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<SEC-DOCUMENT>0000928816-08-001232.txt : 20080925
<SEC-HEADER>0000928816-08-001232.hdr.sgml : 20080925
<ACCEPTANCE-DATETIME>20080925161705
ACCESSION NUMBER:		0000928816-08-001232
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080731
FILED AS OF DATE:		20080925
DATE AS OF CHANGE:		20080925
EFFECTIVENESS DATE:		20080925

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:		081088936

	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_managedmuniinc.htm
<DESCRIPTION>PUTNAM MANAGED MUNICIPAL INCOME TRUST
<TEXT>
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     <TD align=center colSpan=3><FONT face=sans-serif size=2>UNITED STATES</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=3><FONT face=sans-serif size=2>SECURITIES AND EXCHANGE COMMISSION</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=3><FONT face=sans-serif size=2>Washington, D.C. 20549</FONT> </TD></TR>
<TR>
     <TD align=center colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=3><B><FONT face=sans-serif size=2>FORM N-Q</FONT></B> </TD></TR>
<TR>
     <TD align=center colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center colSpan=3><B><FONT face=sans-serif size=2>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=3><B><FONT face=sans-serif size=2>INVESTMENT COMPANY</FONT></B> </TD></TR>
<TR>
     <TD align=center colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Investment Company Act file number: (811- </FONT><FONT face=sans-serif size=2>05740</FONT><FONT face=sans-serif size=2>)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=2>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Exact name of registrant as specified in charter:</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Putnam Managed Municipal Income Trust</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=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 colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Name and address of agent for service:</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=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=2><FONT face=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=2><FONT face=sans-serif size=2>Boston, Massachusetts 02109</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face=sans-serif size=2>Copy to:</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><FONT face=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=2><FONT face=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=2><FONT face=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=2><FONT face=sans-serif size=2>Boston, Massachusetts 02110</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Registrant&#146;s telephone number, including area code:</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(617) 292-1000</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=2>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Date of fiscal year end: </FONT><FONT face=sans-serif size=2>October 31, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Date of reporting period: July 31, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR></TABLE><BR>
<P align=left><U><FONT face=sans-serif size=2>Item 1. Schedule of Investments:</FONT></U></P>
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<P align=left><FONT face=sans-serif>Putnam Managed Municipal Income Trust</FONT><BR>
<FONT face=sans-serif size=2>The fund's portfolio</FONT><BR>
<FONT face=sans-serif size=1>7/31/08 (Unaudited)</FONT></P>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Key to abbreviations</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>AMBAC -- AMBAC Indemnity Corporation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Cmnwlth. Of PR Gtd. -- Commonwealth of Puerto Rico Guaranteed</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>COP -- Certificate of Participation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>FGIC -- Financial Guaranty Insurance Company</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>FHA Insd. -- Federal Housing Administration Insured</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>FNMA Coll. -- Federal National Mortgage Association Collateralized</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>FRB -- Floating Rate Bonds</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>FRN -- Floating Rate Notes</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>FSA -- Financial Security Assurance</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>GNMA Coll. -- Government National Mortgage Association Collateralized</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>G.O. Bonds -- General Obligation Bonds</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MBIA -- MBIA Insurance Company</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>U.S. Govt. Coll. -- U.S. Government Collateralized</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>VRDN -- Variable Rate Demand Notes</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="61%"></TD>
     <TD width="8%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>MUNICIPAL BONDS AND NOTES (154.9%)(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=sans-serif size=1>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=sans-serif size=1>Rating(RAT)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>amount</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>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=sans-serif size=1>Alabama (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=sans-serif size=1>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=sans-serif size=1>(GA. Pacific Corp.), 5 3/4s, 9/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$1,225,740</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Courtland, Indl. Dev. Board 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=sans-serif size=1>(Intl. Paper Co.), Ser. A, 5s, 11/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,449,570</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Med. Ctr.), 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=sans-serif size=1>6s, 8/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>222,615</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>6s, 8/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>650,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>611,143</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=sans-serif size=1>3,509,068</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=sans-serif size=1>Arizona (3.7%)</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=sans-serif size=1>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=sans-serif size=1>Bonds (Tucson Elec. Pwr. Co.)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. B, 5 7/8s, 3/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>955,580</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. A, 5.85s, 3/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>242,070</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Lincoln Hlth. Network), 6 3/8s, 12/1/37 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,698,615</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Regl. Med. Ctr.), 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=sans-serif size=1>7 5/8s, 12/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,800,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,813,536</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>7 1/4s, 12/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,005,900</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Vista Regl. Hlth. Ctr.), Ser. A, 6.2s, 12/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>470,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>478,305</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(Tuscon/Navajo Elec. Pwr.), Ser. A, 7 1/8s, 10/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,767,813</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Glendale, Indl. Dev. Auth. Rev. Bonds (John C. Lincoln</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Hlth.), Ser. B, 5 1/4s, 12/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>495,335</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Maricopa Cnty., Poll. Control Rev. Bonds (Public</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Service Co. New Mexico), Ser. A, 6.3s, 12/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>535,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>534,968</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Pima 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=sans-serif size=1>(Tucson Elec. Pwr.), Ser. A, 6 3/8s, 9/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>503,765</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Horizon Cmnty. Learning Ctr.), 5.05s, 6/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,140,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,022,831</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Salt Verde, Fin. Corp. Gas 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=sans-serif size=1>5s, 12/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>330,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>276,203</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5s, 12/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,570,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,341,910</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(Scottsdale Hlth. Care), Class A, 5 1/4s, 9/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>946,240</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Tempe, Indl. Dev. Auth. Sr. Living 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=sans-serif size=1>(Friendship Village), Ser. A, 5 3/8s, 12/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>496,005</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=sans-serif size=1>15,579,076</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=sans-serif size=1>Arkansas (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=sans-serif size=1>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=sans-serif size=1>Regl. Med. Ctr.), 7 3/8s, 2/1/29 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,943,298</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Arkadelphia, Pub. Ed. Fac. Board Rev. Bonds (Ouachita</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baptist U.), 6s, 3/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>840,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>817,866</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baxter Cnty., Hosp. Rev. Bonds, 5s, 9/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>708,645</FONT>&nbsp; </TD></TR></TABLE><BR>
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     <TD width="8%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>AR, Inc.), 5s, 1/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,344,630</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Little Rock G.O. Bonds (Cap. Impt.), FSA, 3.95s, 4/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>325,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>329,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>4.05s, 7/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>960,670</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>4s, 7/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>710,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>697,902</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=sans-serif size=1>9,802,711</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=sans-serif size=1>California (9.5%)</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=sans-serif size=1>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=sans-serif size=1>6.2s, 10/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>345,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>346,032</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>AMBAC, 5.293s, 7/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,406,358</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(CA-NV Methodist), 5s, 7/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>740,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>738,231</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>CA Poll. Control Fin. Auth. Rev. Bonds (Pacific Gas &amp;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Electric Corp.), Class D, FGIC, 4 3/4s, 12/1/23</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,179,975</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>CA Poll. Control Fin. Auth. VRDN (Pacific Gas &amp;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Electric Corp.), Class C, 1.8s, 11/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A-1+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,000,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>CA Poll. Control Fin. Auth. Solid Waste Disp. FRB</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Waste Management, Inc.), Ser. C, 5 1/8s, 11/1/23</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,150,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,808,903</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Bonds (Waste Management, Inc.), Ser. A-2, 5.4s, 4/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,760,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,510,960</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>CA Statewide Cmnty. 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=sans-serif size=1>Group), 5 3/8s, 4/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,950,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,535,843</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>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=sans-serif size=1>5.05s, 9/2/35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,040,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>863,897</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5s, 9/2/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>212,310</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(No. 06-1 Eastlake Woods Area), 6.1s, 9/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>999,140</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(No. 07-1 Otay Ranch Village Eleven), 5.8s, 9/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>281,409</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Ser. B, 5s, 12/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,490,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,348,778</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>default) (F)(NON)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>D/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10,775,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>118,525</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>10), 5 7/8s, 9/1/28 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,170,543</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Foothill/Eastern Corridor Agcy. Rev. Bonds (CA Toll</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Roads), 5 3/4s, 1/15/40</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,940,560</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Ser. A-1, 5s, 6/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>585,128</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Irvine, Impt. Board Act of 1915 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=sans-serif size=1>(No. 00-18 Group 3), 5.55s, 9/2/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>479,610</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Orange Cnty., Cmnty. Fac. Dist. 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=sans-serif size=1>(Ladera Ranch No. 02-1), Ser. A, 5.55s, 8/15/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>900,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>846,747</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Bonds (Dist. No. 14- Area A), 5 1/8s, 9/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>850,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>734,043</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Roseville, Natural Gas Fin. Auth. Rev. Bonds, 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=sans-serif size=1>2/15/12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>401,404</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Ser. 4-C, 6s, 9/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,245,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,208,833</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>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=sans-serif size=1>Ser. A, 6 1/8s, 8/15/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>516,185</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Bonds (Impt. Area No. 1), Ser. B, 6 3/8s, 9/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,135,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,135,219</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sunnyvale, Special Tax Rev. Bonds (Cmnty. Fac. Dist.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>No. 1), 7 3/4s, 8/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>835,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>851,683</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Bonds (Marketplace 94-1), zero %, 9/1/14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,415,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,145,884</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Vernon, Natural Gas Fin. Auth. Mandatory Put 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=sans-serif size=1>Ser. A-4, MBIA, 5s, 8/3/09</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,780,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,798,673</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=sans-serif size=1>40,164,873</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=sans-serif size=1>Colorado (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=sans-serif size=1>CO Edl. &amp; Cultural Fac. Auth. VRDN (National Jewish</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Federation Bond), Ser. C-2, 2.1s, 3/1/36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>VMIG1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>600,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(Christian Living Cmntys.), Ser. A, 5 3/4s, 1/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>425,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>390,796</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Valley View Hosp. Assn.), 5 1/2s, 5/15/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,495,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,324,898</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Evangelical Lutheran), 5 1/4s, 6/1/23</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>972,830</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>CO Pub. Hwy. Auth. Rev. Bonds (E-470 Pub. Hwy.), Ser. B</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>zero %, 9/1/35 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>15,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,228,900</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>zero %, 9/1/34 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>16,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,560,140</FONT>&nbsp; </TD></TR></TABLE><BR>
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<TR>
     <TD width="61%"></TD>
     <TD width="8%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>7 3/4s, 11/15/13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>930,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,008,845</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(United Airlines), Ser. A, 5 1/4s, 10/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>325,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>201,308</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>E-470 Pub. Hwy. Auth. Rev. Bonds, Ser. C1, 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=sans-serif size=1>5 1/2s, 9/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,024,650</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=sans-serif size=1>12,312,367</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=sans-serif size=1>Connecticut (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=sans-serif size=1>CT State Dev. Auth. 1st. Mtg. Gross Rev. 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=sans-serif size=1>Rev. Bonds (Elim Street Park Baptist, Inc.), 5.85s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>12/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>716,603</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=sans-serif size=1>Delaware (0.3%)</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=sans-serif size=1>DE State Rev. Bonds (Beebe Med. Ctr.), Ser. A, 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=sans-serif size=1>6/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>882,440</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>New Castle Cnty., Rev. Bonds (Newark Charter School,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Inc.), 5s, 9/1/36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>83,091</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Lewes), Ser. A, 5.9s, 1/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>464,110</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=sans-serif size=1>1,429,641</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=sans-serif size=1>District of Columbia (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=sans-serif size=1>DC Tobacco Settlement Fin. Corp. 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=sans-serif size=1>zero %, 6/15/46</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB/F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>17,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>850,150</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=sans-serif size=1>Florida (8.3%)</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=sans-serif size=1>CFM Cmnty. Dev. Dist. Rev. Bonds, Ser. B, 5 7/8s,</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=sans-serif size=1>5/1/14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>730,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>655,270</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Double Branch 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=sans-serif size=1>6.7s, 5/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>960,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>978,134</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Escambia Cnty., Env. Impt. Rev. Bonds (Intl. Paper</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Co.), Ser. A, 5s, 8/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,591,820</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Ser. A, 6 1/8s, 5/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>465,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>454,412</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. B, 5 1/8s, 11/1/09</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>80,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>79,558</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>FL Hsg. Fin. Corp. Rev. Bonds, Ser. G, 5 3/4s, 1/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,410,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,427,696</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Assmt. Bonds, Ser. B, 7 3/8s, 5/1/31 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,208,130</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Halifax, Hosp. Med. Ctr. 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=sans-serif size=1>5 1/4s, 6/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,725,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,663,351</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5 1/4s, 6/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>655,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>654,411</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Ser. A, 6 1/2s, 5/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>470,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>480,754</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Heritage Harbour Marketplace Cmnty., Dev. Dist.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Special Assmt., 5.6s, 5/1/36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>390,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>309,251</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Assmt., Ser. B, 5s, 11/1/09</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>155,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>152,853</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Hillsborough Cnty., Indl. Dev. Auth. Poll. Control</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mandatory Put 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=sans-serif size=1>(Tampa Elec. Co.), Ser. B, 5.15s, 9/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>398,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>AMBAC, 5s, 12/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>525,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>526,864</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Jacksonville, Econ. Dev. Comm. Hlth. 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=sans-serif size=1>Bonds (Proton Therapy Inst.), Class A, 6s, 9/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>511,905</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(Gerdau Ameristeel US, Inc.), 5.3s, 5/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ba1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>900,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>722,799</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Jacksonville, Hlth. Fac. Auth. Rev. Bonds (Brooks</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Hlth. Syst.), 5s, 11/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,253,850</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Lakeland, Retirement Cmnty. Rev. Bonds (1st 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=sans-serif size=1>Carpenters), 6 3/8s, 1/1/43</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB-/F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>340,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>336,464</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(Cypress Cove Hlth. Pk.), Ser. A, 6 3/8s, 10/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,100,308</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(Shell Pt./Alliance Oblig. Group), 5 1/8s, 11/15/36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>575,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>452,289</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Shell Pt./Alliance Cmnty.), 5s, 11/15/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,329,645</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Main St. Cmnty., Dev. Dist. Special Assmt. Bonds, 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=sans-serif size=1>A, 6.8s, 5/1/38</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>244,355</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Sinai Med. Ctr.), 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=sans-serif size=1>6.8s, 11/15/31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ba1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>499,985</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>6.7s, 11/15/19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ba1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,335,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,365,104</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Orange Cnty., Hlth. Fac. Auth. Rev. Bonds (Orlando</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Regl. Hlth. Care), U.S. Govt. Coll., 5 3/4s, 12/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR></TABLE><BR>
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<TR>
     <TD width="61%"></TD>
     <TD width="8%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>555,755</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>5.7s, 5/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>990,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>792,584</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>6 1/4s, 5/1/36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,195,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,789,671</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>5/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,240,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>985,515</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Hlth.), 5 1/4s, 11/15/33 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,632,855</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>5.7s, 5/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>970,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>823,501</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Split Pine, 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=sans-serif size=1>Ser. A, 5 1/4s, 5/1/39</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,850,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,413,049</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Port), Ser. A, 5 7/8s, 5/1/38</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>665,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>432,210</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>6.55s, 5/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>679,357</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5.4s, 5/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>450,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>375,278</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Verandah, West Cmnty. Dev. Dist. Rev. Bonds (Cap.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Impt.), Ser. A, 6 5/8s, 5/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>470,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>465,817</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(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=sans-serif size=1>Ser. A, 5 3/8s, 5/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,035,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>776,964</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. B, 5s, 11/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>630,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>565,236</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Bonds, Ser. A, 5 5/8s, 5/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>985,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>785,685</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>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=sans-serif size=1>6 1/2s, 5/1/36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,104,763</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>6 1/4s, 5/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>695,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>629,475</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=sans-serif size=1>35,205,323</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=sans-serif size=1>Georgia (7.0%)</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=sans-serif size=1>Atlanta, Wtr. &amp; Waste Wtr. VRDN, Ser. C, FSA, 2.4s,</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=sans-serif size=1>11/1/41</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>VMIG1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>12,200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>12,200,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Burke Cnty., Poll. Control Dev. Auth. Mandatory Put</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bonds (Oglethorpe Pwr. Corp.), Ser. C-2, 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=sans-serif size=1>4 5/8s, 4/1/10</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,555,215</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Forsyth Cnty., Hosp. Auth. Rev. Bonds (Baptist 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=sans-serif size=1>Care Syst.), U.S. Govt. Coll., 6 1/4s, 10/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,262,860</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(Canterbury Court), Class A, 6 1/8s, 2/15/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>552,588</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(First Mtge. - Lenbrook), Ser. A, 5s, 7/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,370,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,256,852</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>8/1/10</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,800,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,807,296</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Main St. Natural Gas, Inc. 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=sans-serif size=1>Ser. A, 6 1/4s, 7/15/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>914,250</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(GA Gas), Ser. A, 6s, 7/15/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,290,770</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Island), 5 1/4s, 7/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>575,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>491,809</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Rockdale Cnty., Dev. Auth. Rev. Bonds (Visy Paper),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. A, 6 1/8s, 1/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>583,776</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=sans-serif size=1>29,915,416</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Hawaii (0.3%)</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=sans-serif size=1>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=sans-serif size=1>(Continental Airlines, Inc.), 7s, 6/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,490,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>1,256,457</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=sans-serif size=1>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=sans-serif size=1>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=sans-serif size=1>Ser. C-2, FHA Insd., 5.15s, 7/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>950,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>942,011</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Madison Cnty., Hosp. COP</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5 1/4s, 9/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,480,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,431,145</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5 1/8s, 9/1/14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>507,665</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5 1/8s, 9/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>254,173</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=sans-serif size=1>3,134,994</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=sans-serif size=1>Illinois (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=sans-serif size=1>Chicago, G.O. Bonds, Ser. A, AMBAC, 5 5/8s, 1/1/39</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>105,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>108,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Chicago, Board of Ed. VRDN, Ser. C-1, FSA, 2.35s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>3/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>VMIG1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,970,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,970,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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<TR>
     <TD width="61%"></TD>
     <TD width="8%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>5 5/8s, 3/1/36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>350,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>294,518</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5.4s, 3/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>260,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>253,045</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>792,240</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(Monarch Landing, Inc.), Ser. A, 7s, 12/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,150,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,142,629</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Landing At Plymouth Place), Ser. A, 6s, 5/15/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>187,334</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Silver Cross Hosp. &amp; Med.), 6s, 8/15/23</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,345,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,405,337</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Three Crowns Pk. Plaza), Ser. A, 5 7/8s, 2/15/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>934,660</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Landing At Plymouth Place), Ser. A, 5.35s, 5/15/15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>590,916</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Inc.), Ser. A, 5.05s, 8/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>390,820</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>IL 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=sans-serif size=1>(Cmnty. Rehab. Providers Fac.), Ser. A, 7 7/8s, 7/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>CCC/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>168,115</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>148,533</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(St. Benedict), Ser. 03A-1, 6.9s, 11/15/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>374,655</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Elmhurst Memorial Hlth. Care), 5 5/8s, 1/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>482,525</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=sans-serif size=1>15,075,712</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=sans-serif size=1>Indiana (1.8%)</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=sans-serif size=1>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=sans-serif size=1>10/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB-/F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>555,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>495,321</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>IN Bk. Special Program Gas 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=sans-serif size=1>10/15/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>650,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>637,228</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Corp.), 5.6s, 12/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,351,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Indianapolis, Arpt. Auth. Rev. Bonds (Federal Express</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Corp.), 5.1s, 1/15/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,316,180</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Jasper Hosp. Auth. Rev. Bonds (Memorial 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=sans-serif size=1>5 1/2s, 11/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>502,015</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Village Notre Dame), Ser. A, 5 3/4s, 5/15/15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>455,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>457,489</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=sans-serif size=1>7,759,633</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=sans-serif size=1>Iowa (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=sans-serif size=1>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=sans-serif size=1>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=sans-serif size=1>9 1/4s, 7/1/25 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,480,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,298,227</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. A, 5 1/4s, 7/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,040,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>985,358</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. A, 5s, 7/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,497,165</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>IA Fin. Auth. Hlth. Fac. Rev. Bonds (Dev. 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=sans-serif size=1>Initiatives), Ser. A, 5 1/2s, 7/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>950,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>853,347</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>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=sans-serif size=1>6 1/8s, 11/15/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>704,505</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>6s, 11/15/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>195,314</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>IA State Higher Ed. Loan Auth. Rev. Bonds, 5s, 10/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB-/F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>800,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>758,696</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Ser. B, 5.6s, 6/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,754,083</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. C, 5 3/8s, 6/1/38</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>998,575</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=sans-serif size=1>15,045,270</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=sans-serif size=1>Kansas (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=sans-serif size=1>Burlington, Env. Impt. Mandatory Put Bonds (Pwr. &amp;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Lt.), Ser. A2, FGIC, 5s, 4/1/10</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>4,241,033</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=sans-serif size=1>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=sans-serif size=1>KY Econ. Dev. Fin. Auth. Rev. Bonds (First Mtg.), 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=sans-serif size=1>IA, 6 1/2s, 1/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>305,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>333,270</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(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=sans-serif size=1>6 1/2s, 10/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A-/F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,040,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,074,518</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>6 1/2s, 10/1/20 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>675,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>740,239</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Louisville/Jefferson Cnty., Metro. Govt. College 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=sans-serif size=1>Bonds (Bellarmine U.), Ser. A, 6s, 5/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>502,505</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=sans-serif size=1>2,650,532</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=sans-serif size=1>Louisiana (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=sans-serif size=1>De Soto Parish, Env. Impt. Rev. Bonds (Intl. Paper</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Co.), Ser. A, 5s, 11/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,285,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,120,122</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Desoto Parish, Rev. Bonds (Intl. Paper Co. Project),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. A, 5s, 10/1/12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>246,125</FONT>&nbsp; </TD></TR></TABLE><BR>
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     <TD width="8%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(Hlth. Care - St. James Place), Ser. A, 7s, 11/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,720,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,859,544</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(St. James Place), Ser. A, 7s, 11/1/20 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,081,130</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Rapides, Fin. Auth. Mandatory Put Bonds (Cleco Pwr.),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5 1/4s, 3/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,188,970</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Med. Ctr.), Ser. A, 5s, 2/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>482,575</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. 01-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=sans-serif size=1>5 7/8s, 5/15/39</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,363,715</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>States Util. Co.), Ser. C, 7s, 11/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,755,033</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=sans-serif size=1>14,097,214</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=sans-serif size=1>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=sans-serif size=1>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=sans-serif size=1>11/15/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,655,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,654,470</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Corp.), 6 7/8s, 10/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ba3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,934,030</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=sans-serif size=1>4,588,500</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=sans-serif size=1>Maryland (2.6%)</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=sans-serif size=1>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=sans-serif size=1>Ser. A, 5s, 1/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,874,060</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(WA Cnty. Hosp.), 6s, 1/1/43</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>710,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>698,782</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(WA Cnty. Hosp.), 5 3/4s, 1/1/38</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>450,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>432,716</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Medstar Hlth.), 5 3/4s, 8/15/15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,575,405</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(King Farm Presbyterian Cmnty.), Ser. A, 5 1/4s, 1/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>710,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>606,660</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Edenwald), Ser. A, 5.2s, 1/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>450,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>416,664</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(King Farm Presbyterian Cmnty.), Ser. B, 4 3/4s, 1/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,657,109</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MD State Indl. Dev. 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=sans-serif size=1>(Synagro-Baltimore), Ser. A, 5 3/8s, 12/1/14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+/F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>998,590</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(Our Lady of Good Counsel School), Ser. A, 6s, 5/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>390,592</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>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=sans-serif size=1>6 1/4s, 5/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>574,086</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5 7/8s, 5/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,967,260</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=sans-serif size=1>11,191,924</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=sans-serif size=1>Massachusetts (7.0%)</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=sans-serif size=1>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=sans-serif size=1>Inc.), 6s, 7/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,497,728</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Lasell Village), Ser. A, 6 3/8s, 12/1/25 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>555,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>574,281</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Linden Ponds, Inc. Fac.), Ser. A, 5 3/4s, 11/15/42</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>427,050</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Linden Ponds, Inc.), Ser. A, 5 3/4s, 11/15/35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>755,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>657,983</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Boston Biomedical Research), 5 3/4s, 2/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>949,290</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Linden Ponds, Inc.), Ser. A, 5 1/2s, 11/15/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>390,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>361,553</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Wheelock College), Ser. C, 5 1/4s, 10/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,636,845</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(First Mtge. - Orchard Cove), 5s, 10/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>550,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>502,761</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(Emerson College), Ser. A, 5s, 1/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>420,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>426,896</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MA State Dev. Fin. Agcy. 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=sans-serif size=1>(Adventcare), Ser. A, 6.65s, 10/15/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,050,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>948,696</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(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=sans-serif size=1>(Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,475,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,963,788</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Norwood Hosp.), Ser. C, 7s, 7/1/14 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ba2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,185,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,381,722</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,550,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,591,744</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(UMass Memorial), Ser. C, 6 5/8s, 7/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,225,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,259,043</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(UMass Memorial), Ser. C, 6 1/2s, 7/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,450,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,530,109</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Quincy Med. Ctr.), Ser. A, 6 1/4s, 1/15/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,646,110</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Hlth. Care Syst.-Covenant Hlth.), 6s, 7/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A/F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,065,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,094,458</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Baystate Med. Ctr.), Ser. F, 5.7s, 7/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,007,580</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Fisher College), Ser. A, 5 1/8s, 4/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>214,465</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Milford Regl. Med.), Ser. E, 5s, 7/15/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,051,126</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MA State Indl. Fin. Agcy. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>(1st Mtge. Stone Institution &amp; Newton), 7.9s, 1/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>751,793</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(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=sans-serif size=1>7/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,150,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,159,310</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>
<P align=right><B><FONT face=sans-serif size=1>29,634,331</FONT></B></P>
</TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=1></FONT></B>&nbsp;</P>
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     <TD noWrap align=left><B><FONT face=sans-serif size=1>Michigan (4.1%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Detroit, G.O. Bonds (Cap. Impt.), Ser. A-1, 5s, 4/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>950,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>952,603</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Detroit, Swr. Disp. VRDN, Ser. B, FSA, 2.4s, 7/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>VMIG1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,500,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Ctr.), 6s, 7/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ba1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>275,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>269,041</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Garden City, Hosp. Fin. Auth. Rev. Bonds (Garden City</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Hosp.), Ser. A, 5 3/4s, 9/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ba1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>450,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>433,368</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. A, 5s, 11/15/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB-/F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>461,935</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(Oakwood Hosp.), Ser. A, 6s, 4/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,534,005</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Oakwood Hosp.), Ser. A, 5 3/4s, 4/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>970,990</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Chelsea Cmnty. Hosp. Oblig.), 5s, 5/15/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>434,695</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Chelsea Cmnty. Hosp. Oblig.), 5s, 5/15/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>755,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>687,677</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>6/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,285,763</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MI State Strategic Fund, Ltd. Rev. Bonds (Worthington</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Armstrong Venture), U.S. Govt. Coll., 5 3/4s, 10/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,350,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,480,559</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Memorial Hosp.), 5 1/2s, 6/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,480,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,334,146</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=sans-serif size=1>17,344,782</FONT></B>&nbsp; </TD></TR>
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<HR noShade SIZE=1>
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<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
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     <TD noWrap align=left><B><FONT face=sans-serif size=1>Minnesota (2.3%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Douglas Cnty., Gross Hlth. Care Fac. Rev. Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Douglas Cnty. Hosp.), Ser. A, 6 1/4s, 7/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,980,740</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Duluth, Econ. 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=sans-serif size=1>(BSM Properties, Inc.), Ser. A, 5 7/8s, 12/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>115,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>105,132</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(Presbyterian Homes Care), 5 3/8s, 10/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>658,581</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MN State Higher Ed. Fac. Auth. Rev. Bonds (The College</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>of St. Catherine), Ser. 5-N1, 5s, 10/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,014,540</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Hsg.), Ser. H, 4.15s, 1/1/12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>747,623</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>North Oaks, Sr. Hsg. Rev. Bonds (Presbyterian Homes),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>6 1/8s, 10/1/39</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>315,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>303,332</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Northfield, Hosp. Rev. Bonds, 5 1/2s, 11/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,140,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,162,583</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Shepherd Lutheran Home), 6s, 1/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>367,376</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(Healtheast)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>6s, 11/15/35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,350,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,326,740</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. B, 5.85s, 11/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>251,723</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Pkg. Ramp), Ser. 1, 5s, 8/1/36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>850,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>699,746</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=sans-serif size=1>9,618,116</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=sans-serif size=1>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=sans-serif size=1>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=sans-serif size=1>Bonds (Weyerhaeuser Co.), Ser. B, 6.7s, 4/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,595,050</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Energy Resources, Inc.), 5.9s, 5/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,630,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,602,763</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>B-2, GNMA Coll., FNMA Coll., 6.45s, 12/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,075,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,105,917</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=sans-serif size=1>5,303,730</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=sans-serif size=1>Missouri (7.5%)</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=sans-serif size=1>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=sans-serif size=1>Rev. Bonds (St. Francis Med. Ctr.), 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=sans-serif size=1>5 1/2s, 6/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,686,878</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5 1/2s, 6/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,039,330</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(First Mtge. Bishop Spencer), Ser. A, 6 1/2s, 1/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,977,460</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MO State Hlth. &amp; Edl. Fac. Auth., (St. Luke's Health</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>System) Ser. 2003A, FSA, 51/2s, 11/15/28 (T)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10,211,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MO State Hlth. &amp; Edl. Fac. Auth. 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=sans-serif size=1>(Washington U. (The)), Ser. B, 2s, 9/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>VMIG1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,800,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,800,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Washington U. (The)), Ser. D, 1.9s, 9/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>VMIG1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,100,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(SSM Hlth. Care), Ser. C-1, FSA, 0.95s, 6/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A-1+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10,000,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MO State Hsg. Dev. Comm. 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=sans-serif size=1>(Single Fam. Homeowner Loan), Ser. A-1, GNMA 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=sans-serif size=1>FNMA Coll, 7 1/2s, 3/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>305,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>314,931</FONT>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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<TR>
     <TD width="61%"></TD>
     <TD width="8%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Single Fam. Homeowner Loan), Ser. B-1, GNMA 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=sans-serif size=1>FNMA Coll., 7.45s, 9/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>306,666</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Single Fam. Home Ownership Loan), Ser. A-1, GNMA</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Coll., FNMA Coll., 6 3/4s, 3/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>415,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>420,885</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Single Fam. Mtge.), Ser. D-2, 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=sans-serif size=1>6 1/2s, 9/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,160,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,190,230</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Single Fam. Homeowner Loan), Ser. A-2, GNMA 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=sans-serif size=1>6.3s, 3/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>290,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>296,183</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Single Fam. Home Ownership Loan), Ser. B, GNMA 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=sans-serif size=1>FNMA Coll., 4.4s, 9/1/14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>375,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>370,466</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Single Fam. Home Ownership Loan), Ser. B, GNMA 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=sans-serif size=1>FNMA Coll., 4.3s, 9/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>365,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>364,004</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=sans-serif size=1>32,078,733</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=sans-serif size=1>Montana (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=sans-serif size=1>Forsyth, Poll. Control VRDN (Pacific Corp.), 2.55s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>1/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>P-1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,600,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Lutheran), Ser. A, 6s, 5/15/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>478,070</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MT State Board Inv. Exempt Fac. Rev. Bonds (Still</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Water Mining Project), 8s, 7/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>253,548</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=sans-serif size=1>3,331,618</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=sans-serif size=1>Nebraska (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=sans-serif size=1>Central Plains, Energy Project Rev. Bonds (NE Gas 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=sans-serif size=1>1), Ser. A, 5 1/4s, 12/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,090,228</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(Great Platte River), 8s, 9/1/12 (In default) (NON)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>D/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>61,716</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>12,343</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Brookhaven), zero %, 9/1/12 (In default) (NON)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>D/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>791,466</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>11,872</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=sans-serif size=1>5,114,443</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=sans-serif size=1>Nevada (3.1%)</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=sans-serif size=1>Clark Cnty., G.O. Bonds (Pk. &amp; Regl. Justice 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=sans-serif size=1>FGIC, 5 5/8s, 11/1/19 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,090,980</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Clark Cnty., Impt. Dist. Special Assmt. (Summerlin 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=sans-serif size=1>151)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5s, 8/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>425,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>364,837</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5s, 8/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,010,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>923,807</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Clark Cnty., Impt. 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=sans-serif size=1>(Summerlin No. 142), 6 3/8s, 8/1/23</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>975,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>945,311</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Corp.), Ser. C, AMBAC, 5.95s, 12/1/38</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,856,100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Clark Cnty., Local Impt. 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=sans-serif size=1>(No. 142), 6.1s, 8/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>246,515</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Henderson, Local Impt. Dist. Special Assmt. (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=sans-serif size=1>T-17), 5s, 9/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>375,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>330,581</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Henderson, Local Impt. 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=sans-serif size=1>(No. T-16), 5 1/8s, 3/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>680,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>435,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(No. T-18), 5s, 9/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,925,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,593,284</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>607), 5.9s, 6/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,175,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,056,372</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Las Vegas, Special Impt. Dist. Rev. Bonds (No. 809 -</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Summerlin Area), 5.65s, 6/1/23</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>245,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>225,351</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=sans-serif size=1>13,068,338</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=sans-serif size=1>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=sans-serif size=1>NH Hlth. &amp; 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=sans-serif size=1>(Huntington at Nashua), Ser. A, 6 7/8s, 5/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>610,920</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Kendal at Hanover), Ser. A, 5s, 10/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,875,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,829,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Hlth. Syst.), Ser. A, 7s, 10/1/29 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,565,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,748,782</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>NH State Bus. Fin. Auth. Swr. &amp; Solid Waste 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=sans-serif size=1>(Crown Paper Co.), 7 7/8s, 7/1/26 (In default) (NON)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>D/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,394,189</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>139</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=sans-serif size=1>5,189,541</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=sans-serif size=1>New Jersey (5.9%)</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=sans-serif size=1>Burlington Cnty., Bridge Comm. 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=sans-serif size=1>(The Evergreens), 5 5/8s, 1/1/38</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>862,590</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(Cedar Crest Village, Inc.), Ser. A, U.S. Govt. 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=sans-serif size=1>7 1/4s, 11/15/31 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA/F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,429,725</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Newark Arpt. Marriot Hotel), 7s, 10/1/14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ba1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,405,610</FONT>&nbsp; </TD></TR></TABLE><BR>
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<TR>
     <TD width="61%"></TD>
     <TD width="8%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(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=sans-serif size=1>11/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>477,530</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(United Methodist Homes), Ser. A-1, 6 1/4s, 7/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>957,420</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(First Mtge. Lions Gate), Ser. A, 5 7/8s, 1/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>430,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>380,718</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Cigarette Tax), 5 3/4s, 6/15/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>958,920</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Cigarette Tax), 5 1/2s, 6/15/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,804,720</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>NJ Econ. Dev. Auth. Retirement Cmnty. 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=sans-serif size=1>(Seabrook Village, Inc.), 5 1/4s, 11/15/36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>860,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>705,458</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>NJ Econ. Dev. Auth. Solid Waste Mandatory Put 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=sans-serif size=1>(Disp. Waste Mgt.), 5.3s, 6/1/14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,695,383</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(St. Joseph Hlth. Care Syst.), 6 5/8s, 7/1/38</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,144,655</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(St. Peters U. Hosp.), 5 3/4s, 7/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>712,545</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(United Methodist Homes), Ser. A, 5 3/4s, 7/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,058,390</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Atlantic City Med.), 5 3/4s, 7/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>695,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>712,014</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Tobacco Settlement 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=sans-serif size=1>6 3/8s, 6/1/32 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,410,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,852,993</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. 1A, 5s, 6/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>860,222</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=sans-serif size=1>25,018,893</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=sans-serif size=1>New Mexico (0.3%)</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=sans-serif size=1>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=sans-serif size=1>B, 4 7/8s, 4/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,800,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>1,465,506</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=sans-serif size=1>New York (12.5%)</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=sans-serif size=1>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=sans-serif size=1>Residence), Ser. A, 6s, 5/1/39</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>447,470</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Huntington, Hsg. Auth. Sr. Hsg. 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=sans-serif size=1>(Gurwin Jewish Sr. Residence), Ser. A, 6s, 5/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>689,168</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>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=sans-serif size=1>7/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,960,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,992,360</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(Keyspan-Glenwood), 5 1/4s, 6/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,775,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,622,292</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Niagara Cnty., Indl. Dev. Agcy. Mandatory Put 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=sans-serif size=1>(Solid Waste 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=sans-serif size=1>Ser. C, 5 5/8s, 11/15/14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>400,276</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. A, 5.45s, 11/15/12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>499,390</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>NY City, Indl. Dev. Agcy. Rev. Bonds (Liberty-7 World</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Trade 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=sans-serif size=1>Ser. B, 6 3/4s, 3/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>205,328</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. A, 6 1/4s, 3/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,775,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,791,809</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>NY City, Indl. Dev. Agcy. Civic 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=sans-serif size=1>(Staten Island U. Hosp.), Ser. A, 6 3/8s, 7/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>790,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>767,280</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Brooklyn Polytech. U. Project J), 6 1/8s, 11/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>218,816</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>NY City, Indl. Dev. Agcy. Special Arpt. 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=sans-serif size=1>Bonds (Airis JFK I, LLC), Ser. A, 5 1/2s, 7/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,086,787</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(American Airlines - JFK Intl. Arpt.), 7 1/2s, 8/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,975,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,305,679</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(British Airways PLC), 5 1/4s, 12/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ba1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,425,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,130,590</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Jetblue Airways Corp.), 5s, 5/15/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>325,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>224,032</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(Winthrop-U. Hosp. Assn.), Ser. A, 5 1/2s, 7/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>900,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>855,234</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Lenox Hill Hosp. Oblig. Group), 5 1/4s, 7/1/09</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ba2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,011,680</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(NY U. Hosp. Ctr.), Ser. A, 5s, 7/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ba2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>974,570</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>NY State Dorm. Auth. Non-State Supported Debt 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=sans-serif size=1>Bonds (Orange Regl. Med. Ctr.), 6 1/4s, 12/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ba1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>725,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>713,625</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Bonds (Brooklyn Union Gas), 6.952s, 7/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,800,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,848,526</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>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=sans-serif size=1>$3,200,000) (RES)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,206,720</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Port Auth. NY &amp; NJ Rev. Bonds (Kennedy Intl. Arpt. -</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>4th Installment), 6 3/4s, 10/1/11</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>501,110</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(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=sans-serif size=1>10/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>200,132</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(JFK Intl. Air Term. - 6), MBIA, 5.9s, 12/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>15,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>15,209,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Seneca Cnty., Indl. Dev. Agcy. 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=sans-serif size=1>Bonds (Seneca Meadows, Inc.), 6 5/8s, 10/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>670,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>670,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>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=sans-serif size=1>(Peconic Landing), Ser. A, 8s, 10/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,865,024</FONT>&nbsp; </TD></TR></TABLE><BR>
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<TR>
     <TD width="61%"></TD>
     <TD width="8%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Jefferson's Ferry), Ser. A, 7 1/4s, 11/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,084,170</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Jeffersons Ferry), 5s, 11/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>975,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>981,396</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Jefferson's Ferry), 4 5/8s, 11/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>963,090</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Syracuse, Indl. Dev. Agcy. Rev. Bonds (1st 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=sans-serif size=1>Jewish Home), Ser. A, 7 3/8s, 3/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>800,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>807,472</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=sans-serif size=1>53,273,726</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=sans-serif size=1>North Carolina (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=sans-serif size=1>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=sans-serif size=1>Ser. D, 6 3/4s, 1/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,546,215</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. A, 5 3/4s, 1/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,020,520</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. C, 5.3s, 1/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,545,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>NC Hsg. Fin. Agcy. FRN (Homeownership), Ser. 26,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class A, 5 1/2s, 1/1/38</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>970,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>982,174</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(Deerfield), Ser. A, 6s, 11/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+/F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>994,740</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Presbyterian Homes), 5.4s, 10/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,862,120</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(First Mtge. - Presbyterian Homes), 5 3/8s, 10/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,110,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,075,179</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Pines at Davidson), Ser. A, 5s, 1/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A-/F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>545,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>561,977</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Pines at Davidson), Ser. A, 4.85s, 1/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A-/F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,270,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,164,882</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(Carolina Village), 6s, 4/1/38</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>455,705</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(First Mtge.), Ser. A-05, 5 1/2s, 10/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,730,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,499,720</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(First Mtge.), Ser. A-05, 5 1/4s, 10/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>632,366</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(First Mtge. United Methodist), Ser. C, 5 1/4s, 10/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>278,958</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Elec.), Ser. B, 6 1/2s, 1/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,080,640</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=sans-serif size=1>17,700,796</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=sans-serif size=1>North Dakota (0.3%)</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=sans-serif size=1>Grand Forks, Hlth. Care Syst. Rev. Bonds (Altru 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=sans-serif size=1>Syst. Oblig. Group), 7 1/8s, 8/15/24 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>1,098,720</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=sans-serif size=1>Ohio (6.3%)</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=sans-serif size=1>American Muni. Pwr. - Ohio, Inc., Rev. Bonds (Prarie</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>State Energy Campus PJ-A) AGO, 5 1/4s, 2/15/33 (T)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10,217,900</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Buckeye, Tobacco Settlement 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=sans-serif size=1>Ser. A-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=sans-serif size=1>5 3/4s, 6/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7,915,685</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5 1/8s, 6/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,870,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,665,441</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Container Corp.), 5 1/8s, 8/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,767,220</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Cuyahoga Cnty., Rev. Bonds, Ser. A, 6s, 1/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,034,630</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Hickory Chase, Cmnty. Auth. Infrastructure Impt. 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=sans-serif size=1>Bonds (Hickory Chase), 7s, 12/1/38</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>689,521</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Lake Cnty., Hosp. Fac. Rev. Bonds (Lake Hosp. 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=sans-serif size=1>Ser. C, 5 5/8s, 8/15/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,530,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,444,504</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Montgomery Cnty., Hosp. Rev. Bonds (Kettering 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=sans-serif size=1>Ctr.), 6 3/4s, 4/1/22 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,624,770</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Toledo-Lucas Cnty., Port Auth. Rev. Bonds (CSX Transn,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Inc.), 6.45s, 12/15/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>524,185</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=sans-serif size=1>26,883,856</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=sans-serif size=1>Oklahoma (4.5%)</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=sans-serif size=1>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=sans-serif size=1>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=sans-serif size=1>(Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,575,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,651,199</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>OK Hsg. Fin. Agcy. Single Fam. 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=sans-serif size=1>(Homeownership Loan), Ser. B, 5.35s, 3/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,575,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,562,785</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(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=sans-serif size=1>5.95s, 3/1/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,795,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,853,388</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>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=sans-serif size=1>5 3/4s, 8/15/29 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,625,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,859,488</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5 3/4s, 8/15/29 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,375,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,546,113</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Tulsa, Muni. Arpt. Trust Mandatory Put Bonds, 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=sans-serif size=1>5.65s, 12/1/08</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,735,808</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=sans-serif size=1>19,208,781</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=sans-serif size=1>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=sans-serif size=1>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></TABLE><BR>
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<TR>
     <TD width="61%"></TD>
     <TD width="8%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(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=sans-serif size=1>6 1/2s, 12/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,900,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,799,283</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. A, 5 1/4s, 12/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>510,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>439,319</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Family Mtge.), Ser. K, 5 5/8s, 7/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,050,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,051,743</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=sans-serif size=1>4,290,345</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=sans-serif size=1>Pennsylvania (5.7%)</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=sans-serif size=1>Allegheny Cnty., Hosp. 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=sans-serif size=1>(Hlth. Syst.), Ser. B, 9 1/4s, 11/15/22 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>195,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>227,735</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Hlth. Syst.), Ser. B, 9 1/4s, 11/15/15 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>560,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>637,907</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Hlth. Syst.-West PA), Ser. A, 5 3/8s, 11/15/40</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ba2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,705,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,440,601</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Hlth. Syst.-West PA), Ser. A, 5s, 11/15/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ba2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>460,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>361,505</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Allegheny 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=sans-serif size=1>(Env. Impt. - USX Corp.), 6s, 1/15/14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>758,933</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Env. Impt.), 5 1/2s, 11/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,850,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,876,751</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>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=sans-serif size=1>6 1/8s, 1/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,160,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,147,507</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5.3s, 1/1/14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>690,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>690,607</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5.2s, 1/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,002,680</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5.1s, 1/1/12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>400,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>401,468</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Creek Partners), 6.65s, 5/1/10</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,815,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,853,968</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Cumberland Cnty., Muni. 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=sans-serif size=1>(Presbyterian Homes Oblig.), Ser. A, 5.45s, 1/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>550,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>541,217</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Presbyterian Homes), Ser. A, 5.35s, 1/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>515,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>508,063</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Delaware Cnty., College Auth. Rev. Bonds (Neumann</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>College), 6s, 10/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>925,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>937,543</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Delaware Cnty., Indl. Dev. Auth. Poll. Control 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=sans-serif size=1>(Exelon), 2.55s, 4/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>VMIG1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>900,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>900,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Delaware Cnty., Indl. Dev. 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=sans-serif size=1>Bonds, Ser. A, 6.1s, 7/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ba1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>501,295</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Erie-Western PA Port Auth. Rev. Bonds, 6 1/4s, 6/15/10</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+/F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>255,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>255,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Lancaster Cnty., Hosp. Auth. Rev. Bonds (Brethren</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Village), Ser. A, 6 3/8s, 7/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>625,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>606,669</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Retirement), Ser. A, 5.3s, 12/15/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>434,720</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Bonds (Whitemarsh Cont Care), 6 1/4s, 2/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>987,844</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>New Morgan, Indl. 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=sans-serif size=1>Bonds (New Morgan Landfill Co., Inc.), 6 1/2s, 4/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>999,850</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>PA Econ. Dev. Fin. Auth. FRB Exempt 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=sans-serif size=1>(Reliant Energy), Ser. B, 6 3/4s, 12/1/36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ba3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>900,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>909,783</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>U.), 5.4s, 7/15/36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>952,910</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(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=sans-serif size=1>(NON)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>D/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,707,789</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>271</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Hlth.), Ser. A, 5 7/8s, 12/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>410,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>415,023</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Scranton, G.O. Bonds, Ser. C, 7.1s, 9/1/31</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=sans-serif size=1>(Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>845,228</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Susquehanna, Area Regl. Arpt. Syst. 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=sans-serif size=1>Ser. A, 6 1/2s, 1/1/38</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>479,885</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Wilkes-Barre, Fin. Auth. (Wilkes U.), 5s, 3/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>560,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>543,866</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=sans-serif size=1>24,218,829</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=sans-serif size=1>Puerto Rico (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=sans-serif size=1>Cmnwlth. of PR, G.O. Bonds, Ser. A, FGIC, 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=sans-serif size=1>7/1/16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,371,907</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Cmnwlth. of PR, Aqueduct &amp; Swr. Auth. Rev. Bonds, 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=sans-serif size=1>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=sans-serif size=1>6s, 7/1/44</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,244,352</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>6s, 7/1/38</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,040,060</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Cmnwlth. of PR, Indl. Tourist Edl. Med. &amp; Env. Control</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Fac. Rev. Bonds (Cogen. Fac.-AES), 6 5/8s, 6/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,036,660</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Cmnwlth. of PR, Pub. Bldg. Auth. Rev. Bonds (Govt.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Fac.), Ser. N</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Cmnwlth. of PR Gtd., 5 1/2s, 7/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,845,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,882,638</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Cmnwlth. of PR Gtd., 5 1/2s, 7/1/20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,302,335</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5s, 7/1/14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,518,285</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1></FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1></FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1></FONT>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>12,396,237</FONT></B>&nbsp; </TD></TR></TABLE><BR>

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     <TD noWrap align=left><B><FONT face=sans-serif size=1>Rhode Island (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=sans-serif size=1>Tobacco Settlement Fin. Corp. 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>
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     <TD noWrap align=left><FONT face=sans-serif size=1>6 1/8s, 6/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,025,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>1,887,138</FONT></B>&nbsp; </TD></TR>
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     <TD colSpan=4>
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     <TD colSpan=4>&nbsp; </TD></TR>
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     <TD noWrap align=left><B><FONT face=sans-serif size=1>South Carolina (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=sans-serif size=1>Georgetown Cnty., Env. Impt. Rev. Bonds (Intl. Paper</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Co.), Ser. A, 5s, 8/1/30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>175,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>135,326</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Orangeburg Cnty., Solid Waste Disp. 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=sans-serif size=1>(SC Elec. &amp; Gas), AMBAC, 5.7s, 11/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,468,725</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>8/15/32 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,418,363</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(Palmetto 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=sans-serif size=1>Ser. A, 7 3/8s, 12/15/21 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+/F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,811,840</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. C, 6s, 8/1/20 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>890,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>996,658</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. C, 6s, 8/1/20 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>110,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>123,182</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>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=sans-serif size=1>6 3/8s, 5/15/30 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,448,174</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>6s, 5/15/22 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,070,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,134,072</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=sans-serif size=1>9,536,340</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=sans-serif size=1>South Dakota (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=sans-serif size=1>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=sans-serif size=1>Bonds, Ser. B, 6 1/2s, 6/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,952,480</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>SD Hsg. 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=sans-serif size=1>(Home Ownership Mtg.), Ser. H, 5s, 5/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>515,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>514,526</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Home Ownership Mtge.), Ser. J, 4 1/2s, 5/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,275</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>SD State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds (Prairie</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Lakes Hlth. Care), 5.65s, 4/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,105,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,096,613</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=sans-serif size=1>4,063,894</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=sans-serif size=1>Tennessee (2.8%)</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=sans-serif size=1>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=sans-serif size=1>(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=sans-serif size=1>7/1/33 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,199,284</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>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=sans-serif size=1>6 1/4s, 2/15/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>910,850</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>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=sans-serif size=1>6 1/2s, 9/1/26 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,880,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,124,250</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>6 1/2s, 9/1/26 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,120,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,265,510</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Rev. Bonds (Wellmont Hlth. Syst.), Ser. C, 5s, 9/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>450,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>426,870</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>TN Energy Acquisition Corp. Gas 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=sans-serif size=1>5 1/4s, 9/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>928,020</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=sans-serif size=1>11,854,784</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=sans-serif size=1>Texas (12.1%)</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=sans-serif size=1>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=sans-serif size=1>Methodist 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=sans-serif size=1>Ser. A, 7s, 11/15/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>603,534</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5 7/8s, 11/15/18 (SEG)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>994,190</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. A, 5 7/8s, 11/15/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>20,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>19,884</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Abilene, Hlth. Fac. Dev. Corp. Retirement Fac. (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=sans-serif size=1>Methodist Retirement), 6s, 11/15/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,450,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,312,062</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Brazos River, Auth. Poll. Control Ser. D-1, 8 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=sans-serif size=1>5/1/33</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Caa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>974,130</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Brazos River, Auth. Poll. Control Rev. Bonds (TXU</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Energy Co., LLC), 5s, 3/1/41</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Caa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>934,380</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Brazos, Harbor Indl. Dev. Corp. Env. Fac. Mandatory</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Put Bonds (Dow Chemical), 5.9s, 5/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,105,906</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Dallas, Area Rapid Transit, Sales Tax Rev Bonds 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=sans-serif size=1>Lien, 5s, 12/1/33 (T)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10,095,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>U.), Ser. A, 6s, 10/1/12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ba2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>950,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>951,026</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gulf Coast, Waste Disp. 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=sans-serif size=1>6.1s, 8/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>450,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>419,625</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Hlth. Care), Ser. A, 6 3/8s, 6/1/29 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,302,880</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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></TABLE><BR>
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<TR>
     <TD width="61%"></TD>
     <TD width="8%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Continental Airlines, Inc.), Ser. E, 7s, 7/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>387,260</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Continental Airlines, Inc.), Ser. E, 6 3/4s, 7/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8,675,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,599,506</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(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=sans-serif size=1>6 3/4s, 7/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,288,640</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Continental Airlines, Inc.), Ser. C, 5.7s, 7/15/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,651,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Lufkin, Hlth. Fac. Dev. Corp. 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=sans-serif size=1>(Memorial Hlth. Syst. of East TX), 5 1/2s, 2/15/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>455,810</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Matagorda Cnty., Navigation Dist. TX Poll. Control</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mandatory Put Bonds (Dist. No. 1 AEP Texas Central</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Co.), 5 1/8s, 6/1/11</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,254,625</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(Allied Waste N.A. Inc.), Ser. A, 5.2s, 4/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>900,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>824,841</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>North TX Thruway Auth. Rev. Bonds, Ser. A, 6s, 1/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,045,240</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>North TX, Thruway Auth. Rev. Bonds (Toll 2nd Tier),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. F, 5 3/4s, 1/1/38</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,678,145</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(Valero), Ser. C, 5.4s, 4/1/18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>815,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>810,338</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sam Rayburn Muni. Pwr. Agcy. Rev. Bonds, 6s, 10/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,566,175</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(Northwest Sr. Hsg. Edgemere), Ser. A, 5 3/4s, 11/15/16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>425,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>438,218</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>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=sans-serif size=1>(Buckner Retirement Svcs., Inc.), 5 1/4s, 11/15/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>900,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>783,999</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Air Force Village), 5 1/8s, 5/15/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+/F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,616,880</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>6s, 7/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,150,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,029,567</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>6s, 7/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>800,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>801,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>6s, 7/1/19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>800,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>809,912</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Ser. C, GNMA/FNMA Coll., 6.9s, 7/2/24 (SEG)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>900,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>911,934</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=sans-serif size=1>51,666,607</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Utah (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=sans-serif size=1>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=sans-serif size=1>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=sans-serif size=1>7 1/2s, 2/1/10</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,550,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,563,160</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>7.45s, 7/1/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>601,056</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Bonds (Union Pacific), Ser. A, 5.7s, 11/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,380,510</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=sans-serif size=1>3,544,726</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=sans-serif size=1>Vermont (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=sans-serif size=1>VT Hsg. Fin. Agcy. FRN (Single Fam.), Ser. 23, 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=sans-serif size=1>5s, 5/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,075,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,070,302</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>VT Hsg. 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=sans-serif size=1>Ser. 22, FSA, 5s, 11/1/34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>695,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>693,992</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. 19A, FSA, 4.62s, 5/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,575,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,558,589</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=sans-serif size=1>3,322,883</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=sans-serif size=1>Virginia (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=sans-serif size=1>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=sans-serif size=1>Bonds (Westminster-Canterbury), 5s, 1/1/24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>546,378</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Henrico Cnty., Econ. Dev. Auth. Rev. Bonds (United</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Methodist), Ser. A, 6 1/2s, 6/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>606,582</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>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=sans-serif size=1>(United Methodist), Ser. A, 6.7s, 6/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>295,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>297,230</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(United Methodist), Ser. A, 6.7s, 6/1/27 (Prerefunded)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>105,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>118,601</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Westminster-Canterbury), 5s, 10/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>943,680</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(Smurfit-Stone Container Corp.), 5 1/4s, 6/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B-</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>599,865</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(Williamsburg), Ser. A, 6 1/8s, 3/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB-/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,441,260</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(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=sans-serif size=1>5s, 7/1/31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,038,463</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>4 7/8s, 7/1/21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>915,870</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Roanoke, Indl. Dev. Auth. Hosp. VRDN (Carilion 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=sans-serif size=1>Syst.), Ser. C-2, FSA, 2.1s, 7/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>VMIG1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>855,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>855,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>(Westminster-Canterbury), Ser. A, 5.2s, 1/1/27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>649,838</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=sans-serif size=1>8,012,767</FONT></B>&nbsp; </TD></TR></TABLE><BR>
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<TR>
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     <TD noWrap align=left><B><FONT face=sans-serif size=1>Washington (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=sans-serif size=1>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=sans-serif size=1>6 5/8s, 6/1/32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,940,420</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>6 1/2s, 6/1/26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,005,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,020,398</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>WA State Hlth. Care Fac. Auth. VRDN (Multicare 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=sans-serif size=1>Syst.), Ser. D, FSA, 2.4s, 8/15/41</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>VMIG1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,500,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>WA State Hsg. Fin. Comm. 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=sans-serif size=1>Ser. 3A, GNMA Coll., FNMA Coll., 4.15s, 12/1/25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,345,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,254,694</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=sans-serif size=1>12,715,512</FONT></B>&nbsp; </TD></TR>
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<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>West 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=sans-serif size=1>Harrison Cnty., Cmnty. 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=sans-serif size=1>(Allegheny Energy), Ser. D, 5 1/2s, 10/15/37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,150,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,946,227</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mason Cnty., Poll. Control FRB (Appalachian Pwr. Co.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Project), Ser. L, 5 1/2s, 10/1/22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>725,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>715,829</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>Inc.), 6.1s, 5/1/29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,075,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,885,795</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>WV State Hosp. Fin. Auth. Rev. Bonds (Thomas 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=sans-serif size=1>Syst.), 6 3/4s, 10/1/43</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B/P</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>735,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>725,379</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=sans-serif size=1>7,273,230</FONT></B>&nbsp; </TD></TR>
<TR>
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<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Wisconsin (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=sans-serif size=1>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=sans-serif size=1>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=sans-serif size=1>7s, 6/1/28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,031,530</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>6 3/8s, 6/1/32 (SEG)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,319,765</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Janesville, Poll. Control Rev. Bonds (General Motors</FONT></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Corp.), 5.55s, 4/1/09</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>487,716</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=sans-serif size=1>8,839,011</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=sans-serif size=1>Wyoming (0.3%)</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=sans-serif size=1>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=sans-serif size=1>Corp.), 5.6s, 12/1/35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>1,338,825</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>&nbsp;&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total municipal bonds and notes (cost $675,314,738)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$658,821,535</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4></TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>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>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Shares</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$2,053,180</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>4.95% cum. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,014,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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=sans-serif size=1>6.875% cum. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,101,480</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=sans-serif size=1>Total preferred stocks (cost $8,000,000)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$8,169,460</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=sans-serif size=1>COMMON STOCKS (--%)(a) (cost $1,273,945)</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>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Shares</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Tembec, Inc. (Canada) (NON)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,750</FONT>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$6,004</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="45%"></TD>
     <TD width="15%"></TD>
     <TD width="8%"></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>WARRANTS (--%)(a)(NON) (cost $154,422)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Expiration date</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Strike Price</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Warrants</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Tembec, Inc. (Canada)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>03/03/12</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>CAD 0.00001</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,889</FONT>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$1,768</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6></TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>TOTAL INVESTMENTS</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total investments (cost $684,743,105)(b)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$666,998,767</FONT></B>&nbsp; </TD></TR></TABLE><BR>
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<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="47%"></TD>
     <TD width="15%"></TD>
     <TD width="13%"></TD>
     <TD width="8%"></TD>
     <TD width="8%"></TD>
     <TD width="8%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=5><B><FONT face=sans-serif size=1>FUTURES CONTRACTS OUTSTANDING at 7/31/08 (Unaudited)</FONT></B></TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Number of</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Expiration</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Unrealized</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>contracts</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>date</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(depreciation)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>U.S. Treasury Note 5 yr (Short)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>58</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$6,457,484</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sep-08</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$(34,680)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>U.S. Treasury Note 10 yr (Short)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>273</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>31,348,078</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sep-08</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(290,505)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$(325,185)</FONT></B>&nbsp; </TD></TR></TABLE><BR>
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<P align=left><FONT face=sans-serif size=1>NOTES</FONT></P>
<P align=left><FONT face=sans-serif size=1>(a) Percentages indicated are based on net assets of $</FONT><FONT face=sans-serif size=1>425,263,506.</FONT></P>
<P align=left><FONT face=sans-serif size=1>(RAT) The Moody's, Standard &amp; Poor's or Fitch ratings indicated are believed to be the most recent ratings available at July 31, 2008 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, 2008. Securities rated by Putnam are indicated by "/P." Securities rated by Fitch are indicated by "/F." The rating of an insured security represents what is believed to be the most recent rating of the insurer's claims-paying ability available at July 31, 2008 and does not reflect any subsequent changes.</FONT></P>
<P align=left><FONT face=sans-serif size=1>(b) The aggregate identified cost on a tax basis is $685,285,973, resulting in gross unrealized appreciation and depreciation of $12,502,487 and $30,789,693, respectively, or net unrealized depreciation of $18,287,206.</FONT></P>
<P align=left><FONT face=sans-serif size=1>(NON) Non-income-producing security.</FONT></P>
<P align=left><FONT face=sans-serif size=1>(RES) Restricted, excluding 144A securities, as to public resale. The total market value of restricted securities held at July 31, 2008 was $3,206,720 or 0.8% of net assets.</FONT></P>
<P align=left><FONT face=sans-serif size=1>(SEG) A portion of these securities were pledged and segregated with the custodian to cover margin requirements for futures contracts at July 31, 2008.</FONT></P>
<P align=left><FONT face=sans-serif size=1>(T) Underlying security in a tender option bond transaction. The security has been segregated as collateral for financing transactions</FONT></P>
<P align=left><FONT face=sans-serif size=1>(F) Is valued at fair value following procedures approved by the Trustees.</FONT></P>
<P align=left><FONT face=sans-serif size=1>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=sans-serif size=1>The rates shown on VRDN, Mandatory Put Bonds, FRB and FRN are the current interest rates at July 31, 2008.</FONT></P>
<P align=left><FONT face=sans-serif size=1>The dates shown on Mandatory Put Bonds are the next mandatory put dates.</FONT></P>
<P align=left><FONT face=sans-serif size=1>The dates shown on debt obligations other than Mandatory Put Bonds are the original maturity dates.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="89%"></TD>
     <TD width="10%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>The fund had the following sector concentrations greater than 10% at July 31, 2008 (as a percentage of net assets):</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Health care</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>63.3%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Utilities</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>22.4</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Industrial/Commodity</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>13.9</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Air Transportation</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10.1</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="90%"></TD>
     <TD width="9%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>The fund had the following insurance concentration greater than 10% at July 31, 2008 (as a percentage of net assets):</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>FSA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>13.8%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=1>Security valuation </FONT></B><FONT face=sans-serif size=1>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 and derivatives 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=sans-serif size=1>Security valuation </FONT></B><FONT face=sans-serif size=1>Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets. If no sales are reported -- as in the</FONT></P>
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<P align=left><FONT face=sans-serif size=1>case of some securities traded over-the-counter -- a security is valued at its last reported bid price. Market quotations are not considered to be readily available for certain debt obligations; such investments are valued at fair value on the basis of valuations furnished by an independent pricing service or dealers, approved by the Trustees. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. </FONT><FONT face=sans-serif size=1>Accordingly, on cert
ain days, the fund will fair value foreign equity securities taking into account multiple factors, including movements in the U.S. securities markets. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. Certain investments, including certain restricted securities and derivatives, are also valued at fair value following procedures approved by the Trustees. Such valuations and procedures are reviewed periodically by the Trustees.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Tender option bond transaction</FONT></B></P>
<P align=left><FONT face=sans-serif size=1>The fund may participate in transactions whereby a fixed-rate bond owned by the fund is transferred to a tender option bond trust (&#147;TOB trust&#148;) ,sponsored by a broker, in exchange for residual interests in the TOB trust&#146;s assets and cash flows, which are in the form of inverse floating rate bonds. The TOB trust funds the purchase of the fixed rate bonds by issuing floating-rate bonds issued to third parties and allowing the fund to retain the residual interest in the fixed-rate bonds through the inverse floating rate bonds. The inverse floating rate bonds held by the fund gives the fund the right to (1) cause the holders of the floating rate bonds to tender their notes at par, and (2) to have the fixed-rate bond held by the TOB trust transferred to the fund, causing the TOB trust to collapse. The fund accounts for the transfer of the fixed-rate bond to the TOB trust as a secured borrowing by including the fixed-rate bond in The fund&#146;s portfolio a
nd including the floating rate bond as a liability in the Statement of assets and liabilities. </FONT><FONT face=sans-serif size=1>At June 30, 2008, the fund&#146;s investments with a value of $30,525,300 were held by the TOB trust and served as collateral for $15,000,000 in floating-rate bonds outstanding. During the period ended July 31, 2008, the fund incurred imputed interest expense of $15,015 for these investments based on average interest rates from 1.70% to 2.33% .</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Futures and options contracts </FONT></B><FONT face=sans-serif size=1>The fund may use futures and options contracts to hedge against changes in the values of securities the fund owns or expects to purchase, or for other investment purposes. The fund may also write options on swaps or securities it owns or in which it may invest to increase its current returns.</FONT></P>
<P align=left><FONT face=sans-serif size=1>The potential risk to the fund is that the change in value of futures and options contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, or if the counterparty to the contract is unable to perform. Risks may exceed amounts recognized on the statement of assets and liabilities. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Realized gains and losses on purchased options are included in realized gains and losses on investment securities. If a written call option is exercised, the premium originally received is recorded as an addition to sales proceeds. If a written put option is exercised, the premium originally received is recorded as a reduction to the 
cost of investments.</FONT></P>
<P align=left><FONT face=sans-serif size=1>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.</FONT></P>
<P align=left><FONT face=sans-serif size=1>For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com</FONT></P>
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<P align="left">
<U><FONT size=2 face="sans-serif">Item 2. Controls and Procedures:</FONT></U></P>
<P align="left">
<FONT size=2 face="sans-serif">(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and
procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this
report is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(b) Changes in internal control over financial reporting: Not applicable</FONT></P>
<P align="left">
<U><FONT size=2 face="sans-serif">Item 3. Exhibits:</FONT></U></P>
<P align="left">
<FONT size=2 face="sans-serif">Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed
herewith.</FONT></P>
<P align="left">
<U><FONT size=2 face="sans-serif">SIGNATURES</FONT></U></P>
<P align="left">
<FONT size=2 face="sans-serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.</FONT></P>
<P align="left">
<U><FONT size=2 face="sans-serif">Putnam Managed Municipal Income Trust</FONT></U></P>
<P align="left">
<FONT size=2 face="sans-serif">By (Signature and Title):</FONT></P>
<P align="left">
<U><FONT size=2 face="sans-serif">/s/ Janet C. Smith</FONT></U><BR>
<FONT size=2 face="sans-serif">Janet C. Smith</FONT><BR>
<FONT size=2 face="sans-serif">Principal Accounting Officer</FONT><BR>
<FONT size=2 face="sans-serif">Date: September 25, 2008</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities
and on the dates indicated.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">By (Signature and Title):</FONT></P>
<P align="left">
<U><FONT size=2 face="sans-serif">/s/ Charles E. Porter</FONT></U><BR>
<FONT size=2 face="sans-serif">Charles E. Porter</FONT><BR>
<FONT size=2 face="sans-serif">Principal Executive Officer</FONT><BR>
<FONT size=2 face="sans-serif">Date: September 25, 2008</FONT><BR>
<BR>
<FONT size=2 face="sans-serif">By (Signature and Title):</FONT><BR>
<BR>
<U><FONT size=2 face="sans-serif">/s/ Steven D. Krichmar</FONT></U><BR>
<FONT size=2 face="sans-serif">Steven D. Krichmar</FONT><BR>
<FONT size=2 face="sans-serif">Principal Financial Officer</FONT><BR>
<FONT size=2 face="sans-serif">Date: September 25, 2008</FONT></P>

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<P align="left">
<U><FONT size=2 face="sans-serif">Certifications</FONT></U></P>
<P align="left">
<FONT size=2 face="sans-serif">I, Charles E. Porter, the Principal Executive Officer of the funds listed on Attachment A, certify that:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">1. I have reviewed each report on Form N-Q of the funds listed on Attachment A:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by each report;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is
filed;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">c) evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report, based on such evaluation; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">d) disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is
reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">5. The registrant&#146;s other certifying officer and I have disclosed to each registrant&#146;s auditors and the audit committee of each registrant&#146;s board of directors (or persons performing the equivalent
functions):</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant&#146;s ability to record,
process, summarize, and report financial information; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant&#146;s internal control over financial reporting.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">/s/ Charles E. Porter</FONT><BR>
<FONT size=2 face="sans-serif">_____________________________</FONT><BR>
<FONT size=2 face="sans-serif">Date: September 24, 2008</FONT><BR>
<FONT size=2 face="sans-serif">Charles E. Porter</FONT><BR>
<FONT size=2 face="sans-serif">Principal Executive Officer</FONT></P>

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<P align="left">
<U><FONT size=2 face="sans-serif">Certifications</FONT></U></P>
<P align="left">
<FONT size=2 face="sans-serif">I, Steven D. Krichmar, the Principal Financial Officer of the funds listed on Attachment A, certify that:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">1. I have reviewed each report on Form N-Q of the funds listed on Attachment A:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by each report;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is
filed;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">c) evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report, based on such evaluation; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">d) disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is
reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">5. The registrant&#146;s other certifying officer and I have disclosed to each registrant&#146;s auditors and the audit committee of each registrant&#146;s board of directors (or persons performing the equivalent
functions):</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant&#146;s ability to record,
process, summarize, and report financial information; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant&#146;s internal control over financial reporting.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">/s/ Steven D. Krichmar</FONT><BR>
<FONT size=2 face="sans-serif">_______________________________</FONT><BR>
<FONT size=2 face="sans-serif">Date: September 24, 2008</FONT><BR>
<FONT size=2 face="sans-serif">Steven D. Krichmar</FONT><BR>
<FONT size=2 face="sans-serif">Principal Financial Officer</FONT></P>

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<P align=center><FONT face=sans-serif size=1>Attachment A</FONT><BR>
<FONT face=sans-serif size=1>NQ</FONT><BR>
<FONT face=sans-serif size=2>Period (s) ended July 31, 2008</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="95%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>2OV</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Putnam Mid Cap Value Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>052</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Putnam Managed Municipal Income Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>582</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Putnam Municipal Opportunities Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>002</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>The Putnam Fund for Growth &amp; Income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>004</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Putnam Income Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>2II</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Putnam Capital Opportunities Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>840</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Putnam Utilities Growth &amp; Income Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>2MI</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Putnam Tax Smart Equity Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>005</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Putnam Global Equity Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>008</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Putnam Convertible Income-Growth Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>041</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Putnam Global Income Trust</FONT>&nbsp; </TD></TR></TABLE><BR>
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