (Residential</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Hsg.), Ser. H, 4.15s, 1/1/12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>760,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>754,232</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Northfield, Hosp. Rev. Bonds, 5 1/2s, 11/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,140,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,189,237</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sauk Rapids Hlth. Care &amp; Hsg. Fac. Rev. Bonds (Good</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Shepherd Lutheran Home), 6s, 1/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>407,204</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>St. Paul, Hsg. &amp; Redev. Auth. Hosp. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Healtheast), 6s, 11/15/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,084,270</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>St. Paul, Port Auth. Lease Rev. Bonds (Regions Hosp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Pkg. Ramp), Ser. 1, 5s, 8/1/36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>625,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>608,213</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>6,554,336</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Mississippi (1.3%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Lowndes Cnty., Solid Waste Disp. &amp; Poll. Control Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bonds (Weyerhaeuser Co.), Ser. B, 6.7s, 4/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,755,765</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>MS Bus. Fin. Corp. Poll. Control Rev. Bonds (Syst.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Energy Resources, Inc.), 5.9s, 5/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,252,275</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>MS Home Corp. Rev. Bonds (Single Fam. Mtge.), Ser.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B-2, GNMA Coll., FNMA Coll., 6.45s, 12/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>870,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>890,993</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>MS Hosp. Equip. &amp; Fac. Auth. Rev. Bonds (Hosp. South</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Central), 5 1/4s, 12/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>253,480</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>4,152,513</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Missouri (3.4%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Cape Girardeau Cnty., Indl. Dev. Auth. Hlth. Care Fac.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Rev. Bonds (St. Francis Med. Ctr.), Ser. A, 5 1/2s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,825,058</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Kansas City, Indl. Dev. Auth. Hlth. Fac. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(First Mtge. Bishop Spencer), Ser. A, 6 1/2s, 1/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,583,670</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>MO State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds (BJC Hlth.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Syst.), 5 1/4s, 5/15/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,450,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,489,875</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>MO State Hlth. &amp; Edl. Fac. Auth. VRDN (Cox Hlth.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Syst.), AMBAC, 3.74s, 6/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>VMIG1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,800,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,800,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>MO State Hsg. Dev. Comm. Mtge. Rev. Bonds (Single Fam.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Home Ownership Loan)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. B, GNMA Coll., FNMA Coll., 5.8s, 9/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,395,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,524,354</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. D, GNMA Coll., FNMA Coll., 5.55s, 9/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,240,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,257,596</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. B, GNMA Coll., FNMA Coll., 4.4s, 9/1/14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>405,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>403,526</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. B, GNMA Coll., FNMA Coll., 4.3s, 9/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>395,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>393,736</FONT>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_6"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="56%"></TD>
     <TD width="20%">&nbsp;</TD>
     <TD width="12%">&nbsp;</TD>
     <TD width="10%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>11,277,815</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Montana (1.0%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Forsyth, Poll. Control VRDN (Pacific Corp.), 3.74s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A-1+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,000,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>MT Fac. Fin. Auth. Rev. Bonds (Sr. Living St. Johns</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Lutheran), Ser. A, 6s, 5/15/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>350,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>363,013</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>3,363,013</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Nebraska (--%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Kearney, Indl. Dev. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Great Platte River), 8s, 9/1/12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>D/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>61,716</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>17,280</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Brookhaven), zero %, 9/1/12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>D/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>791,466</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9,893</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>27,173</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Nevada (3.3%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Clark Cnty., Impt. Dist. Special Assmt.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Dist. No. 142), 6 3/8s, 8/1/23</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>990,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,024,749</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Summerlin No. 151), 5s, 8/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,010,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,027,675</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Clark Cnty., Indl. Dev. Rev. Bonds (Southwest Gas</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Corp.), Ser. C, AMBAC, 5.95s, 12/1/38</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,339,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Henderson, Local Impt. Dist. Special Assmt.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(No. T-14), 5.8s, 3/1/23</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>430,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>443,158</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(No. T-16), 5 1/8s, 3/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>497,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(No. T-17), 5s, 9/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>275,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>273,603</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(No. T-18), 5s, 9/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,425,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,424,943</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Las Vegas, Local Impt. Board Special Assmt. (Dist. No.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>607), 5.9s, 6/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>865,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>891,772</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>10,923,000</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>New Hampshire (1.2%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>NH Hlth. &amp; Ed. Fac. Auth. Rev. Bonds (Kendal</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>at Hanover), Ser. A, 5s, 10/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,275,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,292,531</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>NH State Bus. Fin. Auth. Rev. Bonds (Alice Peck Day</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Hlth. Syst.), Ser. A, 7s, 10/1/29 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,565,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,780,870</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>4,073,401</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>New Jersey (3.8%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>NJ Econ. Dev. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Cedar Crest Village, Inc.), Ser. A, 7 1/4s, 11/15/31</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>AAA/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,420,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Newark Arpt. Marriot Hotel), 7s, 10/1/14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ba1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,900,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,929,564</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(First Mtge. Presbyterian Home), Ser. A, 6 3/8s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>521,495</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(First Mtge. Lions Gate), Ser. A, 5 7/8s, 1/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>230,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>235,840</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Cigarette Tax), 5 1/2s, 6/15/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,584,850</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Seabrook Village), 5 1/4s, 11/15/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>402,596</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>NJ Econ. Dev. Auth. Solid Waste Rev. Bonds (Disp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Waste Mgt.), 5.3s, 6/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,800,313</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>NJ Hlth. Care Fac. Fin. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(United Methodist Homes), Ser. A, 5 3/4s, 7/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,264,220</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Atlantic City Med.), 5 3/4s, 7/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>695,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>730,056</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Atlantic City Med.), 5 3/4s, 7/1/25 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>555,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>601,243</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>12,490,677</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>New Mexico (0.6%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Farmington, Poll. Control Rev. Bonds (San Juan), Ser.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B, 4 7/8s, 4/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,163,184</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>NM Mtge. Fin. Auth. Rev. Bonds (Single Fam. Mtge.)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. D-2, GNMA Coll., FNMA Coll., FHLMC Coll., 5.64s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>390,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>397,644</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. F2, Class I, GNMA Coll., FNMA Coll., FHLMC Coll.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.6s, 7/1/38</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>528,115</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>2,088,943</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>New York (16.3%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Huntington, Hsg. Auth. Rev. Bonds (Gurwin Jewish Sr.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Residence), Ser. A, 6s, 5/1/39</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>503,270</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Livingston Cnty., Indl. Dev. Agcy. Civic Fac. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bonds (Nicholas H. Noyes Memorial Hosp.), 5 3/4s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,330,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,356,281</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Nassau Cnty., Indl. Dev. Agcy. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Keyspan-Glenwood), 5 1/4s, 6/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,050,260</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>NY City, G.O. Bonds, Ser. B, 5 1/4s, 12/1/09</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10,321,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>NY City, Indl. Dev. Agcy. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Staten Island U. Hosp. Project), 6.45s, 7/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,465,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,525,006</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Liberty-7 World Trade Ctr.), Ser. A, 6 1/4s, 3/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,275,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,339,808</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Queens Baseball Stadium - Pilot), AMBAC, 5s, 1/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>900,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>954,027</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>NY City, Indl. Dev. Agcy. Special Fac. FRB (American</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Airlines - JFK Intl. Arpt.), 7 5/8s, 8/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,468,513</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(JFK Intl. Arpt.), Ser. A, 8s, 8/1/12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>380,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>430,734</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(American Airlines - JFK Intl. Arpt.), 7 1/2s, 8/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,141,970</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(British Airways PLC), 5 1/4s, 12/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,425,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,371,650</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Jetblue Airways Corp.), 5s, 5/15/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>225,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>215,946</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>NY State Dorm. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Winthrop-U. Hosp. Assn.), Ser. A, 5 1/2s, 7/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>900,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>929,241</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Lenox Hill Hosp. Oblig. Group), 5 1/4s, 7/1/09</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ba2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,017,030</FONT>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_7"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="56%"></TD>
     <TD width="20%">&nbsp;</TD>
     <TD width="12%">&nbsp;</TD>
     <TD width="10%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(NY U. Hosp. Ctr.), Ser. A, 5s, 7/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ba2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>499,505</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>NY State Energy Research &amp; Dev. Auth. Gas Fac. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bonds (Brooklyn Union Gas), 6.952s, 7/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,452,536</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Onondaga Cnty., Indl. Dev. Agcy. Rev. Bonds (Solvay</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Paperboard, LLC), 7s, 11/1/30 (acquired 12/9/98, cost</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$2,000,000) (RES)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,069,580</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Port. Auth. NY &amp; NJ Special Oblig. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Kennedy Intl. Arpt. - 5th Installment), 6 3/4s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>202,464</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(JFK Intl. Air Term. - 6), MBIA, 5.9s, 12/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>15,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>15,393,450</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Suffolk Cnty., Indl. Dev. Agcy. Cont. Care Retirement</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Peconic Landing), Ser. A, 8s, 10/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,837,853</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Jeffersons Ferry), 5s, 11/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>450,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>464,072</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Jefferson's Ferry), 4 5/8s, 11/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>996,590</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>53,541,586</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>North Carolina (7.2%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. D, 6 3/4s, 1/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,601,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. A, 5 3/4s, 1/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,112,380</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>NC Hsg. Fin. Agcy. Rev. Bonds (Homeownership), Ser.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>26, Class A, 5 1/2s, 1/1/38</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,047,270</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>NC Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Presbyterian Homes), 5.4s, 10/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,014,220</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Deerfield), Ser. A, 5s, 11/1/23</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A-/F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>765,473</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Pines at Davidson), Ser. A, 5s, 1/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A-/F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>545,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>562,342</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Novant Hlth. Oblig. Group), Ser. A, 5s, 11/1/14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10,440,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Pines at Davidson), Ser. A, 4.85s, 1/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A-/F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,270,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,280,427</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>NC Med. Care Comm. Retirement Fac. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(First Mtge.), Ser. A-05, 5 1/2s, 10/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,040,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,050,941</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(First Mtge.), Ser. A-05, 5 1/4s, 10/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>603,870</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(First Mtge. United Methodist), Ser. C, 5 1/4s, 10/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>150,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>151,077</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>NC State Muni. Pwr. Agcy. Rev. Bonds (No. 1, Catawba</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Elec.), Ser. B, 6 1/2s, 1/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,063,830</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>23,693,630</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Ohio (2.5%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Coshocton Cnty., Env. 144A Rev. Bonds (Smurfit-Stone</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Container Corp.), 5 1/8s, 8/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>CCC+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,390,382</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Cuyahoga Cnty., Rev. Bonds, Ser. A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6s, 1/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,280,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,398,042</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6s, 1/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,187,720</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>OH State Air Quality Dev. Auth. Rev. Bonds (Toledo</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Poll. Control), Ser. A, 6.1s, 8/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,089,370</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>8,065,514</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Oklahoma (5.6%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>OK City Arpt. Trust Rev. Bonds Jr. Lien 27th Ser.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. A, FSA, 5s, 7/1/18 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,150,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,255,777</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>OK Dev. Fin. Auth. Rev. Bonds (Hillcrest Hlth. Care</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Syst.), Ser. A, U.S. Govt. Coll., 5 5/8s, 8/15/29</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,575,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,646,883</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>OK Hsg. Fin. Agcy. Single Family Mtge. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Homeownership Loan), Ser. C, GNMA Coll., FNMA Coll.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.95s, 3/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,189,420</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>OK State Cap. Impt. Auth. State Facs. VRDN (Higher</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ed.), Ser. D-1, CIFG, 3.74s, 7/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>VMIG1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,900,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,900,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>OK State Indl. Dev. Auth. Rev. Bonds (Hlth. Syst.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. A, MBIA</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5 3/4s, 8/15/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,045,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,216,751</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5 3/4s, 8/15/29 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,955,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,097,017</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>18,305,848</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Oregon (1.0%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Terwilliger Plaza)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6 1/2s, 12/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,900,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,971,212</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. A, 5 1/4s, 12/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>510,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>505,803</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>OR State Hsg. &amp; Cmnty. Svcs. Dept. Rev. Bonds (Single</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Family Mtge.), Ser. K, 5 5/8s, 7/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>685,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>696,344</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>3,173,359</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Pennsylvania (4.1%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Allegheny Cnty., Hosp. Dev. Auth. Rev. Bonds (Hlth.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Syst.-West PA), Ser. A, 5s, 11/15/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ba2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,870,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,748,974</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Allegheny Cnty., Indl. Dev. Auth. Rev. Bonds (Env.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Impt.), 5 1/2s, 11/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,314,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bucks Cnty., Indl. Dev. Auth. Retirement Cmnty. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bonds (Ann's Choice, Inc.), Ser. A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6 1/8s, 1/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>610,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>639,719</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.3s, 1/1/14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>690,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>695,555</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.2s, 1/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,001,820</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Carbon Cnty., Indl. Dev. Auth. Rev. Bonds (Panther</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Creek Partners), 6.65s, 5/1/10</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,332,162</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Erie-Western PA Port Auth. Rev. Bonds, 6 1/4s, 6/15/10</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB+/F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>385,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>389,335</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Lebanon Cnty., Hlth. Facs. Rev. Bonds (Pleasant View</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Retirement), Ser. A, 5.3s, 12/15/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>501,175</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Lehigh Cnty., Gen. Purpose Auth. Rev. Bonds (Lehigh</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_8"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="57%"></TD>
     <TD width="20%">&nbsp;</TD>
     <TD width="12%">&nbsp;</TD>
     <TD width="10%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Valley Hosp. Hlth. Network), Ser. A, 5 1/4s, 7/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,013,510</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Monroe Cnty., Hosp. Auth. Rev. Bonds (Pocono Med.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ctr.), 6s, 1/1/43 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>556,040</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Montgomery Cnty., Indl. Auth. Resource Recvy. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bonds (Whitemarsh Cont Care), 6 1/4s, 2/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>732,326</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>PA State Higher Edl. Fac. Auth. Rev. Bonds (Widener</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>U.), 5.4s, 7/15/36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,035,420</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Philadelphia, Hosp. &amp; Higher Ed. Fac. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Graduate Hlth. Syst.), 7 1/4s, 7/1/10 (In default)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(NON)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>D/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,715,067</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,430</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sayre, Hlth. Care Fac. Auth. Rev. Bonds (Guthrie</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Hlth.), Ser. A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5 7/8s, 12/1/31 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,390,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,511,764</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5 7/8s, 12/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>410,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>432,320</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Wilkes-Barre, Fin. Auth. (Wilkes U.), 5s, 3/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>560,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>570,651</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>13,480,901</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Puerto Rico (0.5%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Cmnwlth. of PR, Hwy. &amp; Trans. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>FGIC, 5 1/2s, 7/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,035,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,124,476</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5s, 7/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>590,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>602,071</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>1,726,547</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Rhode Island (0.9%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>RI State COP (Howard Ctr. Impt.), MBIA, 5 3/8s, 10/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>3,037,500</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>South Carolina (1.9%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Lexington Cnty. Hlth. Svcs. Dist. Inc. Hosp. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bonds, 5 1/2s, 5/1/37 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,087,840</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>SC Hosp. Auth. Rev. Bonds (Med. U.), Ser. A, 6 1/2s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8/15/32 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,399,025</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>SC Jobs Econ. Dev. Auth. Hosp. Fac. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Palmetto Hlth. Alliance), Ser. A, 7 3/8s, 12/15/21</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB+/F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,126,480</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>SC Tobacco Settlement Rev. Mgmt. Auth. Rev. Bonds,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. B</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6 3/8s, 5/15/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,453,868</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6s, 5/15/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,195,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,246,206</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>6,313,419</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>South Dakota (0.8%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>SD Edl. Enhancement Funding Corp. SD Tobacco Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bonds, Ser. B, 6 1/2s, 6/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,140,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>SD Hsg. Dev. Auth. Rev. Bonds (Home Ownership Mtge.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. J, 4 1/2s, 5/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>502,020</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>2,642,220</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Tennessee (2.3%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Johnson City, Hlth. &amp; Edl. Fac. Board Hosp. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(First Mtge. Mountain States Hlth.), Ser. A, 7 1/2s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,225,474</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Johnson City, Hlth. &amp; Edl. Facs. Board Retirement Fac.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Rev. Bonds (Appalachian Christian Village), Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6 1/4s, 2/15/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>623,070</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Shelby Cnty., Hlth. Edl. &amp; Hsg. Fac. Hosp. Board Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bonds (Methodist Hlth. Care)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6 1/2s, 9/1/26 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,255,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,402,726</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6 1/2s, 9/1/26 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>745,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>832,694</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sullivan Cnty., Hlth. Edl. &amp; Hsg. Hosp. Fac. Board</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Rev. Bonds (Wellmont Hlth. Syst.), Ser. C, 5s, 9/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>450,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>448,097</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>7,532,061</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Texas (10.5%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Abilene, Hlth. Fac. Dev. Corp. Rev. Bonds (Sears</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Methodist Retirement), Ser. A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7s, 11/15/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>642,888</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5 7/8s, 11/15/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>20,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>20,197</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Brazoria Cnty., Brazos River Harbor Naval Dist. VRDN</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Dow Chemical Co.), Ser. A-3, 5 1/8s, 5/15/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>370,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>366,056</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Carrollton, Farmers Branch Indpt. School Dist. G.O.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bonds, PSFG, 5s, 2/15/17 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,655,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,813,527</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Fort Worth, Higher Ed. Fin. Corp. Rev. Bonds (Wesleyan</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>U.), Ser. A, 6s, 10/1/12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ba2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>550,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>550,765</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Harris Cnty., Rev. Bonds, Ser. B, FSA, 5s, 8/15/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,766,310</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Harris Cnty., Hlth. Fac. Rev. Bonds (Memorial Hermann</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Hlth. Care), Ser. A, 6 3/8s, 6/1/29 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,287,340</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Houston, Arpt. Syst. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Special Fac. - Continental Airlines, Inc.), Ser. E,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6 3/4s, 7/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,550,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,704,324</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Continental Airlines, Inc.), Ser. C, 5.7s, 7/15/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,545,823</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Mission, Econ. Dev. Corp. Solid Waste Disp. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Allied Waste N.A. Inc.), Ser. A, 5.2s, 4/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>493,950</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Port Corpus Christi Indl. Dev. Corp. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Valero), Ser. C, 5.4s, 4/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>815,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>829,059</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sabine River Auth. Rev. Bonds (TXU Electric), Ser. C,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.2s, 5/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>984,950</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sam Rayburn Muni. Pwr. Agcy. Rev. Bonds, 6s, 10/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,612,300</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Northwest Sr. Hsg. Edgemere), Ser. A, 5 3/4s, 11/15/16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>314,703</FONT>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_9"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="57%"></TD>
     <TD width="20%">&nbsp;</TD>
     <TD width="12%">&nbsp;</TD>
     <TD width="10%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Retirement</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Fac. Rev. Bonds (Air Force Village), 5 1/8s, 5/15/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB+/F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,675,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,673,128</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Tomball, Hosp. Auth. Rev. Bonds (Tomball Regl. Hosp.)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6s, 7/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,052,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6s, 7/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>800,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>821,768</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6s, 7/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>800,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>822,352</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>TX State Dept. of Hsg. &amp; Cmnty. Affairs Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Single Fam.), Ser. F, FHA Insd., 5 3/4s, 3/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,113,660</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>34,415,600</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Utah (0.9%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Carbon Cnty., Solid Waste Disp. Rev. Bonds (Laidlaw</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Env.), Ser. A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7 1/2s, 2/1/10</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>757,245</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7.45s, 7/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>612,828</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Tooele Cnty., Harbor &amp; Term. Dist. Port Fac. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bonds (Union Pacific), Ser. A, 5.7s, 11/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,545,135</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>2,915,208</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Vermont (0.2%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>VT Hsg. Fin. Agcy. Rev. Bonds, Ser. 19A, FSA, 4.62s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>720,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>722,520</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Virginia (1.7%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Albemarle Cnty., Indl. Dev. Auth. Res. Care Fac. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bonds (Westminster-Canterbury), 5s, 1/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>597,312</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Henrico Cnty., Econ. Dev. Auth. Res. Care Fac. Rev.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bonds (Westminster-Canterbury), 5s, 10/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>595,554</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Hopewell, Indl. Dev. Auth. Env. Impt. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Smurfit-Stone Container Corp.), 5 1/4s, 6/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>CCC+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>498,375</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>James Cnty., Indl. Dev. Auth. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Williamsburg), Ser. A, 6 1/8s, 3/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,054,710</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Lynchburg, Indl. Dev. Auth. Res. Care Fac. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Westminster-Canterbury)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5s, 7/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,243,038</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4 7/8s, 7/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>979,680</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Winchester, Indl. Dev. Auth. Res. Care Fac. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Westminster-Canterbury), Ser. A, 5.2s, 1/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>503,950</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>5,472,619</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Washington (1.4%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Tobacco Settlement Auth. of WA Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6 5/8s, 6/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,148,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6 1/2s, 6/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,155,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,236,797</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>WA State Hlth. Care Fac. Auth. Rev. Bonds (Group Hlth.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Coop), Radian Insd., 5s, 12/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,125,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,151,887</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>4,537,484</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>West Virginia (0.7%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Princeton, Hosp. Rev. Bonds (Cmnty. Hosp. Assn.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Inc.), 6.1s, 5/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>2,301,008</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Wisconsin (3.6%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Badger Tobacco Settlement Asset Securitization Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6 3/8s, 6/1/32 (SEG)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,330,920</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7s, 6/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,279,780</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>WI State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds (Wheaton</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Franciscan), 5 3/4s, 8/15/30 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,900,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,226,430</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>11,837,130</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Wyoming (0.6%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sweetwater Cnty., Poll. Control VRDN (Pacificorp.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. B, 3.74s, 1/1/14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A-1+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,300,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sweetwater Cnty., Solid Waste Disp. Rev. Bonds (FMC</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Corp.), 5.6s, 12/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>731,178</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>2,031,178</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Total municipal bonds and notes (cost $474,838,684)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>$487,563,724</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>PREFERRED STOCKS (1.9%)(a)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Shares</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Charter Mac. Equity Trust 144A Ser. A, 6.625% cum. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$2,080,880</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>MuniMae Tax Exempt Bond Subsidiary, LLC 144A Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.875% cum. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,179,840</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Total preferred stocks (cost $6,000,000)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>$6,260,720</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>TOTAL INVESTMENTS</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Total investments (cost $480,838,684) (b)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>$493,824,444</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_10"></A>
<P align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>FUTURES CONTRACTS OUTSTANDING at 7/31/07 (Unaudited)</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="52%"></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD>
     <TD width="4%" background=""></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Number of</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Expiration</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Unrealized</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>contracts</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Value</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>date</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>depreciation</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>U.S. Treasury Note</FONT>&nbsp;<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5 yr (Short)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>135</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$14,238,281</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sep-07</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$(124,687)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>U.S. Treasury Note</FONT>&nbsp;<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10 yr (Short)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>138</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>14,824,219</FONT>&nbsp; </TD>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sep-07</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(265,213)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Total</FONT></B>&nbsp; &nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$(389,900)</FONT>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_11"></A>
<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>NOTES</FONT></P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(a) Percentages indicated are based on net assets of $</FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>328,520,197.</FONT></P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(RAT) The Moody's or Standard &amp; Poor's ratings indicated are believed to be the most recent ratings available at </FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>July 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 July 31, 2007. Securities rated by Putnam are indicated by "/P." Securities rated by Fitch are indicated by "/F."</FONT></P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(b) The aggregate identified cost on a tax basis is $480,295,425, resulting in gross unrealized appreciation and depreciation of $18,369,415 and $4,840,396, respectively, or net unrealized appreciation of $13,529,019.</FONT></P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(NON) Non-income-producing security.</FONT></P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(RES) Restricted, excluding 144A securities, as to public resale. The total market value of restricted securities held at July 31, 2007 was $2,069,580 or 0.6% of net assets.</FONT></P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(SEG) A portion of this security was pledged and segregated with the custodian to cover margin requirements for futures contracts at July 31, 2007.</FONT></P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(F) Security is valued at fair value following procedures approved by the Trustees.</FONT></P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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 face=ArialMT,Arial,Helvetica,sans-serif size=2>The rates shown on Variable Rate Demand Notes (VRDN), Floating Rate Bonds (FRB) and Floating Rate Notes (FRN) are the current interest rates at July 31, 2007.</FONT></P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>The dates shown on debt obligations are the original maturity dates.</FONT></P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>The fund had the following sector concentrations greater than 10% at July 31, 2007 (as a percentage of net assets):</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="49%"></TD>
     <TD width="50%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Health care</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>59.8%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Housing</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>13.7</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Land</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>13.2</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Utilities</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>13.1</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Air Transportation</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11.1</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>The fund had the following insurance concentration greater than 10% at July 31, 2007 (as a percentage of net assets):</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="49%"></TD>
     <TD width="50%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>AMBAC</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10.4%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Security valuation </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. Certain investments are also 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 face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Futures and options contracts </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>The fund may use futures and options contracts to hedge against changes in the values of securities the fund owns or expects to purchase, or for other investment purposes. The fund may also write options on swaps or securities it owns or in which it may invest to increase its current returns.</FONT></P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>The potential risk to the fund is that the change in value of futures and options contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, or if the counterparty to the contract is unable to perform. Risks may exceed amounts recognized on the statement of assets and liabilities. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Realized gains and losses on purchased options are included in realized gains and losses on investment securities. If a written call option is exercised, the premium originally received is recorded as an addition to sales proceeds. If a written put option is exercised, the premium originally received is recorde
d as a reduction to the cost of investments.</FONT></P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as &#147;variation margin.&#148; Exchange traded options are valued at the last sale price or, if no sales are reported, the last bid price for purchased options and the last ask price for written options. Options traded over-the-counter are valued using prices supplied by dealers. Futures and written option contracts outstanding at period end, if any, are listed after the fund&#146;s portfolio.</FONT></P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com</FONT></P>
<HR align=center width="100%" noShade SIZE=2>











































<!--$$/page=-->
<A name="page_1"></A>
<P align=left><U><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Item 2. Controls and Procedures:</FONT></U><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2> </FONT></P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,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=ArialMT,Arial,Helvetica,sans-serif size=2>(b) Changes in internal control over financial reporting: <BR>
Not applicable </FONT></P>
<P align=left><U><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Item 3. Exhibits:</FONT></U><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2> </FONT></P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,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=ArialMT,Arial,Helvetica,sans-serif size=2>SIGNATURES</FONT></U><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2> </FONT></P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,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=ArialMT,Arial,Helvetica,sans-serif size=2>Putnam Managed Municipal Income Trust</FONT></U><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2> </FONT><BR>
<BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>By (Signature and Title): </FONT><BR>
<BR>
<U><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>/s/ Janet C. Smith</FONT></U><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2> </FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Janet C. Smith </FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Principal Accounting Officer </FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Date: September 28, 2007 </FONT></P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,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=ArialMT,Arial,Helvetica,sans-serif size=2>By (Signature and Title): </FONT><BR>
<BR>
<U><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>/s/ Charles E. Porter</FONT></U><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2> </FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Charles E. Porter </FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Principal Executive Officer </FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Date: September 28, 2007 </FONT><BR>
<BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>By (Signature and Title): </FONT><BR>
<BR>
<U><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>/s/ Steven D. Krichmar</FONT></U><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2> </FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Steven D. Krichmar </FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Principal Financial Officer </FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Date: September 28, 2007 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>




























</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>b_cert.htm
<DESCRIPTION>EX-99.CERT
<TEXT>

<HTML>
<HEAD>
   <TITLE>b_cert.htm</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">


<!--$$/page=-->
<A name="page_1"></A>

<P align="left">
<U><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Certifications</FONT></U><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif"> </FONT></P>
<P align="left">
<FONT size=2 face="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,sans-serif">/s/ Charles E. Porter </FONT><BR>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">_____________________________</FONT><BR>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Date: September 27, 2007 </FONT><BR>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Charles E. Porter </FONT><BR>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Principal Executive Officer </FONT></P>

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



<!--$$/page=-->
<A name="page_2"></A>

<P align="left">
<U><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Certifications</FONT></U><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif"> </FONT></P>
<P align="left">
<FONT size=2 face="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,sans-serif">/s/ Steven D. Krichmar</FONT><BR>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">_______________________________</FONT><BR>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Date: September 27, 2007 </FONT><BR>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Steven D. Krichmar</FONT><BR>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Principal Financial Officer </FONT></P>

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


<!--$$/page=-->
<A name="page_3"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="5%"></TD>
     <TD width="24%"></TD>
     <TD width="23%"></TD>
     <TD width="47%"></TD></TR>
<TR>
     <TD></TD>
     <TD colSpan=3></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Attachment A</FONT>&nbsp; </TD>
     <TD noWrap align=center background="">&nbsp;</TD>
     <TD noWrap align=left background="">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>NQ</FONT>&nbsp; </TD>
     <TD noWrap align=center background="">&nbsp;</TD>
     <TD noWrap align=left background="">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Period (s) ended July 31, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=center background="">&nbsp;</TD>
     <TD noWrap align=left background="">&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>2OV</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Putnam Mid Cap Value Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>052</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Putnam Managed Municipal Income Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>183</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Putnam Municipal Bond Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>582</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Putnam Municipal Opportunities Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>002</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>The Putnam Fund for Growth &amp; Income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>004</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Putnam Income Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>2II</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Putnam Capital Opportunities Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>840</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Putnam Utilities Growth &amp; Income Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>2MI</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Putnam Tax Smart Equity Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>005</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Putnam Global Equity Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>008</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Putnam Convertible Income-Growth Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="5%"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>041</FONT>&nbsp; </TD>
     <TD noWrap align=left width="94%" colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Putnam Global Income Trust</FONT>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
