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<SEC-DOCUMENT>0000928816-09-000601.txt : 20090629
<SEC-HEADER>0000928816-09-000601.hdr.sgml : 20090629
<ACCEPTANCE-DATETIME>20090629131454
ACCESSION NUMBER:		0000928816-09-000601
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20090430
FILED AS OF DATE:		20090629
DATE AS OF CHANGE:		20090629
EFFECTIVENESS DATE:		20090629

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-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05740
		FILM NUMBER:		09915200

	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-CSRS
<SEQUENCE>1
<FILENAME>a_managedmuniinc.htm
<DESCRIPTION>PUTNAM MANAGED MUNICIPAL INCOME TRUST
<TEXT>
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     <TD noWrap align=center colSpan=3><FONT face=sans-serif size=2>UNITED STATES</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=center colSpan=3><FONT face=sans-serif size=2>SECURITIES AND EXCHANGE COMMISSION</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=center colSpan=3><FONT face=sans-serif size=2>Washington, D.C. 20549</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=center colSpan=3><B><FONT face=sans-serif size=2>FORM N-CSR</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=center colSpan=3><B><FONT face=sans-serif size=2>CERTIFIED SHAREHOLDER REPORT OF REGISTERED</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=center colSpan=3><B><FONT face=sans-serif size=2>MANAGEMENT INVESTMENT COMPANIES</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Investment Company Act file number: (811- 05740)</FONT>&nbsp;</TD>
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     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>Exact name of registrant as specified in charter: </FONT><FONT face=sans-serif size=2>Putnam Managed Municipal Income Trust</FONT>&nbsp;</TD></TR>
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     <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>
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     <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>
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     <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>
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     <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>
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     <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>
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     <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>
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     <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>
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     <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>
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     <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>
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     <TD noWrap align=left><FONT face=sans-serif size=2>Date of fiscal year end: October 31, 2009</FONT>&nbsp;</TD>
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     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>Date of reporting period November 1, 2008 &#150; April 30, 2009</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><U><FONT face=sans-serif size=2>Item 1. Report to Stockholders:</FONT></U></P>
<P align=left><FONT face=sans-serif size=2>The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940:</FONT></P>
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<P align=left><FONT face=sans-serif>Since 1937, </FONT><FONT face=sans-serif size=2>when George Putnam created </FONT><FONT face=sans-serif size=2>a prudent mix of stocks and bonds in a single, </FONT><FONT face=sans-serif size=2>professionally managed portfolio, we have championed the wisdom of the balanced approach. Today, we offer a world of equity, fixed-income, multi-asset, and absolute-return portfolios so investors can pursue a range of financial goals. Our seasoned portfolio managers seek superior results over time, backed by original, fundamental research on a global scale. We believe in service excellence, in the value of experienced financial advice, and in putting clients first in everything we do.</FONT></P>
<P align=left><FONT face=sans-serif size=1>In 1830, Massachusetts Supreme Judicial Court Justice Samuel Putnam established The Prudent Man Rule, a legal foundation for responsible money management.</FONT></P>
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<P align=left><FONT face=sans-serif size=1>THE PRUDENT MAN RULE</FONT></P>
<P align=left><FONT face=sans-serif size=1>All that can be required of a trustee to invest is that he shall conduct himself faithfully and exercise a sound discretion. He is to observe how men of prudence, discretion, and intelligence manage their own affairs, not in regard to speculation, but in regard to the permanent disposition of their funds, considering the probable income, as well as the probable safety of the capital to be invested.</FONT></P>
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<P align=left><FONT face=sans-serif size=6>Putnam</FONT><BR>
<FONT face=sans-serif size=6>Managed Municipal</FONT><BR>
<FONT face=sans-serif size=6>Income Trust</FONT></P>
<P align=left><FONT face=sans-serif size=4>Semiannual Report</FONT><BR>
<FONT face=sans-serif size=4>4 </FONT><FONT face=sans-serif size=5>| </FONT><FONT face=sans-serif size=4>30 </FONT><FONT face=sans-serif size=5>| </FONT><FONT face=sans-serif size=4>09</FONT></P>
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     <TD noWrap align=left><FONT face=sans-serif size=2>Message from the Trustees</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>2</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=2>About the fund</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>6</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=2>Performance snapshot</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>8</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=2>Interview with your fund&#146;s Portfolio Manager</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>9</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=2>Performance in depth</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>13</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=2>Your fund&#146;s management</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>15</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=2>Terms and definitions</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>16</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=2>Trustee approval of management contract</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>17</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=2>Other information for shareholders</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>21</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=2>Financial statements</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>22</FONT>&nbsp;</TD></TR>
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<P align=left><FONT face=sans-serif size=5>Message from the Trustees</FONT></P>
<P align=left><FONT face=sans-serif size=2>Dear Fellow Shareholder:</FONT></P>
<P align=left><FONT face=sans-serif size=2>Since the fourth quarter of 2007, investors have endured one of the most difficult downturns in decades, but there now seem to be early signs that the storm clouds may be starting to clear in the stock market. Although this downturn is far from over and we remain cautious, we are encouraged by a number of developments.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Before its climb was interrupted by profit taking in early May, the stock market experienced a two-month run-up from its March lows. Although many analysts agree that the stock market is in the process of bottoming out, they are careful to note that the market is fairly valued today and that it will require positive corporate earnings growth to continue its climb.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The outlook for the fixed-income market is less clear. Hundreds of billions of dollars in economic stimulus spending have increased the U.S. deficit, which may weaken demand for Treasuries. Corporate and municipal debt may fare slightly better.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Under President and CEO Robert L. Reynolds, Putnam Investments has instituted several changes in order to position Putnam mutual funds for a market recovery. In April, Walter C. Donovan, a 25-year investment industry veteran, joined Putnam as Chief Investment Officer. Mr. Donovan will lead a reinvigorated investment organization strengthened by the arrival during the past few months of several well-regarded senior portfolio managers, research analysts, and equity traders.</FONT></P>
<P align=left><FONT face=sans-serif size=2>We also are pleased to announce that Ravi Akhoury has been elected to the Board of Trustees of the Putnam Funds and W. Thomas Stephens has rejoined the Board. From 1992 to 2007, Mr. Akhoury was Chairman and CEO of MacKay Shields, a multi-product investment management firm with over $40 billion in assets under management. He serves as advisor to New York Life Insurance Company, and previously was a member of its Executive Management Committee.</FONT></P>
<P align=left><FONT face=sans-serif size=1>2</FONT></P>
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<P align=left><FONT face=sans-serif size=2>Mr. Stephens retired in December 2008 as Chairman and Chief Executive Officer of Boise Cascade, L.L.C., a paper, forest products, and timberland assets company. He is a Director of TransCanada Pipelines, Ltd., an energy infrastructure company. From 1997 to 2008, Mr. Stephens served on the Board of Trustees of the Putnam Funds. Until 2004, he also was a Director of Xcel Energy Incorporated, Qwest Communications, and Norske Canada, Inc.</FONT></P>
<P align=left><FONT face=sans-serif size=2><B>An update on the proposed merger of your fund</B></FONT></P>
<P align=left><FONT face=sans-serif size=2>In early January 2009, Putnam Investments and the Board of Trustees announced that the previously announced merger of Putnam Managed Municipal Income Trust (the &#147;Fund&#148;) into Putnam Tax-Free High Yield Fund, an open-end fund, would be delayed in light of current unsettled market conditions. We would like to take the opportunity of this semiannual report to update Fund shareholders on the status of the merger transaction.</FONT></P>
<P align=left><FONT face=sans-serif size=2>As a result of preferred share remarketing failures that began in February 2008, the Fund&#146;s preferred shareholders have faced significant liquidity issues, and the Fund&#146;s common shareholders have been paying preferred shareholders so-called &#147;maximum dividend rates&#148; required by the terms of the preferred shares. As a result, we have devoted considerable efforts since then to addressing the situation in a manner that takes into account the interests of both common and preferred shareholders.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Our efforts have resulted in several actions to date. In July 2008, we announced the use of tender option bonds as a substitute form of financial leverage that would permit the redemption of 10% of the Fund&#146;s outstanding preferred shares. In September 2008, we announced a preliminary plan to merge the Fund into the comparable open-end Putnam fund noted above.</FONT></P>
<P align=left><FONT face=sans-serif size=1>3</FONT></P>
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<P align=left><FONT face=sans-serif size=2>In approving the proposed merger, the Board of Trustees considered, among other factors, marketplace developments for leveraged closed-end funds, the risks and costs to the Fund&#146;s common shareholders of maintaining the current preferred share leverage over time, the cost and availability of alternative leverage financing sources for the Fund, the level of discount then prevailing in the trading price of the Fund&#146;s shares as compared with net asset value, and general conditions in the municipal bond market. A plan of merger was formally approved and announced in October 2008. We noted at the time that completion of the merger would be subject to a number of conditions and other factors and that the expected dates for submission to shareholders and merger completion could be delayed in light of changing market conditions.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Because the open-end fund into which the Fund would merge is not legally permitted to issue preferred shares, the Board of Trustees authorized the Fund to redeem all of its preferred shares through a series of partial redemptions in anticipation of shareholder approval and completion of the merger. In light of unsettled market conditions at the time, the Board granted Putnam Investments discretion with respect to the amount and timing of such redemptions. From November 2008 through January 2009, Putnam Investments carried out preferred share redemptions that significantly reduced the Fund&#146;s preferred share leverage, though the Fund today remains leveraged in a manner reasonably comparable to its industry peers.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The market events that followed the bankruptcy filing by Lehman Brothers in September 2008 represent the proverbial 100-year flood. Although the Fund&#146;s portfolio was well positioned to commence preferred share redemptions, liquidity in all major markets declined significantly during this period. As a result, in January 2009 Putnam Investments advised the Board of Trustees that prevailing market conditions made it inadvisable to implement additional redemptions of the preferred shares. In particular, certain credit quality segments (e.g., securities rated BBB and below) of the municipal bond market represented in the Fund&#146;s portfolio were facing, and continue to face at this time, liquidity challenges.</FONT></P>
<P align=left><FONT face=sans-serif size=2>In recent months, we have continued to monitor prospects for completing the proposed merger in light of evolving market conditions. While liquidity conditions in all markets have generally improved, Putnam Investments has advised the Board of Trustees that prevailing market conditions continue to make it inadvisable to implement the remaining redemptions of the preferred shares. In addition, improved liquidity conditions will be necessary for the open-end fund&#146;s portfolio managers to be well positioned to respond to potential post-merger redemptions from former Fund common shareholders. At the same time,</FONT></P>
<P align=left><FONT face=sans-serif size=1>4</FONT></P>
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<P align=left><FONT face=sans-serif size=2>as a result of recent Federal Reserve actions, which have reduced short-term borrowing costs to historical lows, the current cost of maintaining the Fund&#146;s preferred share leverage continues to be highly favorable to the common shareholders.</FONT></P>
<P align=left><FONT face=sans-serif size=2>All in all, because of continued liquidity challenges in certain credit quality segments of the municipal bond market, as well as the continuing benefits of preferred share leverage to the Fund&#146;s common shareholders, Putnam Investments has advised the Trustees that implementation of the merger in the near future would not be in the best interests of the Fund&#146;s common shareholders. Accordingly, the Board of Trustees has authorized Putnam Investments to suspend further efforts to implement the merger at this time.</FONT></P>
<P align=left><FONT face=sans-serif size=2>We continue to believe that the proposed merger may well represent the best long-term option for the Fund&#146;s common shareholders, but it is not certain when, or if, conditions may emerge that would make it advisable to renew efforts to complete the merger. We will continue to monitor market conditions in light of the interests of both common and preferred shareholders, and will communicate with the Fund&#146;s shareholders on a periodic basis regarding these matters.</FONT></P>
<P align=left><FONT face=sans-serif size=2>We would like to take this opportunity to welcome new shareholders to the fund and to thank all of our investors for your continued confidence in Putnam.</FONT></P>
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<P align=left><FONT face=sans-serif size=5>About the fund</FONT><BR>
<BR>
<FONT face=sans-serif size=2><B>Potential for income exempt from federal income tax</B></FONT></P>
<P align=left><FONT face=sans-serif size=2>Municipal bonds finance important public projects such as schools, roads, and hospitals, and they can help investors keep more of the income they receive from their investment. Putnam Managed Municipal Income Trust offers an additional advantage &#151; the flexibility to invest in municipal bonds issued by any state in the country.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Municipal bonds are typically issued by states and local municipalities to raise funds for building and maintaining public facilities. The income from a municipal bond is generally exempt from federal income tax, and often state and local taxes. The bonds are backed by either the issuing city or town or by revenues collected from usage fees, and have varying degrees of credit risk &#151; the risk that the issuer won&#146;t be able to repay the bond.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The fund&#146;s portfolio managers can select bonds from a variety of state and local governments throughout the United States. The fund also combines bonds of differing credit quality. In addition to investing in high-quality bonds, </FONT><FONT face=sans-serif size=2>the managers allocate a portion of the portfolio to lower-rated bonds, which may offer higher income in return for more risk.</FONT></P>
<P align=left><FONT face=sans-serif size=2>When deciding whether to invest in a bond, the portfolio managers consider factors such as credit risk, interest-rate risk, and the risk that the bond will be prepaid. The managers are backed by Putnam&#146;s fixed-income organization, where municipal bond analysts are grouped into sector teams and conduct ongoing research. Once a bond has been purchased, the managers continue to monitor developments that affect the bond market, the sector, and the issuer of the bond. Typically, lower-rated bonds are reviewed more often because of their greater potential risk.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The goal of research and active management is to stay a step ahead of the industry and pinpoint opportunities to adjust the fund&#146;s holdings &#151; either by acquiring more of a particular bond or by selling it &#151; for the benefit of the fund and its shareholders.</FONT></P>
<P align=left><I><FONT face=sans-serif size=2>Capital gains, if any, are taxable for federal and, in most cases, state purposes. For some investors, investment income may be subject to the federal alternative minimum tax. Income from federally exempt funds may be subject to state and local taxes. Please consult with your tax advisor for more information.</FONT></I></P>
<P align=left><I><FONT face=sans-serif size=2>Mutual funds that invest in bonds are subject to certain risks, including interest-rate risk, credit risk, and inflation risk. As interest rates rise, the prices of bonds fall. Long-term bonds are more exposed to interest-rate risk than short-term bonds. Lower-rated bonds may offer higher yields in return for more risk. Unlike bonds, bond funds have ongoing fees and expenses. The fund uses leverage, which involves risk and may increase the volatility of the fund&#146;s net asset value. The fund&#146;s shares trade on a stock exchange at market prices, which may be higher or lower than the fund&#146;s net asset value.</FONT></I></P>
<P align=left><FONT face=sans-serif size=2>How do closed-end funds</FONT><BR>
<FONT face=sans-serif size=2>differ from open-end funds?</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>More assets at work </FONT></B><FONT face=sans-serif size=1>While open-end funds need to maintain a cash position to meet redemptions, closed-end funds are not subject to redemptions and can keep more of their assets invested in the market.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Traded like stocks </FONT></B><FONT face=sans-serif size=1>Closed-end fund shares are traded on stock exchanges, and their market prices fluctuate in response to supply and demand, among other factors.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Net asset value vs. market price </FONT></B><FONT face=sans-serif size=1>Like an open-end fund&#146;s net asset value (NAV) per share, the NAV of a closed-end fund share is equal to the current value of the fund&#146;s assets, minus its liabilities, divided by the number of shares outstanding. However, when buying or selling closed-end fund shares, the price you pay or receive is the market price. Market price reflects current market supply and demand and may be higher or lower than the NAV.</FONT></P>
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<P align=left><FONT face=sans-serif size=2>Municipal bonds may finance a range of community projects</FONT><BR>
<FONT face=sans-serif size=2>in your community and thus play a key role in its development.</FONT></P>
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     <TD noWrap align=left><FONT face=sans-serif size=1>6 </FONT></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7</FONT></TD></TR></TABLE><BR>
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<P align=left><FONT face=sans-serif size=5>Performance</FONT><BR>
<FONT face=sans-serif size=5>snapshot<BR>
</FONT></P>
<IMG src="manmuniinctrstx9x1.jpg" border=0>
<BR>
<P align=left><I><FONT face=sans-serif size=1>Data is historical. Past performance does not guarantee future results. More recent returns may be less or more than those shown. Investment return and net asset value will fluctuate, and you may have a gain or a loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. Fund returns in the bar chart are at NAV. See pages 9 and 13&#150;14 for additional performance information, including </FONT></I><I><FONT face=sans-serif size=1>fund returns at market price. Index and Lipper results should be compared to fund performance at NAV. Lipper calculates performance differently than the closed-end funds it ranks due to varying methods for determining a fund&#146;s monthly reinvestment NAV.</FONT></I></P>
<P align=left><I><FONT face=sans-serif size=1>* Returns for the six-month period are not annualized, but cumulative.</FONT></I></P>
<P align=left><FONT face=sans-serif size=1>8</FONT></P>
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<P align=left><FONT face=sans-serif size=5>Interview with your</FONT><BR>
<FONT face=sans-serif size=5>fund&#146;s Portfolio Manager</FONT><BR>
<BR>
<FONT face=sans-serif size=2><B>Paul Drury</B></FONT></P>
<P align=left><FONT face=sans-serif size=2><B>Thank you, Paul, for talking with us today about what has been a challenging six months for the fixed-income markets. How has this volatility affected the municipal bond market?</B></FONT></P>
<P align=left><FONT face=sans-serif size=2>The final months of 2008 were dominated by continued turmoil in the credit markets. Forced selling by hedge funds and investment banks, which sought to raise capital and cover losses, put pressure on municipal bonds. This created an environment in which all investment-grade asset classes, including municipal bonds, underperformed U.S. Treasuries.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The economy remained weak in the first quarter of 2009, extending the recession that took hold in 2008, as financial markets, </FONT><FONT face=sans-serif size=2>though improved from the fourth quarter, remained in disarray. Consumer confidence was feeble, housing prices continued to retreat, and unemployment rose to levels not seen in decades. The U.S. government, notably the Federal Reserve [the Fed] and the Treasury, implemented several wide-ranging measures to restore market stability and investor confidence, joining policy-makers around the globe in efforts to shore up bank balance sheets and reestablish the flow of credit.</FONT></P>
<P align=left><FONT face=sans-serif size=2>That said, high-grade municipal bonds performed well in January and February. Against this backdrop, municipal bonds posted their best quarterly performance since 2004 in the first quarter of 2009. April</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Broad market index and fund performance</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>This comparison shows your fund&#146;s performance in the context of broad market indexes for the six months ended 4/30/09. See page 8 and pages 13&#150;14 for additional fund performance information. Index descriptions can be found on page 16.</FONT></P>
<IMG src="manmuniinctrstx10x1.jpg" border=0>
<BR>
<P align=left><FONT face=sans-serif size=1>9</FONT></P>
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<P align=left><FONT face=sans-serif size=2>marked a continuation of the municipal bond upswing, buoyed by the introduction of Build America Bonds [BABs], a new form of debt that was unveiled as part of the stimulus bill. Aimed at easier, more affordable access to capital for cash-strapped state and local governments, BABs are issued as taxable securities, with local and state governments receiving a 35% subsidy of the interest directly from the Treasury. The new taxable debt issuance by traditionally tax-exempt issuers created concerns about the future of the tax-exempt bond supply, and continued the municipal bond rally into April.</FONT></P>
<P align=left><FONT face=sans-serif size=2><B>How did Putnam Managed Municipal Income Trust perform?</B></FONT></P>
<P align=left><FONT face=sans-serif size=2>During the period, the fund outperformed its Lipper peer group, High Yield Municipal Debt Funds (closed-end). For the six months ended April 30, 2009, the fund returned 2.27%, while the Lipper group gained 1.73%. Both the fund and Lipper peer group lagged the national benchmark, the Barclays Capital </FONT><FONT face=sans-serif size=2>Municipal Bond Index, which returned 8.20%. The benchmark, which includes only investment-grade municipal bonds, benefited from investors&#146; overall &#147;flight to quality&#148; in the municipal bond market during the period.</FONT></P>
<P align=left><FONT face=sans-serif size=2><B>What technical factors drove municipal bond performance during the period?</B></FONT></P>
<P align=left><FONT face=sans-serif size=2>The Lehman Brothers bankruptcy, the exit of UBS from the institutional market, and Bank of America&#146;s purchase of Merrill Lynch were the major issues that drove performance.</FONT></P>
<P align=left><FONT face=sans-serif size=2>We saw a temporary lack of primary market supply, as municipal bond issuers delayed new issuance due to market conditions. Because new issues typically help provide price discovery in the marketplace, as dealers delayed pricing new issues, secondary market liquidity was hurt. These issues put downward pressure on municipal bond prices, hurting the asset class&#146;s performance further. Spreads widened to unprecedented levels in mid-December before partially</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Credit quality overview</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Credit qualities shown as a percentage of portfolio value as of 4/30/09. A bond rated Baa or higher (MIG3/VMIG3 or higher, for short-term debt) is considered investment grade. The chart reflects Moody&#146;s ratings; percentages may include bonds not rated by Moody&#146;s but considered by Putnam Management to be of comparable quality. Ratings will vary over time.</FONT></P>
<P align=left>
<IMG src="manmuniinctrstx11x1.jpg" border=0>
</P>
<P align=left><FONT face=sans-serif size=1>10</FONT></P>
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<P align=left><FONT face=sans-serif size=2>recovering as the primary market reopened and fund flows turned positive.</FONT></P>
<P align=left><FONT face=sans-serif size=2><B>With all of these these issues taking place, how did you position the portfolio?</B></FONT></P>
<P align=left><FONT face=sans-serif size=2>The fund&#146;s overall credit quality was high during the period, and we remained underweight the long end of the curve. This positioning aided relative performance, as the lower-rated issues underperformed their higher-quality peers. In addition, the portfolio&#146;s overweight to 15- to 25-year maturities aided relative performance.</FONT></P>
<P align=left><FONT face=sans-serif size=2><B>Any notable contributors and detractors?</B></FONT></P>
<P align=left><FONT face=sans-serif size=2>Any high-quality, short-maturity bonds benefited as investors sought out quality during the period. As the yield curve steepened and shorter-maturity issues outperformed their longer-maturity counterparts, the fund&#146;s positions in high-quality, short-maturity bonds outperformed on a relative basis. Bonds with high coupon rates also helped performance. Prerefunded </FONT><FONT face=sans-serif size=2>bonds fit this description because they are generally shorter maturities and are almost always backed by either the U.S. Treasury or other government agencies. Many prerefunded bonds also carry higher coupon rates because they are older bonds. </FONT><FONT face=sans-serif size=2><B>Badger Tobacco </B><B>Settlement</B> </FONT><FONT face=sans-serif size=2>bonds is an example of a holding in our fund that fell into this category. Prerefunding means the bond issuer was able to secure enough in Treasury securities to ensure it would redeem the bond issues on their first ca
ll date. This action raised the bonds&#146; creditworthiness along with the price.</FONT></P>
<P align=left><FONT face=sans-serif size=2>As for holdings that hurt performance, any bond with a long maturity or lower credit quality suffered as the yield curve steepened. Lower-rated instruments were punished as investors fled from perceived risk. An example of such a fund holding is the </FONT><FONT face=sans-serif size=2><B>Internext Group </B></FONT><FONT face=sans-serif size=2>certificate of participation bond. This particular bond is BBB-rated and</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Comparison of top sector weightings</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>This chart shows how the fund&#146;s top weightings have changed over the past six months. Weightings are shown as a percentage of net assets. Holdings will vary over time. Sector concentrations listed after the portfolio schedule in the Financial Statements section of this shareholder report are exclusive of insured or prerefunded status and may differ from the summary information below.</FONT></P>
<IMG src="manmuniinctrstx12x1.jpg" border=0>
<BR>
<P align=left><FONT face=sans-serif size=1>11</FONT></P>
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<P align=left><FONT face=sans-serif size=2>was punished for its lower credit quality as investors migrated to higher-quality debt.</FONT></P>
<P align=left><FONT face=sans-serif size=2><B>What is your outlook for the municipal bond market?</B></FONT></P>
<P align=left><FONT face=sans-serif size=2>With the announcement of more well-defined government initiatives, including the U.S. Treasury&#146;s plan to handle toxic mortgage assets, there are signs that a degree of confidence is returning to the capital markets. Credit investors are becoming more concerned about what they should buy rather than what they should sell. While risks remain, we may be beginning to see a change in investors&#146; risk appetite.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Concerns remain about state budgets, the future of bond insurers, and the potential for regulatory changes, though market sentiment has improved due to the strong response to BABs and the emergence of new buyers of state and local debt.</FONT></P>
<P align=left><FONT face=sans-serif size=2>In this environment, we see two notable reasons why municipal bond funds remain particularly attractive. The first is the probability of higher future tax rates, with income tax rates likely to rise when the Bush tax cuts are scheduled to discontinue in 2010. This has the potential to make municipal bonds an even more attractive asset class relative to taxable fixed-income investments. Second, the overall credit quality of the municipal bond asset class is strong. As I mentioned in the last report, we believe that many areas of the municipal bond market have been oversold, creating the chance for us to add bonds with attractive yields to the portfolio.</FONT></P>
<P align=left><FONT face=sans-serif size=2><B>Thank you, Paul, for your time and insights.</B></FONT></P>
<P align=left><FONT face=sans-serif size=2>IN THE NEWS</FONT></P>
<P align=left><FONT face=sans-serif size=2><B>The Obama administration esti</B></FONT><FONT face=sans-serif size=2><B>mates a record $1.84 trillion budget </B></FONT><FONT face=sans-serif size=2><B>deficit for 2009. </B></FONT><FONT face=sans-serif size=2>The combination of higher government debt and stimulus spending has cooled investors&#146; attitudes toward Treasury bonds, whose prices have fallen more than 20% since the start of 2009, despite their safe-haven status. Historically, Treasury bonds have been among the investments most vulnerable to fears of rising inflation, which can result from increased government spending. Massive government stimulus often leads to higher prices for consumer goods because the Federal Reserve, in effect, prints more money to pay for the additional spending. This, in turn, can diminish the purchasing power of the dollar. Higher interest rates will push down Treasury prices because when interest rates rise, bond prices fall, and vice versa.</FONT></P>
<P align=left><I><FONT face=sans-serif size=2>The views expressed in this report are exclusively those of Putnam Management. They are not meant as investment advice.</FONT></I></P>
<P align=left><I><FONT face=sans-serif size=2>Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the fund&#146;s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk.</FONT></I></P>
<P align=left><FONT face=sans-serif size=1>12</FONT></P>
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<P align=left><FONT face=sans-serif size=4>Your fund&#146;s performance</FONT></P>
<P align=left><FONT face=sans-serif size=2>This section shows your fund&#146;s performance for periods ended April 30, 2009, the end of the first half of its current fiscal year. In accordance with regulatory requirements for mutual funds, we also include performance as of the most recent calendar quarter-end. Performance should always be considered in light of a fund&#146;s investment strategy. Data represents past performance. Past performance does not guarantee future results. More recent returns may be less or more than those shown. Investment return, net asset value, and market price will fluctuate, and you may have a gain or a loss when you sell your shares.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Fund performance </FONT></B><FONT face=sans-serif size=2>Total return for periods ended 4/30/09</FONT></P>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD align=left width="20%"></TD>
     <TD width="20%"></TD>
     <TD width="20%"></TD>
     <TD width="20%"></TD>
     <TD width="20%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Lipper High Yield</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Barclays</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Municipal Debt</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Capital Municipal</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Funds (closed-end)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>NAV</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Market price</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Bond Index</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>category average*</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Annual average</FONT>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Life of fund (since 2/24/89)</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>5.31%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>4.58%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>6.44%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>4.29%</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>10 years</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>24.76</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>3.04</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>59.47</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>26.47</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Annual average</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>2.24</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>0.30</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>4.78</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>2.26</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5 years</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>3.55</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>12.02</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>22.34</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>2.77</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Annual average</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>0.70</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>2.30</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>4.11</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>0.48</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>3 years</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;10.71</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;5.10</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>12.11</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;13.90</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Annual average</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;3.71</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;1.73</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>3.88</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;4.97</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>1 year</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;13.69</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;12.06</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>3.11</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;16.83</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>6 months</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>2.27</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>4.47</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>8.20</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>1.73</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=5>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>Performance assumes reinvestment of distributions and does not account for taxes.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Index and Lipper results should be compared to fund performance at net asset value. Lipper calculates performance differently than the closed-end funds it ranks due to varying methods for determining a fund's monthly reinvestment NAV.</FONT></P>
<P align=left><FONT face=sans-serif size=1>* Over the 6-month, 1-year, 3-year, 5-year, 10-year, and life-of-fund periods ended 4/30/09, there were 15, 15, 14, 14, 11, and 6 funds, respectively, in this Lipper category.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Fund performance as of most recent calendar quarter</FONT></B><BR>
<FONT face=sans-serif size=2>Total return for periods ended 3/31/09</FONT></P>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD align=left width="37%"></TD>
     <TD width="34%"></TD>
     <TD width="28%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>NAV</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Market price</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Annual average</FONT>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Life of fund (since 2/24/89)</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>5.13%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>4.32%</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>10 years</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>20.58</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;4.44</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Annual average</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>1.89</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;0.45</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5 years</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;2.88</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;2.57</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Annual average</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;0.58</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;0.52</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>3 years</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;13.85</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;11.66</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Annual average</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;4.85</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;4.05</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>1 year</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;16.08</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;15.96</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>6 months</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;10.97</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#150;13.14</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>13</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2>Fund price and distribution information </FONT></B><FONT face=sans-serif size=2>For the six-month period ended 4/30/09</FONT></P>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Distributions</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Number</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>6</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Income </FONT><B><SUP><FONT face=sans-serif size=1>1</FONT></SUP></B>&nbsp;</TD>
     <TD noWrap align=center colSpan=2>&nbsp;</TD>
     <TD noWrap align=center colSpan=2><FONT face=sans-serif size=1>$0.2202</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Capital gains </FONT><B><SUP><FONT face=sans-serif size=1>2</FONT></SUP></B>&nbsp;</TD>
     <TD noWrap align=center colSpan=2>&nbsp;</TD>
     <TD noWrap align=center colSpan=2><FONT face=sans-serif size=1>&#151;</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Total</FONT>&nbsp;</TD>
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     <TD noWrap align=center colSpan=2><FONT face=sans-serif size=1>$0.2202</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Distributions &#151; preferred shares*</FONT>&nbsp;</TD>
     <TD noWrap align=center colSpan=2><FONT face=sans-serif size=1>Series A</FONT>&nbsp;</TD>
     <TD noWrap align=center colSpan=2><FONT face=sans-serif size=1>Series B</FONT>&nbsp;</TD>
     <TD noWrap align=center colSpan=2><FONT face=sans-serif size=1>Series C</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Income </FONT><B><SUP><FONT face=sans-serif size=1>1</FONT></SUP></B>&nbsp;</TD>
     <TD noWrap align=center colSpan=2><FONT face=sans-serif size=1>$2,251.58</FONT>&nbsp;</TD>
     <TD noWrap align=center colSpan=2><FONT face=sans-serif size=1>$239.86</FONT>&nbsp;</TD>
     <TD noWrap align=center colSpan=2><FONT face=sans-serif size=1>$236.13</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Capital gains </FONT><B><SUP><FONT face=sans-serif size=1>2</FONT></SUP></B>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>&#151;</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Total</FONT>&nbsp;</TD>
     <TD noWrap align=center colSpan=2><FONT face=sans-serif size=1>$2,251.58</FONT>&nbsp;</TD>
     <TD noWrap align=center colSpan=2><FONT face=sans-serif size=1>$239.86</FONT>&nbsp;</TD>
     <TD noWrap align=center colSpan=2><FONT face=sans-serif size=1>$236.13</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Share value</FONT>&nbsp;</TD>
     <TD noWrap align=center colSpan=2><FONT face=sans-serif size=1>NAV</FONT>&nbsp;</TD>
     <TD noWrap align=center colSpan=2><FONT face=sans-serif size=1>Market price</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>10/31/08</FONT>&nbsp;</TD>
     <TD noWrap align=center colSpan=2><FONT face=sans-serif size=1>$6.23</FONT>&nbsp;</TD>
     <TD noWrap align=center colSpan=2><FONT face=sans-serif size=1>$5.70</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>4/30/09</FONT>&nbsp;</TD>
     <TD noWrap align=center colSpan=2><FONT face=sans-serif size=1>6.12</FONT>&nbsp;</TD>
     <TD noWrap align=center colSpan=2><FONT face=sans-serif size=1>5.72</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Current yield (end of period)</FONT>&nbsp;</TD>
     <TD noWrap align=center colSpan=2><FONT face=sans-serif size=1>NAV</FONT>&nbsp;</TD>
     <TD noWrap align=center colSpan=2><FONT face=sans-serif size=1>Market price</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Current dividend rate </FONT><B><SUP><FONT face=sans-serif size=1>3</FONT></SUP></B>&nbsp;</TD>
     <TD noWrap align=center colSpan=2><FONT face=sans-serif size=1>7.45%</FONT>&nbsp;</TD>
     <TD noWrap align=center colSpan=2><FONT face=sans-serif size=1>7.97%</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Taxable equivalent </FONT><B><SUP><FONT face=sans-serif size=1>4</FONT></SUP></B>&nbsp;</TD>
     <TD noWrap align=center colSpan=2><FONT face=sans-serif size=1>11.46</FONT>&nbsp;</TD>
     <TD noWrap align=center colSpan=2><FONT face=sans-serif size=1>12.26</FONT>&nbsp;</TD>
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<P align=left><FONT face=sans-serif size=1>The classification of distributions, if any, is an estimate. Final distribution information will appear on your year-end tax forms.</FONT></P>
<P align=left><FONT face=sans-serif size=1>* For further information on the preferred shares outstanding during the period, please refer to Note 4: Preferred shares on page 48.</FONT></P>
<P align=left><B><SUP><FONT face=sans-serif size=1>1 </FONT></SUP></B><FONT face=sans-serif size=1>For some investors, investment income may be subject to the federal alternative minimum tax. Income from federally exempt funds may be subject to state and local taxes.</FONT></P>
<P align=left><B><SUP><FONT face=sans-serif size=1>2 </FONT></SUP></B><FONT face=sans-serif size=1>Capital gains, if any, are taxable for federal and, in most cases, state purposes.</FONT></P>
<P align=left><B><SUP><FONT face=sans-serif size=1>3 </FONT></SUP></B><FONT face=sans-serif size=1>Most recent distribution, excluding capital gains, annualized and divided by NAV or market price at end of period.</FONT></P>
<P align=left><B><SUP><FONT face=sans-serif size=1>4 </FONT></SUP></B><FONT face=sans-serif size=1>Assumes maximum 35% federal tax rate for 2009. Results for investors subject to lower tax rates would not be as advantageous.</FONT></P>
<P align=left><FONT face=sans-serif size=1>14</FONT></P>
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<P align=left><FONT face=sans-serif size=4>Your fund&#146;s management</FONT></P>
<P align=left><FONT face=sans-serif size=2>In addition to Paul Drury, your fund&#146;s Portfolio Managers are Brad Libby, Susan McCormack, and Thalia Meehan.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Portfolio management fund ownership</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>The following table shows how much the fund&#146;s current Portfolio Managers have invested in the fund and in all Putnam mutual funds (in dollar ranges). Information shown is as of April 30, 2009, and April 30, 2008.</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2>Trustee and Putnam employee fund ownership</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>As of April 30, 2009, 12 of the 14 Trustees of the Putnam funds owned fund shares. The following table shows the approximate value of investments in the fund and all Putnam funds as of that date by the Trustees and Putnam employees. These amounts include investments by the Trustees&#146; and employees&#146; immediate family members and investments through retirement and deferred compensation plans.</FONT></P>
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     <TD noWrap align=right><FONT face=sans-serif size=1>Assets in the fund</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Total assets in all Putnam funds</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Trustees</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$44,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$32,000,000</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Putnam employees</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$5,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$339,000,000</FONT>&nbsp;</TD></TR>
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<P align=left><B><FONT face=sans-serif size=2>Other Putnam funds managed by the Portfolio Managers</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Paul Drury, Brad Libby, Susan McCormack, and Thalia Meehan are Portfolio Managers of Putnam&#146;s open-end tax-exempt funds for the following states: Arizona, California, Massachusetts, Michigan, Minnesota, New Jersey, New York, Ohio, and Pennsylvania. The same group also manages Putnam Tax Exempt Income Fund, Putnam Tax-Free High Yield Fund, Putnam AMT-Free Municipal Fund*, and Putnam Municipal Opportunities Trust.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Paul Drury, Brad Libby, Susan McCormack, and Thalia Meehan may also manage other accounts and variable trust funds advised by Putnam Management or an affiliate.</FONT></P>
<P align=left><FONT face=sans-serif size=1>* Prior to November 30, 2008, the fund was known as Putnam AMT-Free Insured Municipal Fund.</FONT></P>
<P align=left><FONT face=sans-serif size=1>15</FONT></P>
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<P align=left><FONT face=sans-serif size=4>Terms and definitions</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Important terms</FONT></B></P>
<P align=left><FONT face=sans-serif size=2><B>Total return </B></FONT><FONT face=sans-serif size=2>shows how the value of the fund&#146;s shares changed over time, assuming you held the shares through the entire period and reinvested all distributions in the fund.</FONT></P>
<P align=left><FONT face=sans-serif size=2><B>Net asset value (NAV)</B> </FONT><FONT face=sans-serif size=2>is the value of all your fund&#146;s assets, minus any liabilities and the net assets allocated to any outstanding preferred shares, divided by the number of outstanding common shares.</FONT></P>
<P align=left><FONT face=sans-serif size=2><B>Market price</B> </FONT><FONT face=sans-serif size=2>is the current trading price of one share of the fund. Market prices are set by transactions between buyers and sellers on exchanges such as the New York Stock Exchange.</FONT></P>
<P align=left><FONT face=sans-serif size=2><B>Current yield</B> </FONT><FONT face=sans-serif size=2>is the annual rate of return earned from dividends or interest of an investment. Current yield is expressed as a percentage of the price of a security, fund share, or principal investment.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Comparative indexes</FONT></B></P>
<P align=left><FONT face=sans-serif size=2><B>Barclays Capital Aggregate Bond Index</B> </FONT><FONT face=sans-serif size=2>is an unmanaged index of U.S. investment-grade fixed-income securities.</FONT></P>
<P align=left><FONT face=sans-serif size=2><B>Barclays Capital Municipal Bond Index</B> </FONT><FONT face=sans-serif size=2>is an unmanaged index of long-term fixed-rate investment-grade tax-exempt bonds.</FONT></P>
<P align=left><FONT face=sans-serif size=2><B>Merrill Lynch U.S. 3-Month Treasury Bill Index</B> </FONT><FONT face=sans-serif size=2>is an unmanaged index that seeks to measure the performance of U.S. Treasury bills available in the marketplace.</FONT></P>
<P align=left><FONT face=sans-serif size=2><B>S&amp;P 500 Index</B> </FONT><FONT face=sans-serif size=2>is an unmanaged index of common stock performance.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Indexes assume reinvestment of all distributions and do not account for fees. Securities and performance of a fund and an index will differ. You cannot invest directly in an index.</FONT></P>
<P align=left><FONT face=sans-serif size=2><B>Lipper</B> </FONT><FONT face=sans-serif size=2>is a third-party industry-ranking entity that ranks mutual funds. Its rankings do not reflect sales charges. Lipper rankings are based on total return at net asset value relative to other funds that have similar current investment styles or objectives as determined by Lipper. Lipper may change a fund&#146;s category assignment at its discretion. Lipper category averages reflect performance trends for funds within a category.</FONT></P>
<P align=left><FONT face=sans-serif size=1>16</FONT></P>
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<P align=left><FONT face=sans-serif size=4>Trustee approval of management contract</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>General conclusions</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>The Board of Trustees of the Putnam funds oversees the management of each fund and, as required by law, determines annually whether to approve the continuance of your fund&#146;s management contract with Putnam Investment Management (&#147;Putnam Management&#148;). In this regard, the Board of Trustees, with the assistance of its Contract Committee consisting solely of Trustees who are not &#147;interested persons&#148; (as such term is defined in the Investment Company Act of 1940, as amended) of the Putnam funds (the &#147;Independent Trustees&#148;), requests and evaluates all information it deems reasonably necessary under the circumstances. Over the course of several months ending in June 2008, the Contract Committee met several times to consider the information provided by Putnam Management and other information developed with the assistance of the Board&#146;s independent counsel and independent staff. The Contract Committee reviewed and discussed key aspects
 of this information with all of the Independent Trustees. The Contract Committee recommended, and the Independent Trustees approved, the continuance of your fund&#146;s management contract, effective July 1, 2008.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The Independent Trustees&#146; approval was based on the following conclusions:</FONT></P>
<P align=left><FONT face=sans-serif size=2>&#149; </FONT><FONT face=sans-serif size=2>That the fee schedule in effect for your fund represented reasonable compensation in light of the nature and quality of the services being provided to the fund, the fees paid by competitive funds and the costs incurred by Putnam Management in providing such services, and</FONT></P>
<P align=left><FONT face=sans-serif size=2>&#149; </FONT><FONT face=sans-serif size=2>That this fee schedule represented an appropriate sharing between fund shareholders and Putnam Management of such economies of scale as may exist in the management of the fund at current asset levels.</FONT></P>
<P align=left><FONT face=sans-serif size=2>These conclusions were based on a comprehensive consideration of all information provided to the Trustees, were subject to the continued application of certain expense reductions and waivers and other considerations noted below, and were not the result of any single factor. Some of the factors that figured particularly in the Trustees&#146; deliberations and how the Trustees considered these factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors. It is also important to recognize that the fee arrangements for your fund and the other Putnam funds are the result of many years of review and discussion between the Independent Trustees and Putnam Management, that certain aspects of such arrangements may receive greater scrutiny in some years than others, and that the Trustees&#146; conclusions may be based, in part, on their consideration of these same arrangements in
 prior years.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Management fee schedules and</FONT></B><BR>
<B><FONT face=sans-serif size=2>categories; total expenses</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>The Trustees reviewed the management fee schedules in effect for all Putnam funds, including fee levels and breakpoints, and the assignment of funds to particular fee categories. In reviewing fees and expenses, the Trustees generally focused their attention on material changes in circumstances &#151; for example, changes in a fund&#146;s size or investment style, changes in Putnam Management&#146;s operating costs or responsibilities, or changes in competitive practices in the mutual fund industry &#151; that suggest that consideration of fee changes might be warranted. The Trustees concluded that the circumstances did not warrant changes to the management fee structure of your fund, which had been carefully developed over the years, re-examined on many occasions and</FONT></P>
<P align=left><FONT face=sans-serif size=1>17</FONT></P>
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<P align=left><FONT face=sans-serif size=2>adjusted where appropriate. In this regard, the Trustees also noted that shareholders of your fund voted in 2007 to approve new management contracts containing an identical fee structure. The Trustees focused on two areas of particular interest, as discussed further below:</FONT></P>
<P align=left><FONT face=sans-serif size=2><B>&#149; </B></FONT><FONT face=sans-serif size=2><B>Competitiveness. </B></FONT><FONT face=sans-serif size=2>The Trustees reviewed comparative fee and expense information for competitive funds, which indicated that, in a custom peer group of competitive funds selected by Lipper Inc., your fund ranked in the 25th percentile in management fees and in the 25th percentile in total expenses as of December 31, 2007 (the first percentile being the least expensive funds and the 100th percentile being the most expensive funds). The Trustees expressed their intention to monitor this information closely to ensure that fees and expenses of your fund continue to meet evolving competitive standards.</FONT></P>
<P align=left><FONT face=sans-serif size=2><B>&#149; </B></FONT><FONT face=sans-serif size=2><B>Economies of scale. </B></FONT><FONT face=sans-serif size=2>The Trustees considered that most Putnam funds currently have the benefit of breakpoints in their management fees that provide shareholders with significant economies of scale, which means that the effective management fee rate of a fund (as a percentage of fund assets) declines as a fund grows in size and crosses specified asset thresholds. Conversely, as a fund shrinks in size &#151; as has been the case for many Putnam funds in recent years &#151; these breakpoints result in increasing fee levels. In recent years, the Trustees have examined the operation of the existing breakpoint structure during periods of both growth and decline in asset levels. The Trustees concluded that the fee schedules in effect for the funds represented an appropriate sharing of economies of scale at current asset levels.</FONT></P>
<P align=left><FONT face=sans-serif size=2>In connection with their review of the management fees and total expenses of the Putnam funds, the Trustees also reviewed the costs of the services to be provided and profits to be realized by Putnam Management and its </FONT><FONT face=sans-serif size=2>affiliates from the relationship with the funds. This information included trends in revenues, expenses and profitability of Putnam Management and its affiliates relating to the investment management and distribution services provided to the funds. In this regard, the Trustees also reviewed an analysis of Putnam Management&#146;s revenues, expenses and profitability with respect to the funds&#146; management contracts, allocated on a fund-by-fund basis.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Investment performance</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>The quality of the investment process provided by Putnam Management represented a major factor in the Trustees&#146; evaluation of the quality of services provided by Putnam Management under your fund&#146;s management contract. The Trustees were assisted in their review of the Putnam funds&#146; investment process and performance by the work of the Investment Oversight Coordinating Committee of the Trustees and the Investment Oversight Committees of the Trustees, which had met on a regular monthly basis with the funds&#146; portfolio teams throughout the year. The Trustees concluded that Putnam Management generally provides a high-quality investment process &#151; as measured by the experience and skills of the individuals assigned to the management of fund portfolios, the resources made available to such personnel, and in general the ability of Putnam Management to attract and retain high-quality personnel &#151; but also recognized that this does not guarantee fa
vorable investment results for every fund in every time period. The Trustees considered the investment performance of each fund over multiple time periods and considered information comparing each fund&#146;s performance with various benchmarks and with the performance of competitive funds.</FONT></P>
<P align=left><FONT face=sans-serif size=2>While the Trustees noted the satisfactory investment performance of certain Putnam funds, they considered the disappointing investment</FONT></P>
<P align=left><FONT face=sans-serif size=1>18</FONT></P>
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<P align=left><FONT face=sans-serif size=2>performance of many funds in recent periods, particularly over periods in 2007 and 2008. They discussed with senior management of Putnam Management the factors contributing to such underperformance and actions being taken to improve performance. The Trustees recognized that, in recent years, Putnam Management has taken steps to strengthen its investment personnel and processes to address areas of underperformance, including recent efforts to further centralize Putnam Management&#146;s equity research function. In this regard, the Trustees took into consideration efforts by Putnam Management to improve its ability to assess and mitigate investment risk in individual funds, across asset classes, and across the complex as a whole. The Trustees indicated their intention to continue to monitor performance trends to assess the effectiveness of these efforts and to evaluate whether additional changes to address areas of underperformance are warranted.</FONT></P>
<P align=left><FONT face=sans-serif size=2>In the case of your fund, the Trustees considered that your fund&#146;s common share cumulative total return performance at net asset value was in the following percentiles of its Lipper Inc. peer group (Lipper High Yield Municipal Debt Funds (closed-end)) (compared using tax-adjusted performance to recognize the different federal income tax treatment for capital gains distributions and exempt-interest distributions) for the one-year, three-year and five-year periods ended December 31, 2007 (the first percentile being the best-performing funds and the 100th percentile being the worst-performing funds):</FONT></P>
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     <TD noWrap align=left><FONT face=sans-serif size=1>One-year period</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>50th</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Three-year period</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>87th</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Five-year period</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>76th</FONT>&nbsp;</TD>
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<P align=left><FONT face=sans-serif size=2>(Because of the passage of time, these performance results may differ from the performance results for more recent periods shown elsewhere in this report.) Over the one-year, three-year and five-year periods ended December 31, 2007, there were 15, 15, and 12 funds, respectively, in your fund&#146;s Lipper peer group.* Past performance is no guarantee of future returns.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The Trustees noted the disappointing performance for your fund for the three-year and five-year periods ended December 31, 2007. In this regard, the Trustees considered Putnam Management&#146;s belief that one factor in the fund&#146;s relative underperformance during these periods was its selection of higher-quality bonds during these periods, when lower-quality bonds had strong relative performance. The Trustees also considered that Putnam Management continues to believe that the fund&#146;s investment strategy and process are designed to produce attractive relative performance over longer periods, and the fund&#146;s performance for the one-year period has rebounded.</FONT></P>
<P align=left><FONT face=sans-serif size=2>As a general matter, the Trustees believe that cooperative efforts between the Trustees and Putnam Management represent the most effective way to address investment performance problems. The Trustees noted that investors in the Putnam funds have, in effect, placed their trust in the Putnam organization, under the oversight of the funds&#146; Trustees, to make appropriate decisions regarding the management of the funds. Based on the responsiveness of Putnam Management in the recent past to Trustee concerns about investment performance, the Trustees</FONT></P>
<P align=left><FONT face=sans-serif size=1>* The percentile rankings for your fund&#146;s common share annualized total return performance in the Lipper High Yield Municipal Debt Funds (closed-end) category for the one-year, five-year, and ten-year periods ended March 31, 2009, were 32%, 60%, and 75%, respectively. Over the one-year, five-year, and ten-year periods ended March 31, 2009, your fund ranked 5th out of 15, 9th out of 14, and 9th out of 11 funds, respectively. Unlike the information above, these rankings reflect performance before taxes. Note that this more recent information was not available when the Trustees approved the continuance of your fund&#146;s management contract.</FONT></P>
<P align=left><FONT face=sans-serif size=1>19</FONT></P>
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<P align=left><FONT face=sans-serif size=2>concluded that it is preferable to seek change within Putnam Management to address performance shortcomings. In the Trustees&#146; view, the alternative of engaging a new investment adviser for an underperforming fund would entail significant disruptions and would not provide any greater assurance of improved investment performance.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Brokerage and soft-dollar allocations;</FONT></B><BR>
<B><FONT face=sans-serif size=2>other benefits</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>The Trustees considered various potential benefits that Putnam Management may receive in connection with the services it provides under the management contract with your fund. These include benefits related to brokerage and soft-dollar allocations, whereby a portion of the commissions paid by a fund for brokerage may be used to acquire research services that may be useful to Putnam Management in managing the assets of the fund and of other clients. The Trustees considered changes made in 2008, at Putnam Management&#146;s request, to the Putnam funds&#146; brokerage allocation policy, which expanded the permitted categories of brokerage and research services payable with soft dollars and increased the permitted soft dollar allocation to third-party services over what had been authorized in previous years. The Trustees indicated their continued intent to monitor the potential benefits associated with the allocation of fund brokerage and trends in industry practice to 
ensure that the principle of seeking &#147;best price and execution&#148; remains paramount in the portfolio trading process.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The Trustees&#146; annual review of your fund&#146;s management contract arrangements also included the review of your fund&#146;s investor </FONT><FONT face=sans-serif size=2>servicing agreement with Putnam Fiduciary Trust Company (&#147;PFTC&#148;), which provides benefits to affiliates of Putnam Management. In the case of the investor servicing agreement, the Trustees considered that certain shareholder servicing functions were shifted to a third-party service provider by PFTC in 2007.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Comparison of retail and institutional</FONT></B><BR>
<B><FONT face=sans-serif size=2>fee schedules</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>The information examined by the Trustees as part of their annual contract review has included for many years information regarding fees charged by Putnam Management and its affiliates to institutional clients such as defined benefit pension plans, college endowments, etc. This information included comparisons of such fees with fees charged to the funds, as well as a detailed assessment of the differences in the services provided to these two types of clients. The Trustees observed, in this regard, that the differences in fee rates between institutional clients and mutual funds are by no means uniform when examined by individual asset sectors, suggesting that differences in the pricing of investment management services to these types of clients reflect to a substantial degree historical competitive forces operating in separate market places. The Trustees considered the fact that fee rates across different asset classes are typically higher on average for mutual funds
 than for institutional clients, as well as the differences between the services that Putnam Management provides to the Putnam funds and those that it provides to institutional clients of the firm, but did not rely on such comparisons to any significant extent in concluding that the management fees paid by your fund are reasonable.</FONT></P>
<P align=left><FONT face=sans-serif size=1>20</FONT></P>
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<P align=left><FONT face=sans-serif size=4>Other information for shareholders</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Important notice regarding share</FONT></B><BR>
<B><FONT face=sans-serif size=2>repurchase program</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>In September 2008, the Trustees of your fund approved the renewal of a share repurchase program that had been in effect since 2005. This renewal will allow your fund to repurchase, in the 12 months beginning October 8, 2008, up to 10% of the fund&#146;s common shares outstanding as of October 7, 2008.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Important notice regarding delivery</FONT></B><BR>
<B><FONT face=sans-serif size=2>of shareholder documents</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>In accordance with SEC regulations, Putnam sends a single copy of annual and semiannual shareholder reports, prospectuses, and proxy statements to Putnam shareholders who share the same address, unless a shareholder requests otherwise. If you prefer to receive your own copy of these documents, please call Putnam at 1-800-225-1581, and Putnam will begin sending individual copies within 30 days.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Proxy voting</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Putnam is committed to managing our mutual funds in the best interests of our shareholders. The Putnam funds&#146; proxy voting guidelines and </FONT><FONT face=sans-serif size=2>procedures, as well as information regarding how your fund voted proxies relating to portfolio securities during the 12-month period ended June 30, 2008, are available in the Individual Investors section of putnam.com, and on the SEC&#146;s Web site, www.sec.gov. If you have questions about finding forms on the SEC&#146;s Web site, you may call the SEC at 1-800-SEC-0330. You may also obtain the Putnam funds&#146; proxy voting guidelines and procedures at no charge by calling Putnam&#146;s Shareholder Services at 1-800-225-1581.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Fund portfolio holdings</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>The fund will file a complete schedule of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Shareholders may obtain the fund&#146;s Forms N-Q on the SEC&#146;s Web site at www.sec.gov. In addition, the fund&#146;s Forms N-Q may be reviewed and copied at the SEC&#146;s Public Reference Room in Washington, D.C. You may call the SEC at 1-800-SEC-0330 for information about the SEC&#146;s Web site or the operation of the Public Reference Room.</FONT></P>
<P align=left><FONT face=sans-serif size=1>21</FONT></P>
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<P align=left><FONT face=sans-serif size=4>Financial statements</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>A guide to financial statements</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>These sections of the report, as well as the accompanying Notes, constitute the fund&#146;s financial statements.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>The fund&#146;s portfolio </FONT></B><FONT face=sans-serif size=2>lists all the fund&#146;s investments and their values as of the last day of the reporting period. Holdings are organized by asset type and industry sector, country, or state to show areas of concentration and diversification.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Statement of assets and liabilities </FONT></B><FONT face=sans-serif size=2>shows how the fund&#146;s net assets and share price are determined. All investment and noninvestment assets are added together. Any unpaid expenses and other liabilities are subtracted from this total. The result is divided by the number of shares to determine the net asset value per share. (For funds with preferred shares, the amount subtracted from total assets includes the liquidation preference of preferred shares.)</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Statement of operations </FONT></B><FONT face=sans-serif size=2>shows the fund&#146;s net investment gain or loss. This is done by first adding up all the fund&#146;s earnings &#151; from dividends and interest income &#151; and subtracting its operating expenses to determine net investment income (or loss). Then, any net gain or loss the fund realized on the sales of its holdings &#151;as well as any unrealized gains or losses over the period &#151; is added to or subtracted from the </FONT><FONT face=sans-serif size=2>net investment result to determine the fund&#146;s net gain or loss for the fiscal period.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Statement of changes in net assets </FONT></B><FONT face=sans-serif size=2>shows how the fund&#146;s net assets were affected by the fund&#146;s net investment gain or loss, by distributions to shareholders, and by changes in the number of the fund&#146;s shares. It lists distributions and their sources (net investment income or realized capital gains) over the current reporting period and the most recent fiscal year-end. The distributions listed here may not match the sources listed in the Statement of operations because the distributions are determined on a tax basis and may be paid in a different period from the one in which they were earned. Dividend sources are estimated at the time of declaration. Actual results may vary. Any non-taxable return of capital cannot be determined until final tax calculations are completed after the end of the fund&#146;s fiscal year.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Financial highlights </FONT></B><FONT face=sans-serif size=2>provide an overview of the fund&#146;s investment results, per-share distributions, expense ratios, net investment income ratios, and portfolio turnover in one summary table, reflecting the five most recent reporting periods. In a semiannual report, the highlight table also includes the current reporting period.</FONT></P>
<P align=left><FONT face=sans-serif size=1>22</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2>The fund&#146;s portfolio </FONT></B><FONT face=sans-serif size=2>4/30/09 (Unaudited)</FONT></P>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD width="50%"></TD>
     <TD width="50%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Key to abbreviations</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>AMBAC </FONT><FONT face=sans-serif size=1>AMBAC Indemnity Corporation</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>FRN </FONT><FONT face=sans-serif size=1>Floating Rate Notes</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Cmnwlth. of PR Gtd. </FONT><FONT face=sans-serif size=1>Commonwealth of Puerto Rico</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>FSA </FONT><FONT face=sans-serif size=1>Financial Security Assurance</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Guaranteed</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>GNMA Coll. </FONT><FONT face=sans-serif size=1>Government National Mortgage</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>COP </FONT><FONT face=sans-serif size=1>Certificate of Participation</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Association Collateralized</FONT>&nbsp;</TD></TR>
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     <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>FGIC </FONT><FONT face=sans-serif size=1>Financial Guaranty Insurance Company</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>G.O. Bonds </FONT><FONT face=sans-serif size=1>General Obligation Bonds</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>FHA Insd. </FONT><FONT face=sans-serif size=1>Federal Housing Administration Insured</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>NATL </FONT><FONT face=sans-serif size=1>National Public Finance Guarantee Corp.</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap 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. </FONT><FONT face=sans-serif size=1>Federal National Mortgage Association</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>U.S. Govt. Coll. </FONT><FONT face=sans-serif size=1>U.S. Government Collateralized</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Collateralized</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>VRDN </FONT><FONT face=sans-serif size=1>Variable Rate Demand Notes</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>FRB </FONT><FONT face=sans-serif size=1>Floating Rate Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD width="59%"></TD>
     <TD width="10%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MUNICIPAL BONDS AND NOTES (135.1%)*</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Rating**</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Principal amount</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Alabama (0.9%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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 (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>$909,210</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>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>1,451,445</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>Sylacauga, Hlth. Care Auth. Rev. Bonds (Coosa</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Valley 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>172,855</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>497,848</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>3,031,358</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Arizona (4.5%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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>833,200</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>215,475</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>AZ Hlth. Fac. Auth. Hosp. Syst. Rev. Bonds (John</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>C. Lincoln Hlth. Network), 6 3/8s, 12/1/37</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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>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>1,747,605</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>Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Grande 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>1,497,186</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>873,500</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>Cochise 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>(Sierra Vista Regl. Hlth. Ctr.), Ser. A, 6.2s,</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>12/1/21</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;/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>416,339</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>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,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>10/1/32</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>3,192,713</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>Maricopa 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>(El Paso Elec. Co.), Ser. A, 7 1/4s, 2/1/40</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>2,200,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,317,370</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Public Service Co. of NM), 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>483,934</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>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>452,800</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>816,730</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>Salt Verde, Fin. Corp. Gas Rev. Bonds, 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>12/1/29</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>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,549,100</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>23</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
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     <TD noWrap align=left><FONT face=sans-serif size=1>MUNICIPAL BONDS AND NOTES (135.1%)* </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Rating**</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Principal amount</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=4>
<HR noShade SIZE=1>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Arizona </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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, 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>$868,520</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>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&#150;/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>393,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>366,174</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>15,630,646</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Arkansas (0.6%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Arkadelphia, Pub. Ed. Fac. Board 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>(Ouachita 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>655,687</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>Little Rock G.O. Bonds (Cap. Impt.), FSA, 3.95s,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>4/1/19</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>45,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>45,171</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>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>922,160</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>600,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>573,798</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>2,196,816</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>California (10.2%)</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>Assn. of Bay Area Governments Fin. Auth. 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>(American Baptist Homes), Ser. A, 6.2s, 10/1/27</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</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>286,243</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>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>A2</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>3,385,754</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>667,347</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>CA Poll. Control Fin. Auth. Rev. Bonds (Pacific</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gas &amp; Electric Corp.), Class D, FGIC, 4 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>12/1/23</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>2,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,304,175</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>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,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>11/1/23</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>1,880,691</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>CA Poll. Control Fin. Auth. 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>Rev. Bonds (Waste Management, Inc.), 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>5.4s, 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>1,533,435</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>CA State G.O. Bonds, 6 1/2s, 4/1/33</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>5,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,381,600</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>CA State Econ. Recvy. VRDN, Ser. C-2, 0.37s,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>7/1/23</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>400,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>400,000</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>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>2,717,403</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>CA Statewide Cmnty. Dev. Auth. Rev. Bonds (Thomas</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Jefferson School of Law), Ser. A, 7 1/4s, 10/1/38</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>560,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>427,213</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>Cathedral City, Impt. Board Act of 1915 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 (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>1,015,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>711,637</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>245,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>174,621</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>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>958,160</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>290,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>206,898</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>Chula Vista, Indl. Dev. Rev. Bonds (San Diego</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gas), 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>1,176,310</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>Foothill/Eastern Corridor Agcy. Rev. Bonds (CA</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Toll 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>1,470,200</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>Golden State Tobacco Securitization Corp. 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-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>478,613</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>24</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
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     <TD noWrap align=left><FONT face=sans-serif size=1>MUNICIPAL BONDS AND NOTES (135.1%)* </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Rating**</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Principal amount</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=4>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>California </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Orange Cnty., 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 (Ladera Ranch No. 02-1), Ser. A, 5.55s,</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>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>$678,420</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>Poway, Unified School Dist. Cmnty. Facs. 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>Tax 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&#150;/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>610,377</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>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>A2</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>377,208</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>Sacramento, Special Tax (North Natomas Cmnty.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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. 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>984,197</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>Santaluz, Cmnty. Facs. Dist. No. 2 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>Rev. Bonds (Impt. Area No. 1), Ser. B, 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>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>3,075,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,610,245</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>Sunnyvale, Special Tax Rev. Bonds (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>Dist. No. 1), 7 3/4s, 8/1/32</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;/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>730,934</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>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>2,805,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,859,996</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>Vernon, Natural Gas Fin. 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, Ser. A-4, NATL, 5s, 8/3/09</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA&#150;</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>3,781,512</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>35,793,189</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Colorado (3.3%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>CO Edl. &amp; Cultural Fac. Auth. VRDN (National</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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 Federation Bond), Ser. C-2, 0.55s, 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>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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, 8 1/4s, 1/1/24</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;/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>376,774</FONT>&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&#150;/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>304,024</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Valley View Assn.), 5 1/4s, 5/15/42</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>2,499,834</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>871,670</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>CO Pub. Hwy. Auth. Rev. Bonds (E-470 Pub. Hwy.)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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. C1, NATL, 5 1/2s, 9/1/24</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>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>882,210</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. B, 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>2,312,290</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. B, 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>2,656,005</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>Denver, City &amp; Cnty. Arpt. Rev. Bonds, Ser. D,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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, 7 3/4s, 11/15/13</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>805,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>881,547</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>Denver, City &amp; Cnty. Special Fac. Arpt. 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 (United Airlines), Ser. A, 5 1/4s, 10/1/32</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B&#150;</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>167,616</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>11,551,970</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Connecticut (0.2%)</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>CT State Dev. Auth. 1st. Mtg. Gross Rev. 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 Rev. Bonds (Elim Street Park</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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, Inc.), 5.85s, 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><FONT face=sans-serif size=1>551,798</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>551,798</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Delaware (0.5%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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, 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>745,420</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>DE State Hlth. Facs. Auth. Rev. Bonds (Beebe 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.), Ser. A, 5s, 6/1/16</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>457,720</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>New Castle Cnty., Rev. Bonds (Newark Charter</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>School, 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>63,489</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>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>358,675</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>1,625,304</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>25</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
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     <TD noWrap align=left><FONT face=sans-serif size=1>MUNICIPAL BONDS AND NOTES (135.1%)* </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Rating**</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Principal amount</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>District of Columbia (0.1%)</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>DC Tobacco Settlement Fin. Corp. Rev. Bonds,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. A, 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><FONT face=sans-serif size=1>$365,575</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=right><FONT face=sans-serif size=1>365,575</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Florida (7.1%)</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Double Branch Cmnty. Dev. Dist. Rev. Bonds,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. A, 6.7s, 5/1/34</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A&#150;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>945,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>928,141</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Escambia Cnty., Env. Impt. Rev. Bonds (Intl.</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Paper 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>1,338,400</FONT>&nbsp;</TD></TR>
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     <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>
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     <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>455,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>337,815</FONT>&nbsp;</TD></TR>
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     <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>64,570</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>FL Hsg. Fin. Corp. Rev. Bonds, Ser. G, 5 3/4s,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>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>1,365,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,359,922</FONT>&nbsp;</TD></TR>
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     <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>
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     <TD noWrap align=left><FONT face=sans-serif size=1>5 3/8s, 6/1/46</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A&#150;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,380,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,341,195</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Heritage Harbour Marketplace Cmnty., Dev. Dist.</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Special Assmt. Bonds, 5.6s, 5/1/36</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>385,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>226,380</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Heritage Harbour, South Cmnty. Dev. Distr. Rev.</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Bonds, 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>465,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>407,196</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Heritage Isle at Viera, Cmnty. Dev. Dist. Special</FONT>&nbsp;</TD>
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     <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>125,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>116,316</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Hillsborough Cnty., Indl. Dev. Auth. Poll.</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Control Mandatory Put Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>(Tampa Elec. Co.), Ser. B, 5.15s, 9/1/13</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>401,384</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>AMBAC, 5s, 3/15/12</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>525,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>527,048</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Jacksonville, Econ. Dev. Comm. Hlth. Care Fac.</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>Rev. Bonds (Proton Therapy Inst.), Class A, 6s,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>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>450,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>410,792</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Jacksonville, Econ. Dev. Comm. Indl. Dev. Rev.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Bonds (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>1,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>783,750</FONT>&nbsp;</TD></TR>
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     <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>
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     <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>2,064,575</FONT>&nbsp;</TD></TR>
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<HR noShade SIZE=1>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Lakeland, Retirement Cmnty. Rev. Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>(1st Mtge. &#151; Carpenters), 6 3/8s, 1/1/43</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;/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>243,494</FONT>&nbsp;</TD></TR>
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<HR noShade SIZE=1>
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     <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>
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     <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&#150;/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>774,741</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>(Shell Pt./Alliance Oblig. Group), 5 1/8s,</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>11/15/36</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>575,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>348,962</FONT>&nbsp;</TD></TR>
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     <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>BB+</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>1,093,260</FONT>&nbsp;</TD></TR>
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<HR noShade SIZE=1>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Main St. Cmnty., Dev. Dist. Special Assmt. 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>Ser. A, 6.8s, 5/1/38</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;/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>158,407</FONT>&nbsp;</TD></TR>
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<HR noShade SIZE=1>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Miami Beach, Hlth. Fac. Auth. Hosp. 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>(Mount Sinai Med. Ctr.), Ser. A</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <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>Ba2</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>323,270</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>Ba2</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>1,030,420</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Palm Coast Pk. Cmnty. Dev. Dist. Special Assmt.</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>Bonds, 5.7s, 5/1/37</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;/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>540,881</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>Reunion West, Cmnty. Dev. Dist. Special Assmt.</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>Bonds, 6 1/4s, 5/1/36</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,670,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>820,955</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>Six Mile Creek, Cmnty. Dev. Dist. 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>5.65s, 5/1/22</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;/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>632,016</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
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<P align=left><FONT face=sans-serif size=1>26</FONT></P>
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     <TD noWrap align=left><FONT face=sans-serif size=1>MUNICIPAL BONDS AND NOTES (135.1%)* </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Rating**</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Principal amount</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Florida </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <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>
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     <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>$1,699,650</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>South Village, Cmnty. Dev. Dist. 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, 5.7s, 5/1/35</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>955,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>573,382</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>Split Pine, 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 1/4s, 5/1/39</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;/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>922,780</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>Tampa Bay, 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>(New Port), Ser. A, 5 7/8s, 5/1/38</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;/P</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>242,350</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>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&#150;/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>505,225</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&#150;/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>440,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>249,242</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>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&#150;/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>376,743</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>Verano Ctr. 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 (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&#150;/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,020,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>489,600</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&#150;/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>615,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>332,100</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>Wentworth Estates, 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. A, 5 5/8s, 5/1/37</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;/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>473,176</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>World Commerce 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>Ser. 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&#150;/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>583,930</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&#150;/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>325,385</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>25,047,453</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Georgia (2.9%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Burke Cnty., Poll. Control Dev. Auth. 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 (Oglethorpe Pwr. Corp.), Ser. C-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>AMBAC, 4 5/8s, 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>4,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,498,830</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>Forsyth Cnty., Hosp. 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. Care Syst.), U.S. Govt. Coll., 6 1/4s,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>10/1/18 (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>2,327,380</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>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&#150;/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>423,150</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(First Mtge. &#151; 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>1,069,312</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>Marietta, Dev. Auth. Rev. Bonds (U. Fac. - Life</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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., Inc.), Ser. PJ, 6 1/4s, 6/15/20</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>1,395,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,122,138</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>Med. Ctr. Hosp. Auth. Rev. Bonds (Spring Harbor</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Green 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>406,054</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>Rockdale Cnty., 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>(Visy Paper), 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>384,186</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>10,231,050</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Hawaii (0.3%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=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><FONT face=sans-serif size=1>1,132,400</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>1,132,400</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Idaho (0.6%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtge.), 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>910,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>883,064</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>Madison Cnty., Hosp. COP, 5 1/4s, 9/1/20</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</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>1,228,740</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>2,111,804</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>27</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
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     <TD noWrap align=left><FONT face=sans-serif size=1>MUNICIPAL BONDS AND NOTES (135.1%)* </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Rating**</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Principal amount</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Illinois (1.9%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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>Aa3</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>$105,458</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>Du Page Cnty., Special Svc. Area No. 31 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>Tax 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&#150;/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>209,699</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&#150;/P</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>254,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>226,012</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>IL Dev. Fin. Auth. Hosp. Rev. Bonds (Adventist</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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./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>A+/F</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>778,020</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>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>735,874</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>145,556</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>2,305,088</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>720,350</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>508,224</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>IL Fin. Auth. Solid Waste Disposal (Waste</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mgmt., 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>388,080</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>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,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>7/1/20</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>131,360</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>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(In default) &#134;</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>500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>200,000</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>394,380</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>6,848,101</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Indiana (2.9%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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.),</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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, 10/1/28</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;/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>366,045</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>IN Bk. Special Program 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, 10/15/21</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>650,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>565,565</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>IN Hlth. Fac. Fin. Auth. VRDN (Fayette Memorial</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Hosp. Assn.), Ser. A, 0.52s, 10/1/32</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>835,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>835,000</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>IN State Dev. Fin. 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>(USX 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>2,078,625</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>Indianapolis, Arpt. Auth. Rev. Bonds (Federal</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Express 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>3,071,145</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>Jasper Cnty., Indl. 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>AMBAC, 5.7s, 7/1/17</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>1,125,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,122,008</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>NATL, 5.6s, 11/1/16</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>700,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>706,811</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. A, NATL, 5.6s, 11/1/16</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>500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>504,865</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>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&#150;</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>453,560</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>St. Joseph Cnty., Econ. Dev. Rev. Bonds (Holy</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Cross 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>393,234</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>10,096,858</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Iowa (3.7%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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 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>5,313,683</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>BB+</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>838,094</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>BB+</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>2,055,900</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. A, 5 1/2s, 7/1/25</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>950,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>653,496</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>28</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MUNICIPAL BONDS AND NOTES (135.1%)* </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Rating**</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Principal amount</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Iowa </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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. 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>(Friendship 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>$520,358</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>151,136</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>IA State Higher Ed. Loan 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>10/1/22</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;/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>718,800</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>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>1,982,305</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>699,075</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>12,932,847</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Kentucky (0.7%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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.),</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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. IA, 8s, 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>237,961</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>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>Baa1</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>1,047,030</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>732,038</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>Louisville/Jefferson Cnty., Metro. Govt. 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>Rev. 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>453,255</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>2,470,284</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Louisiana (3.0%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Desoto Parish, Rev. Bonds (Intl. Paper 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. 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>246,175</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>LA Local Govt. Env. Fac. Cmnty. Dev. 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>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 &#151; St. James Place), Ser. A, 7s,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>11/1/26 (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>1,805,759</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</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,049,860</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>Rapides, Fin. Auth. Mandatory Put Bonds (Cleco</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Pwr.), 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>4,012,000</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>Tangipahoa Parish Hosp. Svcs. Rev. Bonds (North</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Oaks Med. Ctr.), Ser. A, 5s, 2/1/25</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>500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>396,155</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>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>Ser. 01-B, 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>1,880,577</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>W. Feliciana Parish, 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>(Gulf 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>1,165,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,166,410</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>10,556,936</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Maine (0.8%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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>1,405,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,395,868</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>Rumford, Solid Waste Disp. Rev. Bonds (Boise</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Cascade Corp.), 6 7/8s, 10/1/26</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>3,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,524,270</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>2,920,138</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Maryland (2.5%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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, Inc.), 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>1,572,400</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>MD Econ. Dev. Corp. 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>(Potomac), 6.2s, 9/1/22</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>550,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>586,608</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>29</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
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     <TD noWrap align=left><FONT face=sans-serif size=1>MUNICIPAL BONDS AND NOTES (135.1%)* </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Rating**</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Principal amount</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=4>
<HR noShade SIZE=1>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Maryland </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&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.), 5 3/4s, 1/1/38</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</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>$356,369</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>1,400,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,463,238</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,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>1/1/27</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>430,842</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,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>1/1/13</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>1,500,947</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>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>936,080</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>MD State Indl. Dev. Fin. Auth. Econ. Dev. 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 (Our Lady of Good Counsel School), 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, 5/1/35</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;/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>273,720</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>Westminster, Econ. Dev. Rev. Bonds (Carroll</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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 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>433,770</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>1,600,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,260,560</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>8,814,534</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Massachusetts (7.1%)</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>Boston, 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>(Springhouse, Inc.), 6s, 7/1/28</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;/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>1,165,216</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>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>(Linden Ponds, Inc. Fac.), Ser. A, 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>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>277,835</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>433,929</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>737,360</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>262,458</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>1,388,798</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(First Mtge. &#151; Orchard Cove), 5s, 10/1/19</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;/P</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>419,045</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>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&#150;</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>430,987</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>MA State Dev. Fin. Agcy. 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 (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>754,383</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>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>2,375,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,843,065</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>BB/P</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>1,422,059</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&#150;</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>1,794,053</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>1,998,896</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>3,331,769</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&#150;/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>1,218,407</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</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>1,007,597</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>995,440</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&#150;</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>162,700</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>1,638,538</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>MA State Indl. Fin. Agcy. Rev. Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(1st Mtge. Stone Institution &amp; Newton), 7.9s,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>1/1/24</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;/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>661,860</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&#150;</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>2,112,053</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>25,056,448</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>30</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
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<TR>
     <TD width="59%"></TD>
     <TD width="10%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MUNICIPAL BONDS AND NOTES (135.1%)* </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Rating**</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Principal amount</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Michigan (3.1%)</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>Detroit, G.O. Bonds (Cap. Impt.), Ser. A-1, 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>4/1/15</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>$950,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$786,439</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>Detroit, Wtr. Supply Syst. Rev. 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>FSA, 6 1/4s, 7/1/36</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>1,660,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,708,870</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>Flint, Hosp. Bldg. Auth. Rev. Bonds (Hurley Med.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=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>237,795</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>Garden City, Hosp. Fin. Auth. Rev. Bonds (Garden</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>City 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>384,615</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>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>1,363,485</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>814,650</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>530,599</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>MI State Hsg. Dev. 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>3.9s, 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>2,264,603</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>MI State Strategic Fund, Ltd. 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>(Worthington Armstrong Venture), U.S. 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>Coll., 5 3/4s, 10/1/22 (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>1,516,968</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>Monroe Cnty., Hosp. Fin. Auth. Rev. Bonds (Mercy</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=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>1,188,114</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>10,796,138</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Minnesota (1.7%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <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>
     <TD noWrap align=left>&nbsp;</TD></TR>
<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&#150;</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>2,426,370</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>Duluth, Econ. Dev. Auth. 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 (BSM Properties, Inc.), Ser. A, 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>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>78,856</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>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>500,038</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>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>745,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>748,688</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>North Oaks, Sr. Hsg. 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), 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>242,185</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>Sauk Rapids Hlth. Care &amp; 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>(Good 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>264,264</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>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>Ba1</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>985,527</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>Ba1</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>223,713</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>St. Paul, Port Auth. Lease Rev. Bonds (Regions</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Hosp. Pkg. Ramp), Ser. 1, 5s, 8/1/36</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;/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>486,710</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>5,956,351</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mississippi (1.1%)</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>MS Bus. Fin. Corp. 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>(Syst. 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>1,419,551</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>MS Home Corp. 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. 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>940,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>962,193</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>Warren Cnty., Gulf Opportunity Zone (Intl.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Paper Co.), Ser. A, 6 1/2s, 9/1/32</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>1,600,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,418,064</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>3,799,808</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>31</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MUNICIPAL BONDS AND NOTES (135.1%)* </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Rating**</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Principal amount</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Missouri (7.4%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Cape Girardeau Cnty., Indl. Dev. Auth. 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>Fac. 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, 6/1/16</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>$1,034,160</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>Kansas City, Indl. Dev. Auth. Hlth. 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 (First Mtge. Bishop Spencer), 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, 1/1/35</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;/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>1,360,940</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>MO 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>Ser. 2003A (St. Luke&#146;s Health), 5 1/2s, 11/15/28 </FONT><B><SUP><FONT face=sans-serif size=1>T</FONT></SUP></B>&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>10,444,957</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>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. C, 0.45s, 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>1,600,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,600,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Sisters of Mercy Hlth.), Ser. A, 0.45s, 6/1/16</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>5,100,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,100,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Sisters of Mercy Hlth.), Ser. B, 0.45s, 6/1/16</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>2,700,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,700,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Washington U. (The)), Ser. B, 0.35s, 3/1/40</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>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</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>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</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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, 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>275,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>292,625</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Single Fam. Homeowner Loan), Ser. B-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., 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>260,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>269,149</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Single Fam. Homeowner 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>385,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>385,400</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</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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., 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>940,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>976,040</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</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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., 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>240,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>245,626</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Single Fam. Homeowner 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>345,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>344,821</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Single Fam. Homeowner 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>340,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>339,850</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>26,093,568</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Montana (1.6%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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.),</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>0.6s, 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>4,400,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,400,000</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>MT Fac. Fin. Auth. Rev. Bonds (Sr. Living St.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Johns 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>351,990</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>MT Fac. Fin. Auth. VRDN (Sisters of Charity),</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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, 0.5s, 12/1/25</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>560,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>560,000</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>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>B&#150;</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>184,888</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>5,496,878</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Nebraska (0.4%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Central Plains, Energy Project Rev. Bonds (NE 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>No. 1), Ser. A, 5 1/4s, 12/1/18</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>1,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,290,255</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>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) &#134;</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>11,726</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Brookhaven), zero %, 9/1/12 (In default) &#134;</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>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>1,313,853</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Nevada (2.3%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=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. 151) 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>243,096</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Summerlin No. 151) 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>669,145</FONT>&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>970,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>681,910</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Summerlin 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>200,585</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>32</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
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     <TD noWrap align=left><FONT face=sans-serif size=1>MUNICIPAL BONDS AND NOTES (135.1%)* </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Rating**</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Principal amount</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Nevada </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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., Indl. Dev. Rev. Bonds (Southwest</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gas Corp.), Ser. C, AMBAC, 5.95s, 12/1/38</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>$5,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$4,078,450</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>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>308,400</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(No. 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>370,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>268,098</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&#150;/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>880,899</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>Las Vegas, Local Impt. Board 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>(Dist. No. 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>1,170,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>821,176</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>8,151,759</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>New Hampshire (1.4%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=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&#150;/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>512,718</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>1,754,400</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>NH State Bus. Fin. Auth. Rev. Bonds (Alice Peck</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Day Hlth. Syst.), Ser. A, 7s, 10/1/29</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>BBB&#150;/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>2,682,015</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>NH State Bus. Fin. Auth. Swr. &amp; Solid Waste 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 (Crown Paper Co.), 7 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>7/1/26 (In default) &#134;</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>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>4,949,272</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>New Jersey (4.8%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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 (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>631,190</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>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.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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., 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>1,440,338</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>2,400,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,166,456</FONT>&nbsp;</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>353,810</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>714,970</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>302,118</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>730,800</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>3,080,360</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>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&#150;/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>496,616</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>NJ Econ. Dev. Auth. Solid Waste 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 (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>1,736,140</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>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&#150;</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>1,748,228</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(St. Peter&#146;s 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>574,283</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>1,557,608</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>683,463</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>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>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>714,164</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>16,930,544</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>New Mexico (0.4%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Farmington, Poll. Control Rev. Bonds (San Juan),</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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, 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><FONT face=sans-serif size=1>1,250,946</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>1,250,946</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>New York (8.4%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Broome Cnty., Indl. Dev. Agcy. Continuing 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>Retirement Rev. Bonds (Good Shepherd Village),</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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 3/4s, 7/1/28</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>600,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>461,166</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>33</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
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     <TD noWrap align=left><FONT face=sans-serif size=1>MUNICIPAL BONDS AND NOTES (135.1%)* </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Rating**</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Principal amount</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=4>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>New York </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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. 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,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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, 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>$323,420</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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>516,390</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>Livingston Cnty., Indl. Dev. Agcy. Civic 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 (Nicholas H. Noyes 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 3/4s, 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>1,759,198</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>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&#150;</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>2,162,363</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>Niagara Cnty., Indl. Dev. Agcy. 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 (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>370,640</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>479,730</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>NY City, Indl. Dev. Agcy. Rev. Bonds (Liberty-7</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>World 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>175,228</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>1,518,371</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>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>Ba2</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>611,397</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,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>11/1/30 (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>217,770</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Bronx Pkg. Dev. Co., LLC), 5 3/4s, 10/1/37</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>500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>275,005</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>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>(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>BBB&#150;</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>863,460</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(American Airlines &#151; JFK Intl. Arpt.), 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>8/1/16</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B&#150;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,975,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,838,077</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>1,705,753</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&#150;</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>199,466</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>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>721,872</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>Ba1</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>999,560</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>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>853,740</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>NY State Dorm. Auth. Non-State Supported Debt</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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 (Orange Regl. Med. Ctr.), 6 1/4s,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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>542,880</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>NY State Energy Research &amp; Dev. Auth. Gas 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 (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>3,799,164</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>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. &#151; 5th Installment),</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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, 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>154,646</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Kennedy Intl. Arpt. &#151; 4th Installment),</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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, 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>469,660</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>Seneca Cnty., Indl. Dev. Agcy. 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>Mandatory Put Bonds (Seneca Meadows, 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>3.33s, 10/1/13</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>670,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>587,878</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>Suffolk Cnty., Indl. Dev. Agcy. Cont. 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>Retirement 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&#150;/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>2,445,200</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Jefferson&#146;s Ferry), 5s, 11/1/15</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</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>893,237</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Jefferson&#146;s Ferry), 4 5/8s, 11/1/16</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</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>866,540</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>34</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
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     <TD noWrap align=left><FONT face=sans-serif size=1>MUNICIPAL BONDS AND NOTES (135.1%)* </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Rating**</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Principal amount</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left colSpan=4>
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     <TD noWrap align=left><FONT face=sans-serif size=1>New York </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Syracuse, 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>(1st Mtge. &#151; 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>$692,848</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>29,504,659</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>North Carolina (3.8%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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>1,525,950</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. C, 6 3/4s, 1/1/24</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>825,338</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>2,250,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,257,536</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>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>915,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>917,342</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>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>(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>1,534,940</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(First Mtge. &#151; Presbyterian Homes), 5 3/8s,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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>899,677</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&#150;/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>923,849</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>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>348,645</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>1,213,005</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>529,949</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,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>10/1/24</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>231,849</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>NC State Muni. Pwr. Agcy. Rev. Bonds (No. 1,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Catawba 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>2,058,520</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>13,266,600</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>North Dakota (0.3%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Grand Forks, Hlth. Care Syst. Rev. Bonds (Altru</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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. Oblig. Group), 7 1/8s, 8/15/24</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>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>1,089,720</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>1,089,720</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ohio (6.7%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Allen Cnty., Hosp. Fac. VRDN (Catholic 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), Ser. A, 0.45s, 10/1/31</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>300,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>300,000</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>American Muni. Pwr. &#151; Ohio, 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>5 1/4s, 2/15/33 </FONT><B><SUP><FONT face=sans-serif size=1>T</FONT></SUP></B>&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>9,959,676</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>Buckeye, Tobacco Settlement Fin. Auth. 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-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>5,648,130</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>1,850,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,460,575</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>Coshocton Cnty., Env. 144A 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 1/8s,</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>8/1/13 (In default) &#134;</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>D</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>340,000</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>Hickory Chase, Cmnty. Auth. Infrastructure Impt.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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 (Hickory Chase), 7s, 12/1/38</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;/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>503,636</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>Lake Cnty., Hosp. Fac. Rev. Bonds (Lake 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>Syst.), 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>1,296,446</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>Montgomery Cnty., Hosp. Rev. Bonds (Kettering</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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.), 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>1,597,665</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>OH State Higher Edl. Fac. Commn. Rev. Bonds (U.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Hosp. Hlth. Syst.), Ser. 09-A, 6 3/4s, 1/15/39</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>2,009,680</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>Toledo-Lucas Cnty., Port Auth. Rev. Bonds (CSX</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Transn, 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>468,820</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>23,584,628</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>35</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
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     <TD noWrap align=left><FONT face=sans-serif size=1>MUNICIPAL BONDS AND NOTES (135.1%)* </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Rating**</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Principal amount</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Oklahoma (1.5%)</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>OK Hsg. Fin. Agcy. Single Fam. Rev. Bonds</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>(Homeownership Loan),</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>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>$2,740,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$2,736,931</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. C, GNMA Coll., FNMA Coll., 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>2,455,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,455,368</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=right><FONT face=sans-serif size=1>5,192,299</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Oregon (1.0%)</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>(Terwilliger Plaza)</FONT>&nbsp;</TD>
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     <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&#150;/P</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>2,201,192</FONT>&nbsp;</TD></TR>
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     <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&#150;/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>358,326</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>OR State Hsg. &amp; Cmnty. Svcs. Dept. Rev. Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>(Single 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>820,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>822,214</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=right><FONT face=sans-serif size=1>3,381,732</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Pennsylvania (5.1%)</FONT>&nbsp;</TD>
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     <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>
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     <TD noWrap align=left><FONT face=sans-serif size=1>(Hlth. Syst.), Ser. B, 9 1/4s, 11/15/22</FONT>&nbsp;</TD>
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     <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>195,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>223,236</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>(Hlth. Syst.), Ser. B, 9 1/4s, 11/15/15</FONT>&nbsp;</TD>
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     <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>520,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>577,091</FONT>&nbsp;</TD></TR>
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     <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>BB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,705,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,474,971</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Allegheny Cnty., Indl. Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>(Env. Impt. &#151; 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>750,090</FONT>&nbsp;</TD></TR>
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     <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>BB</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>1,615,846</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Bucks Cnty., Indl. Dev. Auth. Retirement Cmnty.</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Rev. Bonds (Ann&#146;s Choice, Inc.), Ser. A</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <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>856,173</FONT>&nbsp;</TD></TR>
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     <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>605,254</FONT>&nbsp;</TD></TR>
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     <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>900,930</FONT>&nbsp;</TD></TR>
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     <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>370,448</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Carbon Cnty., Indl. Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>(Panther Creek Partners), 6.65s, 5/1/10</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>915,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>915,476</FONT>&nbsp;</TD></TR>
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     <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>
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     <TD noWrap align=left><FONT face=sans-serif size=1>(Presbyterian Homes), 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>458,447</FONT>&nbsp;</TD></TR>
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     <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>431,343</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Delaware Cnty., College Auth. Rev. Bonds</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>(Neumann 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>811,808</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Delaware Cnty., Indl. Dev. Auth. Resource Recvy.</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Rev. 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>499,950</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Erie-Western PA Port Auth. Rev. Bonds, 6 1/4s,</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>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>
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<HR noShade SIZE=1>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Lancaster Cnty., Hosp. Auth. Rev. Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>(Brethren Village), Ser. A, 6 3/8s, 7/1/30</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;/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>500,150</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Lebanon Cnty., Hlth. Facs. Rev. Bonds (Pleasant</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>View 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>341,005</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Montgomery Cnty., Indl. Auth. Resource Recvy.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Rev. Bonds (Whitemarsh Cont Care), 6 1/4s,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>2/1/35</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B&#150;/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>623,601</FONT>&nbsp;</TD></TR>
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<HR noShade SIZE=1>
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     <TD noWrap align=left><FONT face=sans-serif size=1>New Morgan, Indl. Dev. Auth. Solid Waste Disp.</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>Rev. Bonds (New Morgan Landfill Co., Inc.),</FONT>&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 1/2s, 4/1/19</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>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,720</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>PA Econ. Dev. Fin. Auth. Exempt Fac. Rev. Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <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>830,556</FONT>&nbsp;</TD></TR>
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     <TD colSpan=4>
<HR noShade SIZE=1>
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<P align=left><FONT face=sans-serif size=1>36</FONT></P>
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     <TD noWrap align=left><FONT face=sans-serif size=1>MUNICIPAL BONDS AND NOTES (135.1%)* </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Rating**</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Principal amount</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Pennsylvania </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>PA State Higher Edl. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>(Widener 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>$829,560</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Philadelphia, Hosp. &amp; Higher Ed. Fac. Auth. 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 (Graduate Hlth. Syst.), 7 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>7/1/10 (In default) &#134;</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>812</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>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>383,994</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>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>853,253</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>Susquehanna, Area Regl. Arpt. Syst. Auth. 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 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>352,345</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>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>468,675</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>17,930,734</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Puerto Rico (1.9%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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, Aqueduct &amp; Swr. 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</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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>1,128,300</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>943,590</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>Cmnwlth. of PR, Hwy. &amp; Trans. Auth. Rev. Bonds,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ser. L, AMBAC, 5 1/4s, 7/1/38</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>1,845,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,543,029</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>Cmnwlth. of PR, Indl. Tourist Edl. Med. &amp; Env.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Control Fac. Rev. Bonds (Cogen. Fac.-AES),</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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, 6/1/26</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>906,650</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>Cmnwlth. of PR, Pub. Bldg. 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>(Govt. Fac.), Ser. N, Cmnwlth. of PR Gtd.,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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, 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>2,160,651</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>6,682,220</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Rhode Island (0.4%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=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>
<TR vAlign=bottom>
     <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><FONT face=sans-serif size=1>1,519,459</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>1,519,459</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>South Carolina (1.9%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Paper 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>109,202</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>Orangeburg Cnty., Solid Waste Disp. 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 (SC Elec. &amp; Gas), AMBAC, 5.7s, 11/1/24</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>2,311,123</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>SC Hosp. Auth. Rev. Bonds (Med. U.), 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, 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>1,447,838</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>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>AAA/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>1,780,832</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>1,031,214</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>127,454</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>6,807,663</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>South Dakota (1.0%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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>1,495,620</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>SD Hsg. Dev. Auth. Rev. Bonds (Home Ownership</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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. 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>390,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>386,377</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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>508,410</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>SD 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>(Prairie 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>968,411</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>3,358,818</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>37</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
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     <TD noWrap align=left><FONT face=sans-serif size=1>MUNICIPAL BONDS AND NOTES (135.1%)* </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Rating**</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Principal amount</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Tennessee (0.2%)</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>Johnson City, Hlth. &amp; Edl. Facs. Board 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 (Appalachian Christian Village),</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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, 2/15/32</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;/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>$690,370</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>690,370</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Texas (12.9%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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>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>427,332</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>5 7/8s, 11/15/18 #</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>787,110</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>B+/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>15,742</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>6s, 11/15/29</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>1,450,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>937,425</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>Brazos River, Auth. 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>Ser. D-1, 8 1/4s, 5/1/33</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Caa2</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>452,150</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(TXU Energy Co., LLC), 5s, 3/1/41</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Caa2</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>558,480</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>Brazos, Harbor Indl. Dev. Corp. Env. 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>Mandatory Put Bonds (Dow Chemical), 5.9s, 5/1/28</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</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>1,846,592</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>Dallas, Area Rapid Transit Rev. Bonds Sr. Lien,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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, 12/1/33 </FONT><B><SUP><FONT face=sans-serif size=1>T</FONT></SUP></B>&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>10,144,000</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>Dallas-Fort Worth, Intl. Arpt. Fac. 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 (American Airlines, Inc.), 6 3/8s, 5/1/35</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>CCC+</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>415,000</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>Denton, Indpt. School Dist. VRDN, Ser. 05-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>0.55s, 8/1/35</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>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000,000</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>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>365,441</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>Houston, Arpt. Syst. Rev. Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=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>345,000</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>5,985,750</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Special Fac. &#151; Continental Airlines, 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. E, 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>1,216,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Continental Airlines, Inc.), Ser. C, 5.7s,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>7/15/29</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>1,377,825</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>Lufkin, Hlth. Fac. Dev. Corp. Hlth. Syst. 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 (Memorial Hlth. Syst. of East TX), 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>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>356,140</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>Matagorda Cnty., Poll. Control Rev. Bonds (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), Ser. A, AMBAC, 4.4s, 5/1/30</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>1,250,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>934,663</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>Mission, Econ. Dev. Corp. 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 (Allied Waste N.A. Inc.), Ser. A, 5.2s,</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>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>900,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>840,231</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>North TX, Thruway 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, 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>1,062,270</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Toll 2nd Tier), 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>1,629,443</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>North TX, Thruway Auth. stepped-coupon 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, zero %, (6.5s, 1/1/15) 2043 &#134;&#134;</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>1,957,350</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>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>Baa2</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>742,188</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>Sam Rayburn Muni. Pwr. Agcy. Rev. Bonds, 6s,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>10/1/21</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>1,950,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,797,510</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>38</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
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     <TD noWrap align=left><FONT face=sans-serif size=1>MUNICIPAL BONDS AND NOTES (135.1%)* </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Rating**</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Principal amount</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Texas </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Tarrant Cnty., Cultural Ed. Fac. Fin. 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>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>(Northwest Sr. Hsg. Edgemere), Ser. A, 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>11/15/16</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;/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>$375,194</FONT>&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&#150;</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>711,189</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>2,939,360</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>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>2,956,085</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>604,176</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>668,984</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>TX State Dept. of Hsg. &amp; Cmnty. Affairs 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. C, GNMA/FNMA Coll., 6.9s, 7/2/24 #</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>850,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>883,227</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>45,331,857</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Utah (1.6%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Laidlaw 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>BBB</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>1,555,379</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>596,160</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>Murray City, Hosp. Rev. VRDN (IHC 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>Svcs., Inc.), Ser. B, 0.45s, 5/15/37</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>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000,000</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>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>&nbsp;</TD>
     <TD noWrap 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>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>1,364,880</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>5,516,419</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Vermont (0.7%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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. 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>520,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>519,761</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Single Fam.), Ser. 23, FSA, 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>880,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>874,254</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>1,020,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,007,240</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>2,401,255</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Virginia (2.0%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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 (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>439,542</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>Henrico Cnty., Econ. Dev. Auth. Res. 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</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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>248,529</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</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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>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>120,546</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(United 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>516,054</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&#150;</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>745,210</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>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,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>6/1/15 (In default) &#134;</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>D</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>119,000</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>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&#150;/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>1,051,980</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>Lynchburg, 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)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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>791,025</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>721,180</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>WA Cnty., Indl. 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>(Mountain States Hlth. Alliance), Ser. C,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>7 3/4s, 7/1/38</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>1,700,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,741,461</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>39</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
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     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MUNICIPAL BONDS AND NOTES (135.1%)* </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Rating**</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Principal amount</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Value</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Virginia </FONT><I><FONT face=sans-serif size=1>cont.</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Winchester, 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), Ser. A, 5.2s,</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>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>$469,595</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>6,964,122</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Washington (1.9%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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>1,517,180</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>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,895,440</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>WA State Hsg. Fin. Comm. 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>Fam.), Ser. 3A, GNMA Coll., FNMA Coll., 4.15s,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>12/1/25</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>2,172,687</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>WA State Hsg. Fin. Comm. VRDN (Local 82 &#151; JATC</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Edl. Dev. Trust), 0.77s, 11/1/25</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>1,200,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,200,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>6,785,307</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>West Virginia (1.7%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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 (Allegheny Energy), Ser. D, 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>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>2,531,120</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>Mason Cnty., Poll. Control Rev. Bonds (Appalachian</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Pwr. Co. Project), Ser. L, 5 1/2s, 10/1/11</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>725,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>689,968</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>Princeton, Hosp. Rev. Bonds (Cmnty. 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>Assn., Inc.), 6.1s, 5/1/29</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;</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>2,173,900</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>WV State Hosp. Fin. Auth. Rev. Bonds (Thomas</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Hlth. 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>571,271</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>5,966,259</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Wisconsin (3.7%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap 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</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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>7s, 6/1/28 (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>3,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,425,460</FONT>&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>5,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,178,425</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>WI State Rev. Bonds, Ser. A, 6s, 5/1/27</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA&#150;</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>2,136,280</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>WI 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>(Prohealth Care, Inc.), 6 5/8s, 2/15/39</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>1,250,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,247,625</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>12,987,790</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Wyoming (0.4%)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sweetwater Cnty., 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>(Pacificorp.), Ser. B, 0.4s, 1/1/14</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>1,300,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,300,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</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><FONT face=sans-serif size=1>1,300,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Total municipal bonds and notes (cost $551,238,429)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$473,966,537</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD width="69%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>PREFERRED STOCKS (1.8%)*</FONT>&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 height=20>
     <TD noWrap align=left colSpan=3>
<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%</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>cum. pfd.</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>$2,001,480</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MuniMae Tax Exempt Bond Subsidiary, LLC 144A</FONT>&nbsp;</TD>
     <TD noWrap 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-3, $4.95</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>1,346,080</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MuniMae Tax Exempt Bond Subsidiary, LLC 144A</FONT>&nbsp;</TD>
     <TD noWrap 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, 6.875% cum. pfd.</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>2,996,320</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Total preferred stocks (cost $8,000,000)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$6,343,880</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>COMMON STOCKS (&#151;%)*</FONT>&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 height=20>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Tembec, Inc. (Canada) &#134;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$1,423</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Total common stocks (cost $1,273,945)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$1,423</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>40</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
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<A name="page_42"></A>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD width="23%"></TD>
     <TD width="22%"></TD>
     <TD width="18%"></TD>
     <TD width="18%"></TD>
     <TD width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>WARRANTS (&#151;%)* &#134;</FONT>&nbsp;</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>Strike</FONT>&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><FONT face=sans-serif size=1>date</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>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 height=20>
     <TD noWrap align=left colSpan=5>
<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=left><FONT face=sans-serif size=1>3/03/12</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$0.00001</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,889</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$505</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Total warrants (cost $154,422)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$505</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>TOTAL INVESTMENTS</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Total investments (cost $560,666,796)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$480,312,345</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>* Percentages indicated are based on net assets applicable to common shares of $350,826,926.</FONT></P>
<P align=left><FONT face=sans-serif size=1>** The Moody&#146;s, Standard &amp; Poor&#146;s or Fitch ratings indicated are believed to be the most recent ratings available at April 30, 2009 for the securities listed. Ratings are generally ascribed to securities at the time of issuance. </FONT><FONT face=sans-serif size=1>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 April 30, 2009. Securities rated by Putnam are indicated by &#147;/P.&#148; Securities rated by Fitch are indicated by &#147;/F.&#148; The rating of an insured security represents what is believed to be the most recent rating of the insurer&#146;s claims-paying ability available at April 30, 2009 and does not reflect any subsequent changes. Security ratings are defined in the Statement of Additional Information.</FONT></P>
<P align=left><FONT face=sans-serif size=1>&#134; Non-income-producing security.</FONT></P>
<P align=left><FONT face=sans-serif size=1><FONT face=sans-serif size=1>&#134;</FONT><FONT face=sans-serif size=1>&#134;</FONT> The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate.</FONT></P>
<P align=left><FONT face=sans-serif size=1># A portion of these securities was pledged and segregated with the custodian to cover collateral and margin requirements for futures contracts at April 30, 2009.</FONT></P>
<P align=left><B><SUP><FONT face=sans-serif size=1>T </FONT></SUP></B><FONT face=sans-serif size=1>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>Debt obligations are considered secured unless otherwise indicated.</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 ARP, Mandatory Put Bonds, FRB and FRN are the current interest rates at April 30, 2009.</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>
<P align=left><FONT face=sans-serif size=1>The fund had the following sector concentrations greater than 10% at April 30, 2009 (as a percentage of net assets):</FONT></P>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD width="25%"></TD>
     <TD width="25%"></TD>
     <TD width="25%"></TD>
     <TD width="25%"></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>46.7%</FONT>&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=1>Utilities</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>19.3</FONT>&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=1>Prerefunded</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>14.0</FONT>&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=1>Industrial/Commodity</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>11.6</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>FUTURES CONTRACTS OUTSTANDING at 4/30/09 (Unaudited)</FONT></P>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD width="47%"></TD>
     <TD width="15%"></TD>
     <TD width="13%"></TD>
     <TD width="8%"></TD>
     <TD width="9%"></TD>
     <TD width="8%"></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=left></TD>
     <TD noWrap align=left>&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>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>appreciation/</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 height=20>
     <TD noWrap align=left 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>54</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$6,325,595</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Jun-09</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$(5,103)</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 10 yr (Short)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>101</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>12,214,689</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Jun-09</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>52,285</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>Total</FONT>&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><FONT face=sans-serif size=1>$47,182</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>41</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
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<A name="page_43"></A>
<P align=left><FONT face=sans-serif size=1>In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, Fair Value Measurements (&#148; SFAS 157&#148; ). SFAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. While the adoption of SFAS 157 does not have a material effect on the fund&#146;s net asset value, it does require additional disclosures about fair value measurements. SFAS 157 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund&#146;s investments. The three levels are defined as follows:</FONT></P>
<P align=left><FONT face=sans-serif size=1>Level 1 &#151; Valuations based on quoted prices for identical securities in active markets.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Level 2 &#151; Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Level 3 &#151; Valuations based on inputs that are unobservable and significant to the fair value measurement.</FONT></P>
<P align=left><FONT face=sans-serif size=1>The following is a summary of the inputs used to value the fund&#146;s net assets as of April 30, 2009:</FONT></P>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD align=left width="32%"></TD>
     <TD width="41%"></TD>
     <TD width="26%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Valuation inputs</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Investments in securities</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Other financial instruments</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Level 1</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>$1,928</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>$47,182</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Level 2</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>480,310,417</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#151;</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Level 3</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#151;</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Total</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>$480,312,345</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>$47,182</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>Other financial instruments include futures contracts which are valued at the unrealized appreciation/(depreciation) on the instrument.</FONT></P>
<P align=left><FONT face=sans-serif size=1>The accompanying notes are an integral part of these financial statements.</FONT></P>
<P align=left><FONT face=sans-serif size=1>42</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=-->
<A name="page_44"></A>
<P align=left><B><FONT face=sans-serif size=2>Statement of assets and liabilities </FONT></B><FONT face=sans-serif size=2>4/30/09 (Unaudited)</FONT></P>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD width="84%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>ASSETS</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 0px" noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Investment in securities, at value (Note 1):</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Unaffiliated issuers (identified cost $560,666,796)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$480,312,345</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Cash</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,205,159</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Interest and other receivables</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9,500,150</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Receivable for investments sold</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,490,269</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Receivable for variation margin (Note 1)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>19,781</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Total assets</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>492,527,704</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>LIABILITIES</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Distributions payable to shareholders</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,189,178</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Distributions payable to preferred shareholders (Note 1)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,333</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Payable for compensation of Manager (Note 2)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>628,289</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Payable for investor servicing fees (Note 2)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>14,193</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Payable for custodian fees (Note 2)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,748</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Payable for Trustee compensation and expenses (Note 2)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>135,027</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Payable for administrative services (Note 2)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,848</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Payable for floating rate notes issued (Note 1)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>15,001,333</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Other accrued expenses</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>222,829</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Total liabilities</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>18,200,778</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Series A remarketed preferred shares: (245 shares</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>authorized and issued at $100,000 per share) (Note 4)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>24,500,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Series C remarketed preferred shares: (1,980 shares</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>authorized and issued at $50,000 per share) (Note 4)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>99,000,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net assets</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$350,826,926</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>REPRESENTED BY</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Paid-in capital &#151; common shares (Unlimited shares authorized) (Notes 1 and 5)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$514,406,970</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Undistributed net investment income (Note 1)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,404,150</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Accumulated net realized loss on investments (Note 1)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(84,676,925)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net unrealized depreciation of investments</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(80,307,269)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Total &#151; Representing net assets applicable to common shares outstanding</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$350,826,926</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>COMPUTATION OF NET ASSET VALUE</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net asset value per common share </FONT><FONT face=sans-serif size=1>($350,826,926 divided by 57,288,363 shares)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$6.12</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>The accompanying notes are an integral part of these financial statements.</FONT></P>
<P align=left><FONT face=sans-serif size=1>43</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=-->
<A name="page_45"></A>
<P align=left><B><FONT face=sans-serif size=2>Statement of operations </FONT></B><FONT face=sans-serif size=2>Six months ended 4/30/09 (Unaudited)</FONT></P>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD width="84%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>INTEREST INCOME</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$16,054,858</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>EXPENSES</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Compensation of Manager (Note 2)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$1,282,874</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Investor servicing fees (Note 2)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>82,438</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Custodian fees (Note 2)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,764</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Trustee compensation and expenses (Note 2)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>19,377</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Interest and fee expense (Note 1)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>121,680</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Administrative services (Note 2)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>16,035</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Preferred share remarketing agent fees</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>148,463</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Other</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>175,505</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Total expenses</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,852,136</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Expense reduction (Note 2)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(6,154)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net expenses</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,845,982</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net investment income</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>14,208,876</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net realized loss on investments (Notes 1 and 3)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(6,197,862)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net realized loss on futures contracts (Note 1)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(3,458,453)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net unrealized appreciation of investments and futures</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>contracts during the period</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,860,020</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net loss on investments</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(6,796,295)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net increase in net assets resulting from operations</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$7,412,581</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>DISTRIBUTIONS TO SERIES A, B, AND C REMARKETED PREFERRED SHAREHOLDERS (NOTE 1):</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>From taxable net investment income</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(52,102)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>From tax exempt net investment income</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(775,342)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net increase in net assets resulting from operations</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(applicable to common shareholders)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$6,585,137</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>The accompanying notes are an integral part of these financial statements.</FONT></P>
<P align=left><FONT face=sans-serif size=1>44</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=-->
<A name="page_46"></A>
<P align=left><B><FONT face=sans-serif size=2>Statement of changes in net assets</FONT></B></P>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD width="69%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>INCREASE (DECREASE) IN NET ASSETS</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Six months ended 4/30/09*</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Year ended 10/31/08</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Operations:</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net investment income</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$14,208,876</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$29,499,982</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net realized loss on investments</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(9,656,315)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(8,284,622)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net unrealized appreciation (depreciation) of investments</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,860,020</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(94,467,272)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net increase (decrease) in net assets resulting from operations</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7,412,581</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(73,251,912)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>DISTRIBUTIONS TO SERIES A, B, AND C REMARKETED PREFERRED SHAREHOLDERS (NOTE 1):</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>From ordinary income</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Taxable net investment income</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(52,102)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(65,649)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>From tax exempt net investment income</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(775,342)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(6,467,955)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net increase (decrease) in net assets resulting from operations</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(applicable to common shareholders)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,585,137</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(79,785,516)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>DISTRIBUTIONS TO COMMON SHAREHOLDERS: (NOTE 1)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>From ordinary income</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Taxable net investment income</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(230,917)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(136,890)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>From tax exempt net investment income</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(12,383,981)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(21,353,299)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Increase from issuance of common shares in connection with</FONT>&nbsp;</TD>
     <TD noWrap 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 merger of Putnam high Yield Municipal Trust ( Note 6)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>141,608,656</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Decrease from capital shares repurchased (Note 5)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(5,522,844)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Total increase (decrease) in net assets</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(6,029,761)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>34,810,107</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>NET ASSETS</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Beginning of period</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>356,856,687</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>322,046,580</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>End of period </FONT><FONT face=sans-serif size=1>(including undistributed net investment</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>income of $1,404,150 and $637,616, respectively)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$350,826,926</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$356,856,687</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>NUMBER OF FUND SHARES</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Common shares outstanding at beginning of period</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>57,288,363</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>40,070,923</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Shares repurchased (Note 5)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(789,594)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Shares issued in connection with the merger of Putnam High</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Yield Municipal Trust (Note 6)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>18,007,034</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Common shares outstanding at end of period</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>57,288,363</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>57,288,363</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Remarketed preferred shares outstanding at beginning of period</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,970</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,750</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Preferred shares issued in connection with the merger of</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Putnam High Yield Municipal Trust ( Note 6)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>900</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Preferred shares issued &#151; Series C (Note 4)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>650</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Preferred shares redeemed &#151; Series A (Note 4)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(250)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(55)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Preferred shares redeemed &#151; Series B (Note 4)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(495)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(55)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Preferred shares redeemed &#151; Series C (Note 4)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(220)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Remarketed preferred shares outstanding at end of period</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,225</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,970</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>* Unaudited</FONT></P>
<P align=left><FONT face=sans-serif size=1>The accompanying notes are an integral part of these financial statements.</FONT></P>
<P align=left><FONT face=sans-serif size=1>45</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=-->
<A name="page_47"></A>
<P align=left><B><FONT face=sans-serif size=2>Financial highlights </FONT></B><FONT face=sans-serif size=2>(For a common share outstanding throughout the period)</FONT></P>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD align=left width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="15%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>PER-SHARE OPERATING PERFORMANCE</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right colSpan=2><FONT face=sans-serif size=1>Six months ended**</FONT></TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Year ended</FONT>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=2></TD>
     <TD align=left colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=center><FONT face=Arial size=1>4/30/09</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>10/31/08</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>10/31/07</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>10/31/06</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>10/31/05</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>10/31/04</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net asset value, beginning of period</FONT>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(common shares)</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>$6.23</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>$8.04</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>$8.37</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>$8.20</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>$8.18</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>$7.98</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=1>Investment operations:</FONT></I>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net investment income </FONT><B><SUP><FONT face=sans-serif size=1>a</FONT></SUP></B>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>.25</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>.56</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>.55</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>.53</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>.51</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>.54</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net realized and unrealized</FONT>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>gain (loss) on investments</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>(.13)</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>(1.84)</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>(.34)</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>.13</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>.04</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>.20</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Total from investment operations</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>.12</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>(1.28)</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>.21</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>.66</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>.55</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>.74</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=1>Distributions to preferred shareholders:</FONT></I>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>From net investment income</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>(.01)</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>(.12)</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>(.15)</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>(.13)</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>(.08)</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>(.04)</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Total from investment operations</FONT>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(applicable to common shareholders)</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>.11</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>(1.40)</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>.06</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>.53</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>.47</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>.70</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=1>Distributions to common shareholders:</FONT></I>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>From net investment income</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>(.22)</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>(.42)</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>(.41)</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>(.41)</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>(.45)</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>(.50)</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Total distributions</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>(.22)</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>(.42)</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>(.41)</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>(.41)</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>(.45)</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>(.50)</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Increase from shares repurchased</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>.01</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>.02</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>.05</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#151; </FONT><B><SUP><FONT face=sans-serif size=1>e</FONT></SUP></B>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>&#151;</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net asset value, end of period</FONT>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(common shares)</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>$6.12</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>$6.23</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>$8.04</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>$8.37</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>$8.20</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>$8.18</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Market price, end of period</FONT>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(common shares)</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>$5.72</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>$5.70</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>$7.18</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>$7.58</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>$7.15</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>$7.29</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Total return at market price (%)</FONT>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(common shares) </FONT><B><SUP><FONT face=sans-serif size=1>b</FONT></SUP></B>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>4.47</FONT><B><SUP><FONT face=sans-serif size=1>*</FONT></SUP></B>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>(15.69)</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>(.14)</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>12.07</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>4.21</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>6.35</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=7></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>RATIOS AND SUPPLEMENTAL DATA</FONT>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net assets, end of period</FONT>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(common shares) (in thousands) </FONT></TD>
     <TD noWrap align=center>&nbsp;<FONT face=sans-serif size=1>$350,827</FONT></TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>$356,857</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>$322,047</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>$373,773</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>$386,437</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>$386,073</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ratio of expenses to</FONT>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>average net assets (%) </FONT><B><SUP><FONT face=sans-serif size=1>c,d</FONT></SUP></B>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>.59</FONT><B><SUP><FONT face=sans-serif size=1>* </FONT></SUP></B><B><FONT face=sans-serif size=1>f</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>1.28 </FONT><B><SUP><FONT face=sans-serif size=1>f</FONT></SUP></B>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>1.21</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>1.14</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>1.30</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>1.28</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ratio of net investment income</FONT>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>to average net assets (%) </FONT><B><SUP><FONT face=sans-serif size=1>c</FONT></SUP></B>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>3.99</FONT><B><SUP><FONT face=sans-serif size=1>*</FONT></SUP></B>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>5.87</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>4.79</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>4.83</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>5.18</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>6.12</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Portfolio turnover (%)</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>5.86</FONT><B><SUP><FONT face=sans-serif size=1>*</FONT></SUP></B>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>40.77</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>15.26</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>23.14</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>21.87</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>25.54</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>* Not annualized.</FONT></P>
<P align=left><FONT face=sans-serif size=1>** Unaudited.</FONT></P>
<P align=left><B><SUP><FONT face=sans-serif size=1>a </FONT></SUP></B><FONT face=sans-serif size=1>Per share net investment income has been determined on the basis of the weighted average number of shares outstanding during the period.</FONT></P>
<P align=left><B><SUP><FONT face=sans-serif size=1>b </FONT></SUP></B><FONT face=sans-serif size=1>Total return assumes dividend reinvestment.</FONT></P>
<P align=left><B><SUP><FONT face=sans-serif size=1>c </FONT></SUP></B><FONT face=sans-serif size=1>Ratios reflect net assets available to common shares only; net investment income ratio also reflects reduction for dividend payments to preferred shareholders.</FONT></P>
<P align=left><B><SUP><FONT face=sans-serif size=1>d </FONT></SUP></B><FONT face=sans-serif size=1>Includes amounts paid through expense offset arrangements (Note 2).</FONT></P>
<P align=left><B><SUP><FONT face=sans-serif size=1>e </FONT></SUP></B><FONT face=sans-serif size=1>Amount represents less than $0.01 per share.</FONT></P>
<P align=left><B><SUP><FONT face=sans-serif size=1>f </FONT></SUP></B><FONT face=sans-serif size=1>Includes interest and fee expense associated with borrowings which amounted to 0.04% of the average net assets for the periods ended October 31, 2008 and April 30, 2009 (Note 1).</FONT></P>
<P align=left><FONT face=sans-serif size=1>The accompanying notes are an integral part of these financial statements.</FONT></P>
<P align=left><FONT face=sans-serif size=1>46</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
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<A name="page_48"></A>
<P align=left><B><FONT face=sans-serif size=2>Notes to financial statements </FONT></B><FONT face=sans-serif size=2>4/30/09 (Unaudited)</FONT></P>
<P align=left><FONT face=sans-serif size=1><B>Note 1: Significant accounting policies</B></FONT></P>
<P align=left><FONT face=sans-serif size=1>Putnam Managed Municipal Income Trust (the &#147;fund&#148;), a Massachusetts business trust, is registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. The fund&#146;s investment objective is to seek a high level of current income exempt from federal income tax. The fund intends to achieve its objective by investing in a diversified portfolio of tax-exempt municipal securities which Putnam Investment Management, LLC (&#147;Putnam Management&#148;), the fund&#146;s manager, a wholly-owned subsidiary of Putnam Investments, LLC, believes does not involve undue risk to income or principal. Up to 60% of the fund&#146;s assets may consist of high-yield tax-exempt municipal securities that are below investment grade and involve special risk considerations. The fund also uses leverage by issuing preferred shares in an effort to increase the income to the common shares.</FONT></P>
<P align=left><FONT face=sans-serif size=1>In the normal course of business, the fund enters into contracts that may include agreements to indemnify another party under given circumstances. The fund&#146;s maximum exposure under these arrangements is unknown as this would involve future claims that may be, but have not yet been, made against the fund. However, the fund&#146;s management team expects the risk of material loss to be remote.</FONT></P>
<P align=left><FONT face=sans-serif size=1>The following is a summary of significant accounting policies consistently followed by the fund in the preparation of its financial statements. The preparation of financial statements is in conformity with accounting principles generally accepted in the United States of America and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.</FONT></P>
<P align=left><FONT face=sans-serif size=1><B>A) Security valuation:</B> </FONT><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, including certain restricted and illiquid 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. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly </FONT><FONT face=sans-serif size=1>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><FONT face=sans-serif size=1><B>B) Security transactions and related investment income:</B> </FONT><FONT face=sans-serif size=1>Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Gains or losses on securities sold are determined on the identified cost basis. Interest income is recorded on the accrual basis. All premiums/discounts are amortized/ accreted on a yield-to-maturity basis. The premium in excess of the call price, if any, is amortized to the call date; thereafter, any remaining premium is amortized to maturity.</FONT></P>
<P align=left><FONT face=sans-serif size=1><B>C) Futures and options contracts: </B></FONT><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, owned 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, interest or exchange rates moving unexpectedly 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 origina
lly 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. Futures and written option</FONT></P>
<P align=left><FONT face=sans-serif size=1>47</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
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<A name="page_49"></A>
<P align=left><FONT face=sans-serif size=1>contracts outstanding at period end, if any, are listed after the fund&#146;s portfolio.</FONT></P>
<P align=left><FONT face=sans-serif size=1><B>D) Tender option bond transactions:</B> </FONT><FONT face=sans-serif size=1>The fund may participate in transactions whereby a fixed-rate bond is transferred to a tender option bond trust (&#147;TOB trust&#148;) sponsored by a broker. The TOB trust funds the purchase of the fixed rate bonds by issuing floating-rate bonds to third parties and allowing the fund to retain the residual interest in the TOB trust&#146;s assets and cash flows, which are in the form of inverse floating rate bonds. The inverse floating rate bonds held by the fund give 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 and including the floating rate bond as a liabili
ty in the Statement of assets and liabilities. At April 30, 2009, the fund&#146;s investments with a value of $30,548,633 were held by the TOB trust and served as collateral for $15,001,333 in floating-rate bonds outstanding. During the period ended April 30, 2009, the fund incurred interest expense of $87,618 for these investments based on an average interest rate of 1.16%.</FONT></P>
<P align=left><FONT face=sans-serif size=1><B>E) Federal taxes:</B> </FONT><FONT face=sans-serif size=1>It is the policy of the fund to distribute all of its income within the prescribed time and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), applicable to regulated investment companies. It is also the intention of the fund to distribute an amount sufficient to avoid imposition of any excise tax under Section 4982 of the Code. The fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (&#147;FIN 48&#148;). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The fund did not have any unrecognized tax benefits in the accompanying financial statements. No provision has been made for federal taxes on income, capital gains or unrealized appreciation on securities held nor for excise tax on income 
and capital gains. Each of the fund&#146;s federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service and state departments of revenue.</FONT></P>
<P align=left><FONT face=sans-serif size=1>At October 31, 2008, the fund had a capital loss carryover of $73,799,429 available to the extent allowed by the Code to offset future net capital gain, if any. The amounts of the carryovers and the expiration dates are:</FONT></P>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD align=center width="25%"></TD>
     <TD width="25%"></TD>
     <TD width="25%"></TD>
     <TD width="25%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face=sans-serif size=1>Loss Carryover</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Expiration</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR height=20>
     <TD noWrap align=center colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face=sans-serif size=1>$ 2,506,818</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>October 31, 2009</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD align=center colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face=sans-serif size=1>4,408,636</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>October 31, 2010</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD align=center colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face=sans-serif size=1>38,152,374</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>October 31, 2011</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD align=center colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face=sans-serif size=1>12,656,387</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>October 31, 2012</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD align=center colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face=sans-serif size=1>574,057</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>October 31, 2013</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD align=center colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face=sans-serif size=1>3,275,525</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>October 31, 2014</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD align=center colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face=sans-serif size=1>954,441</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>October 31, 2015</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD align=center colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face=sans-serif size=1>11,271,191</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>October 31, 2016</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD align=center colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD></TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>As a result of the February 15, 2008 merger of Putnam High Yield Municipal Trust into the fund, the fund acquired $21,435,672 in capital loss carryovers of which $19,692,721 remain and are subject to limitations imposed by the Code. The acquired capital loss carryover and the expiration dates are:</FONT></P>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD align=center width="25%"></TD>
     <TD width="25%"></TD>
     <TD width="25%"></TD>
     <TD width="25%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face=sans-serif size=1>Loss Carryover</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Expiration</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR height=20>
     <TD noWrap align=center colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face=sans-serif size=1>$ 865,353</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>October 31, 2009</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD align=center colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face=sans-serif size=1>678,750</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>October 31, 2010</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD align=center colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face=sans-serif size=1>12,315,216</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>October 31, 2011</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD align=center colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face=sans-serif size=1>4,095,518</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>October 31, 2012</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD align=center colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face=sans-serif size=1>273,437</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>October 31, 2013</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD align=center colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face=sans-serif size=1>899,265</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>October 31, 2014</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD align=center colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face=sans-serif size=1>565,182</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>October 31, 2015</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD align=center colSpan=3>
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     <TD></TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>The aggregate identified cost on a tax basis is $560,341,700, resulting in gross unrealized appreciation and depreciation of $9,794,717 and $89,824,072, respectively, or net unrealized depreciation of $80,029,355.</FONT></P>
<P align=left><FONT face=sans-serif size=1><B>F) Distributions to shareholders: </B></FONT><FONT face=sans-serif size=1>Distributions to common and preferred shareholders from net investment income are recorded by the fund on the ex-dividend date. Distributions from capital gains, if any, are recorded on the ex-dividend date and paid at least annually. Dividends on remarketed preferred shares become payable when, as and if declared by the Trustees. Each dividend period for the remarketed preferred shares is generally a 28 day period for Series A shares and a 7 day period for Series C shares. The applicable dividend rate for the remarketed preferred shares on April 30, 2009 was 0.33 % for Series A and 0.33% for Series C.</FONT></P>
<P align=left><FONT face=sans-serif size=1>From February 2008 through April 30, 2009, the fund has experienced unsuccessful remarketings of its remarketed preferred shares. As a result, the dividends paid on the remarketed preferred shares has been at the &#147;maximum dividend rate&#148;, pursuant to the fund&#146;s by-laws, which, based on the current credit quality of</FONT></P>
<P align=left><FONT face=sans-serif size=1>48</FONT></P>
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<P align=left><FONT face=sans-serif size=1>remarketed preferred shares, equals 110% of the 60-day &#147;AA&#148; composite commercial paper rate.</FONT></P>
<P align=left><FONT face=sans-serif size=1>The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Dividend sources are estimated at the time of declaration. Actual results may vary. Any non-taxable return of capital cannot be determined until final tax calculations are completed after the end of the fund&#146;s fiscal year. Reclassifications are made to the fund&#146;s capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations.</FONT></P>
<P align=left><FONT face=sans-serif size=1><B>G) Determination of net asset value:</B> </FONT><FONT face=sans-serif size=1>Net asset value of the common shares is determined by dividing the value of all assets of the fund, less all liabilities and the liquidation preference of any outstanding remarketed preferred shares, by the total number of common shares outstanding as of period end.</FONT></P>
<P align=left><FONT face=sans-serif size=1><B>Note 2: Management fee, administrative</B></FONT><BR>
<FONT face=sans-serif size=1><B>services and other transactions</B></FONT></P>
<P align=left><FONT face=sans-serif size=1>The fund pays Putnam Management for management and investment advisory services quarterly based on the average net assets of the fund, including assets attributable to preferred shares. Such fee is based on the lesser of (i) an annual rate of 0.55% of the average weekly net assets attributable to common and preferred shares outstanding or (ii) the following annual rates expressed as a percentage of the fund&#146;s average weekly net assets attributable to common and preferred shares outstanding: 0.65% of the first $500 million and 0.55% of the next $500 million, with additional breakpoints at higher asset levels.</FONT></P>
<P align=left><FONT face=sans-serif size=1>If dividends payable on remarketed preferred shares during any dividend payment period plus any expenses attributable to remarketed preferred shares for that period exceed the fund&#146;s gross income attributable to the proceeds of the remarketed preferred shares during that period, then the fee payable to Putnam Management for that period will be reduced by the amount of the excess (but not more than the effective management and administrative service fees rate under the contracts multiplied by the liquidation preference of the remarketed preferred shares outstanding during the period).</FONT></P>
<P align=left><FONT face=sans-serif size=1>The fund reimburses Putnam Management an allocated amount for the compensation and related expenses of certain officers of the fund and their staff who provide administrative services to the fund. The aggregate amount of all such reimbursements is determined annually by the Trustees.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Custodial functions for the fund&#146;s assets are provided by State Street Bank and Trust Company (&#147;State Street&#148;). Custody fees are based on the fund&#146;s asset level, the number of its security holdings and transaction volumes.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Putnam Investor Services, a division of Putnam Fiduciary Trust Company (&#147;PFTC&#148;), which is an affiliate of Putnam Management, provided investor servicing agent functions to the fund. Putnam Investor Services was paid a monthly fee for investor servicing at an annual rate of 0.05% of the fund&#146;s average net assets. The amounts incurred for investor servicing agent functions provided by PFTC during the six months ended April 30, 2009 are included in Investor servicing fees in the Statement of operations.</FONT></P>
<P align=left><FONT face=sans-serif size=1>The fund has entered into expense offset arrangements with PFTC and State Street whereby PFTC&#146;s and State Street&#146;s fees are reduced by credits allowed on cash balances. For the six months ended April 30, 2009, the fund&#146;s expenses were reduced by $6,154 under the expense offset arrangements.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Each independent Trustee of the fund receives an annual Trustee fee, of which $431, as a quarterly retainer, has been allocated to the fund, and an additional fee for each Trustees meeting attended. Trustees receive additional fees for attendance at certain committee meetings and industry seminars and for certain compliance-related matters. Trustees also are reimbursed for expenses they incur relating to their services as Trustees.</FONT></P>
<P align=left><FONT face=sans-serif size=1>The fund has adopted a Trustee Fee Deferral Plan (the &#147;Deferral Plan&#148;) which allows the Trustees to defer the receipt of all or a portion of Trustees fees payable on or after July 1, 1995. The deferred fees remain invested in certain Putnam funds until distribution in accordance with the Deferral Plan.</FONT></P>
<P align=left><FONT face=sans-serif size=1>The fund has adopted an unfunded noncontributory defined benefit pension plan (the &#147;Pension Plan&#148;) covering all Trustees of the fund who have served as a Trustee for at least five years and were first elected prior to 2004. Benefits under the Pension Plan are equal to 50% of the Trustee&#146;s average annual attendance and retainer fees for the three years ended December 31, 2005. The retirement benefit is payable during a Trustee&#146;s lifetime, beginning the year following retirement, for the number of years of service through December 31, 2006. Pension expense for the fund is included in Trustee compensation and expenses in the Statement of operations. Accrued pension liability is included in Payable for Trustee compensation and expenses in the Statement of assets and liabilities. The Trustees have terminated the Pension Plan with respect to any Trustee first elected after 2003.</FONT></P>
<P align=left><FONT face=sans-serif size=1>49</FONT></P>
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<P align=left><FONT face=sans-serif size=1><B>Note 3: Purchases and sales of securities</B></FONT></P>
<P align=left><FONT face=sans-serif size=1>During the six months ended April 30, 2009, cost of purchases and proceeds from sales of investment securities other than short-term investments aggregated $25,940,929 and $91,045,125, respectively. There were no purchases or sales of U.S. government securities.</FONT></P>
<P align=left><FONT face=sans-serif size=1><B>Note 4: Preferred shares</B></FONT></P>
<P align=left><FONT face=sans-serif size=1>On February 19, 2008, Putnam High Yield Municipal Trust merged with and into the fund. A related two-for-one stock split of Series C remarketed preferred shares of Putnam Managed Municipal Income Trust reduced the liquidation preference of these shares from $100,000 to $50,000 per share. The stock split was necessary to accommodate the different per-share liquidation preferences of preferred shares of the merging series, and did not affect the aggregate liquidation preference of preferred shares held by any shareholder.</FONT></P>
<P align=left><FONT face=sans-serif size=1>The Series A (245), and Series C (1,980) Remarketed Preferred shares are redeemable at the option of the fund on any dividend payment date at a redemption price of $100,000 per share for Series A, and at $50,000 per share for Series C, plus an amount equal to any dividends accumulated on a daily basis but unpaid through the redemption date (whether or not such dividends have been declared) and, in certain circumstances, a call premium.</FONT></P>
<P align=left><FONT face=sans-serif size=1>In August and September 2008, the fund redeemed 55 Series A, 55 Series B and 220 Series C Remarketed Preferred shares. The redemption price was equal to the liquidation preference per share ($100,000 for Series A and B: $50,000 Series C) of each series of preferred shares, plus accumulated but unpaid dividends as of the following redemption dates: September 3, 2008 for Series A, September 17, 2008 for Series B and August 20, 2008 for Series C Remarketed Preferred shares. The August and September 2008 preferred share redemptions represented 10% of the fund&#146;s $220,000,000 in outstanding preferred shares.</FONT></P>
<P align=left><FONT face=sans-serif size=1>On December 10, 2008 the fund redeemed the remaining 495 Series B Remarketed Preferred shares; this redemption represented approximately 25% of the fund&#146;s $198,000,000 in outstanding preferred shares.</FONT></P>
<P align=left><FONT face=sans-serif size=1>On January 21, 2009 the fund redeemed an additional 250 Series A Remarketed Preferred shares; this redemption represented approximately 17% of the fund&#146;s $148,500,000 in outstanding preferred shares.</FONT></P>
<P align=left><FONT face=sans-serif size=1>It is anticipated that dividends paid to holders of remarketed preferred shares will be considered tax-exempt dividends under the Internal Revenue Code of 1986. To the extent that the fund earns taxable income and capital gains by the conclusion of a fiscal year, it may be </FONT><FONT face=sans-serif size=1>required to apportion to the holders of the remarketed preferred shares throughout that year additional dividends as necessary to result in an after-tax equivalent to the applicable dividend rate for the period.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Under the Investment Company Act of 1940, the fund is required to maintain asset coverage of at least 200% with respect to the remarketed preferred shares. Additionally, the fund&#146;s bylaws impose more stringent asset coverage requirements and restrictions relating to the rating of the remarketed preferred shares by the shares&#146; rating agencies. Should these requirements not be met, or should dividends accrued on the remarketed preferred shares not be paid, the fund may be restricted in its ability to declare dividends to common shareholders or may be required to redeem certain of the remarketed preferred shares. At October 31, 2008, no such restrictions have been placed on the fund.</FONT></P>
<P align=left><FONT face=sans-serif size=1><B>Note 5: Share repurchase program</B></FONT></P>
<P align=left><FONT face=sans-serif size=1>In September 2008, the Trustees approved the renewal of the repurchase program to allow the fund to repurchase up to 10% of its outstanding common shares over the 12 month period ending October 7, 2009 (based on shares outstanding as of October 7, 2008). Prior to this renewal, the Trustees had approved a repurchase program to allow the fund to repurchase up to 10% of its outstanding common shares over the 12 month period ending October 7, 2008 (based on shares outstanding as of October 5, 2007). Repurchases are made when the fund&#146;s shares are trading at less than net asset value and in accordance with procedures approved by the fund&#146;s Trustees.</FONT></P>
<P align=left><FONT face=sans-serif size=1>For the six months ended April 30, 2009, the fund has not repurchased any common shares.</FONT></P>
<P align=left><FONT face=sans-serif size=1><B>Note 6: Acquisition of Putnam High Yield</B></FONT><BR>
<FONT face=sans-serif size=1><B>Municipal Trust</B></FONT></P>
<P align=left><FONT face=sans-serif size=1>On February 19, 2008, the fund issued 18,007,034 common shares, in exchange for common shares of Putnam High Yield Municipal Trust to acquire that fund&#146;s net assets in a tax-free exchange approved by the shareholders. The common net assets of the fund and Putnam High Yield Municipal Trust on February 15, 2008, were $310,693,597 and $141,608,656 respectively. On February 15, 2008, Putnam High Yield Municipal Trust had distributions in excess of net investment income of $181,134, accumulated net realized loss of $24,733,409 and unrealized appreciation of $3,004,507. The aggregate common net assets of the fund immediately following the acquisition were $452,302,253.</FONT></P>
<P align=left><FONT face=sans-serif size=1>On February 19, 2008, the fund also issued 900 Series C remarketed preferred shares in exchange for</FONT></P>
<P align=left><FONT face=sans-serif size=1>50</FONT></P>
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<P align=left><FONT face=sans-serif size=1>900 Series A remarketed preferred shares of Putnam High Yield Municipal Trust. The liquidation preference of these shares was $45,000,000.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Information presented in the Statement of changes in net assets reflects only the operations of Putnam Managed Municipal Income Trust.</FONT></P>
<P align=left><FONT face=sans-serif size=1><B>Note 7: Regulatory matters and litigation</B></FONT></P>
<P align=left><FONT face=sans-serif size=1>In late 2003 and 2004, Putnam Management settled charges brought by the Securities and Exchange Commission (the &#147;SEC&#148;) and the Massachusetts Securities Division in connection with excessive short-term trading in Putnam funds. Distribution of payments from Putnam Management to certain open-end Putnam funds and their shareholders is expected to be completed in the next several months. These allegations and related matters have served as the general basis for certain lawsuits, including purported class action lawsuits against Putnam Management and, in a limited number of cases, some Putnam funds. Putnam Management believes that these lawsuits will have no material adverse effect on the funds or on Putnam Management&#146;s ability to provide investment management services. In addition, Putnam Management has agreed to bear any costs incurred by the Putnam funds as a result of these matters.</FONT></P>
<P align=left><FONT face=sans-serif size=1><B>Note 8: New accounting pronouncements</B></FONT></P>
<P align=left><FONT face=sans-serif size=1>In March 2008, Statement of Financial Accounting Standards No. 161, </FONT><I><FONT face=sans-serif size=1>Disclosures about Derivative Instruments and Hedging Activities </FONT></I><FONT face=sans-serif size=1>(&#147;SFAS 161&#148;) &#151; an amendment of FASB Statement No. 133, was issued and is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 requires enhanced disclosures about how and why an entity uses derivative instruments and how derivative instruments affect an entity&#146;s financial position. Putnam Management is currently evaluating the impact the </FONT><FONT face=sans-serif size=1>adoption of SFAS 161 will have on the fund&#146;s financial statement disclosures.</FONT></P>
<P align=left><FONT face=sans-serif size=1>In April 2009, FASB issued a new FASB Staff Position FSP FAS 157-4 which amends FASB Statement No. 157, </FONT><I><FONT face=sans-serif size=1>Fair Value Measurements</FONT></I><FONT face=sans-serif size=1>, and is effective for interim and annual periods ending after June 15, 2009. FSP FAS 157-4 provides additional guidance when the volume and level of activity for the asset or liability measured at fair value has significantly decreased. Additionally, FSP FAS 157-4 expands disclosure by reporting entities with respect to categories of assets and liabilities carried at fair value. Putnam Management believes applying the provisions of FSP FAS 157-4 will not have a material impact on the funds financial statements.</FONT></P>
<P align=left><FONT face=sans-serif size=1><B>Note 9: Actions by Trustees</B></FONT></P>
<P align=left><FONT face=sans-serif size=1>In September and October 2008, the Board of Trustees approved a plan to merge the fund into Putnam Tax-Free High Yield Fund, an open-end fund, subject to a number of conditions including shareholder approval. In June 2009, following significant changes in market conditions, the Trustees authorized Putnam Investments to suspend further efforts to implement the merger. The Trustees and Putnam Investments announced that it is not certain when, or if, conditions may emerge that would make it advisable to renew efforts to complete the merger.</FONT></P>
<P align=left><FONT face=sans-serif size=1><B>Note 10: Market conditions</B></FONT></P>
<P align=left><FONT face=sans-serif size=1>In the normal course of business, the fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the contracting party to the transaction to perform (credit risk). The fund may be exposed to additional credit risk that an institution or other entity with which the fund has unsettled or open transactions will default.</FONT></P>
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<P align=left><FONT face=sans-serif size=4>Services for shareholders</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Investor services</FONT></B></P>
<P align=left><FONT face=sans-serif size=2><B>Systematic investment plan </B></FONT><FONT face=sans-serif size=2>Tell us how much you wish to invest regularly &#151; weekly, semimonthly, or monthly &#151; and the amount you choose will be transferred automatically from your checking or savings account. There&#146;s no additional fee for this service, and you can suspend it at any time. This plan may be a great way to save for college expenses or to plan for your retirement.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Please note that regular investing does not guarantee a profit or protect against loss in a declining market. Before arranging a systematic investment plan, consider your financial ability to continue making purchases in periods when prices are low.</FONT></P>
<P align=left><FONT face=sans-serif size=2><B>Systematic exchange</B> </FONT><FONT face=sans-serif size=2>You can make regular transfers from one Putnam fund to another Putnam fund. There are no additional fees for this service, and you can cancel or change your options at any time.</FONT></P>
<P align=left><FONT face=sans-serif size=2><B>Dividends PLUS</B> </FONT><FONT face=sans-serif size=2>You can choose to have the dividend distributions from one of your Putnam funds automatically reinvested in another Putnam fund at no additional charge.</FONT></P>
<P align=left><FONT face=sans-serif size=2><B>Free exchange privilege </B></FONT><FONT face=sans-serif size=2>You can exchange money between Putnam funds free of charge, as long as they are the same class of shares. </FONT><FONT face=sans-serif size=2>A signature guarantee is required if you are exchanging more than $500,000.</FONT></P>
<P align=left><FONT face=sans-serif size=2><B>Reinstatement privilege</B> </FONT><FONT face=sans-serif size=2>If you&#146;ve sold Putnam shares or received a check for a dividend or capital gain, you may reinvest the proceeds with Putnam within 90 days of the transaction and they will be reinvested at the fund&#146;s current net asset value &#151; with no sales charge. However, reinstatement of class B shares may have special tax consequences. Ask your financial or tax representative for details.</FONT></P>
<P align=left><FONT face=sans-serif size=2><B>Check-writing service</B> </FONT><FONT face=sans-serif size=2>You have ready access to many Putnam accounts. It&#146;s as simple as writing a check, and there are no special fees or service charges. For more information about the check-writing service, call Putnam or visit our Web site.</FONT></P>
<P align=left><FONT face=sans-serif size=2><B>Dollar cost averaging</B> </FONT><FONT face=sans-serif size=2>When you&#146;re investing for long-term goals, it&#146;s time, not timing, that counts. Investing on a systematic basis is a better strategy than trying to figure out when the markets will go up or down. This means investing the same amount of money regularly over a long period. This method of investing is called dollar cost averaging. When a fund&#146;s share price declines, your investment dollars buy more shares at lower prices. When it increases, they buy fewer shares. Over time, you will pay a lower average price per share.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>For more information</FONT></B></P>
<P align=left><FONT face=sans-serif size=2><B>Visit the Individual Investors section at putnam.com</B> </FONT><FONT face=sans-serif size=2>A secure section of our Web site contains complete information on your account, including balances and transactions, updated daily. You may also conduct transactions, such as exchanges, additional investments, and address changes. Log on today to get your password.</FONT></P>
<P align=left><FONT face=sans-serif size=2><B>Call us toll free at 1-800-225-1581 </B></FONT><FONT face=sans-serif size=2>Ask a helpful Putnam representative or your financial advisor for details about any of these or other services, or see your prospectus.</FONT></P>
<P align=left><FONT face=sans-serif size=1>52</FONT></P>
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<P align=left><FONT face=sans-serif size=4>Fund information</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>About Putnam Investments</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Founded over 70 years ago, Putnam Investments was built around the concept that a balance between risk and reward is the hallmark of a well-rounded financial program. We manage over 100 mutual funds across income, value, blend, growth, asset allocation, absolute return, and global sector categories.</FONT></P>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD width="33%"></TD>
     <TD width="33%"></TD>
     <TD width="33%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2><B>Investment Manager</B></FONT><B>&nbsp;</B></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>George Putnam, III</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Beth S. Mazor</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Investment</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Robert L. Reynolds</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Vice President</FONT></I>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Management, LLC</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>W. Thomas Stephens</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>One Post Office Square</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Richard B. Worley</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>James P. Pappas</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Boston, MA 02109</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Vice President</FONT></I>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2><B>Officers</B></FONT><B>&nbsp;</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2><B>Marketing Services</B></FONT><B>&nbsp;</B></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Charles E. Haldeman, Jr.</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Francis J. McNamara, III</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Retail Management</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>President</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Vice President and</FONT></I>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>One Post Office Square</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Chief Legal Officer</FONT></I>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Boston, MA 02109</FONT>&nbsp;&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Charles E. Porter</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Executive Vice President,</FONT></I>&nbsp;&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Robert R. Leveille</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2><B>Custodian</B></FONT><B>&nbsp;&nbsp;</B></TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Principal Executive Officer,</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Vice President and</FONT></I>&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>State Street Bank</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Associate Treasurer and</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Chief Compliance Officer</FONT></I>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>and Trust Company</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Compliance Liaison</FONT></I>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Mark C. Trenchard</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2><B>Legal Counsel</B></FONT><B>&nbsp;</B></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Jonathan S. Horwitz</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Vice President and</FONT></I>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ropes &amp; Gray LLP</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Senior Vice President</FONT></I>&nbsp;&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>BSA Compliance Officer</FONT></I>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>and Treasurer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2><B>Trustees</B></FONT><B>&nbsp;</B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Judith Cohen</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>John A. Hill, </FONT><I><FONT face=sans-serif size=2>Chairman</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Steven D. Krichmar</FONT>&nbsp;&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Vice President, Clerk and</FONT></I>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Jameson A. Baxter,</FONT>&nbsp;&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Vice President and</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Assistant Treasurer</FONT></I>&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Vice Chairman</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Principal Financial Officer</FONT></I>&nbsp;&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Ravi Akhoury</FONT>&nbsp;&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Wanda M. McManus</FONT>&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Charles B. Curtis</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Janet C. Smith</FONT>&nbsp;&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Vice President, Senior Associate</FONT></I>&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Robert J. Darretta</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Vice President, Principal</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Treasurer and Assistant Clerk</FONT></I>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Myra R. Drucker</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Accounting Officer and</FONT></I>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Charles E. Haldeman, Jr.</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Assistant Treasurer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Nancy E. Florek</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Paul L. Joskow</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Vice President, Assistant Clerk,</FONT></I>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Elizabeth T. Kennan</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Susan G. Malloy</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Assistant Treasurer and</FONT></I>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Kenneth R. Leibler</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Vice President and</FONT></I>&nbsp;&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Proxy Manager</FONT></I>&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Robert E. Patterson</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Assistant Treasurer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>Call 1-800-225-1581 weekdays between 8:30 a.m. and 8:00 p.m. or on Saturday between 9:00 a.m. and 5:00 p.m. Eastern Time, or visit our Web site (putnam.com) anytime for up-to-date information about the fund&#146;s NAV.</FONT></P>
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<P align=left><U><FONT face=sans-serif size=2>Item 2. Code of Ethics:</FONT></U></P>
<P align=left><FONT face=sans-serif size=2>Not Applicable</FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Item 3. Audit Committee Financial Expert: </FONT></U></P>
<P align=left><FONT face=sans-serif size=2>Not Applicable </FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Item 4. Principal Accountant Fees and Services: </FONT></U></P>
<P align=left><FONT face=sans-serif size=2>Not Applicable </FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Item 5. Audit Committee </FONT></U></P>
<P align=left><FONT face=sans-serif size=2>Not Applicable </FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Item 6. Schedule of Investments:</FONT></U></P>
<P align=left><FONT face=sans-serif size=2>The registrant&#146;s schedule of investments in unaffiliated issuers is included in the report to shareholders in Item 1 above.</FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Item 7. Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies:</FONT></U></P>
<P align=left><FONT face=sans-serif size=2>Not applicable</FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Item 8. Portfolio Managers of Closed-End Management Investment Companies</FONT></U></P>
<P align=left><FONT face=sans-serif size=2>(a) Not applicable</FONT></P>
<P align=left><FONT face=sans-serif size=2>(b) There have been no changes to the list of the registrant&#146;s identified portfolio managers included in the registrant&#146;s report on Form N-CSR for the most recent completed fiscal year.</FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers:</FONT></U></P>
<P align=left><FONT face=sans-serif size=2>Registrant Purchase of Equity Securities</FONT></P>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD align=left width="20%"></TD>
     <TD align=left width="20%"></TD>
     <TD align=left width="20%"></TD>
     <TD align=left width="20%"></TD>
     <TD align=left width="20%"></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=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Maximum</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=left><FONT face=sans-serif size=2>Total Number</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Number (or</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=left><FONT face=sans-serif size=2>of Shares</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Approximate</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=left><FONT face=sans-serif size=2>Purchased</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Dollar Value )</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=left><FONT face=sans-serif size=2>as Part</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>of Shares</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=left><FONT face=sans-serif size=2>of Publicly</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>that May Yet Be</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Total Number</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Average</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Announced</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Purchased</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>of Shares</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Price Paid</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Plans or</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>under the Plans</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><U><FONT face=sans-serif size=2>Period</FONT></U>&nbsp;</TD>
     <TD noWrap align=left><U><FONT face=sans-serif size=2>Purchased</FONT></U>&nbsp;</TD>
     <TD noWrap align=left><U><FONT face=sans-serif size=2>per Share</FONT></U>&nbsp;</TD>
     <TD noWrap align=left><U><FONT face=sans-serif size=2>Programs*</FONT></U>&nbsp;</TD>
     <TD noWrap align=left><U><FONT face=sans-serif size=2>or Programs</FONT></U>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>November 1 -</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;<FONT face=Arial size=2>-</FONT>&nbsp;</TD>
     <TD noWrap align=center></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>November 30, 2008</FONT>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>5,728,836</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>December 1 -</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;<FONT face=Arial size=2>-</FONT>&nbsp;</TD>
     <TD noWrap align=center></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>December 31, 2008</FONT>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>5,728,836</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>January 1 -</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;<FONT face=Arial size=2>-</FONT>&nbsp;</TD>
     <TD noWrap align=center></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>January 31, 2009</FONT>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>5,728,836</FONT>&nbsp;</TD></TR></TABLE><BR>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>February 1 -</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=2>-</FONT></TD>
     <TD noWrap align=center><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=Arial size=2>-</FONT></TD>
     <TD noWrap align=center><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=Arial size=2>-</FONT></TD>
     <TD noWrap align=center></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>February 28, 2009</FONT>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=2>5,728,836</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>March 1 -</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=2>-</FONT></TD>
     <TD noWrap align=center><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=Arial size=2>-</FONT></TD>
     <TD noWrap align=center><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=Arial size=2>-</FONT></TD>
     <TD noWrap align=center></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>March 31, 2009</FONT>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=2>5,728,836</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>April 1 -</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=2>-</FONT></TD>
     <TD noWrap align=center><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=Arial size=2>&nbsp;-</FONT></TD>
     <TD noWrap align=center><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=Arial size=2>-</FONT></TD>
     <TD noWrap align=center></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>April 30, 2009</FONT>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=2>5,728,836</FONT></TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>*The Board of Trustees announced a repurchase plan on October 7, 2005 for which </FONT><B><FONT face=sans-serif size=2>2,360,317 </FONT></B><FONT face=sans-serif size=2>shares were approved for repurchase by the fund. The repurchase plan was approved through October 6, 2006. On March 10, 2006, the Trustees announced that the repurchase program was increased to allow repurchases of up to a total of 4,720,634 shares over the original term of the program. On September 15, 2006, the Trustees voted to extend the term of the repurchase program through October 6, 2007. In September 2007, the Trustees announced that the repurchase program was increased to allow repurchases up to a total 4,019,074 shares through October 7, 2008. In September 2008, the Trustees announced that the repurchase program was increased to allow repurchases up to a total 5,728,836 shares through October 7, 2009.</FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Item 10. Submission of Matters to a Vote of Security Holders: </FONT></U></P>
<P align=left><FONT face=sans-serif size=2>Not applicable </FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Item 11. Controls and Procedures:</FONT></U></P>
<P align=left><FONT face=sans-serif size=2>(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(b) Changes in internal control over financial reporting: Not applicable </FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Item 12. Exhibits: </FONT></U></P>
<P align=left><FONT face=sans-serif size=2>(a)(1) Not applicable</FONT></P>
<P align=left><FONT face=sans-serif size=2>(a)(2) Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(b) The certifications required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, are filed herewith.</FONT></P>
<P align=left><U><FONT face=sans-serif size=2>SIGNATURES</FONT></U></P>
<P align=left><FONT face=sans-serif size=2>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Putnam Managed Municipal Income Trust</FONT></U></P>
<P align=left><FONT face=sans-serif size=2>By (Signature and Title):</FONT></P>
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<P align=left><U><FONT face=sans-serif size=2>/s/Janet C. Smith</FONT></U><BR>
<FONT face=sans-serif size=2>Janet C. Smith</FONT><BR>
<FONT face=sans-serif size=2>Principal Accounting Officer</FONT><BR>
<BR>
<FONT face=sans-serif size=2>Date: June 29, 2009</FONT></P>
<P align=left><FONT face=sans-serif size=2>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</FONT></P>
<P align=left><FONT face=sans-serif size=2>By (Signature and Title):</FONT></P>
<P align=left><U><FONT face=sans-serif size=2>/s/Charles E. Porter</FONT></U><BR>
<FONT face=sans-serif size=2>Charles E. Porter</FONT><BR>
<FONT face=sans-serif size=2>Principal Executive Officer</FONT><BR>
<BR>
<FONT face=sans-serif size=2>Date: June 29, 2009</FONT><BR>
<BR>
<FONT face=sans-serif size=2>By (Signature and Title):</FONT><BR>
<BR>
<U><FONT face=sans-serif size=2>/s/Steven D. Krichmar</FONT></U><BR>
<FONT face=sans-serif size=2>Steven D. Krichmar</FONT><BR>
<FONT face=sans-serif size=2>Principal Financial Officer</FONT><BR>
<BR>
<FONT face=sans-serif size=2>Date: June 29, 2009</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-CSR 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 financial statements, and other financial information included in each report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in each report;</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 registrant 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'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 each 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's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant'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'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's internal control over financial reporting.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">Date: June 25, 2009</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">Charles E. Porter</FONT><BR>
<FONT size=2 face="sans-serif">Principal Executive Officer</FONT></P>
<HR noshade align="center" width="100%" size=2>
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<A name="page_2"></A>
<P align="left"> <U><FONT size=2 face="sans-serif">Certifications</FONT></U></P>
<P align="left"> <FONT size=2 face="sans-serif">I, Steven D. Krichmar, the Principal Financial Officer of the funds listed on Attachment A, certify that:</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">1. I have reviewed each report on Form N-CSR 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 financial statements, and other financial information included in each report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in each report;</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 registrant 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'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 each 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's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant'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'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's internal control over financial reporting.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">Date: June 25, 2009</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">Steven D. Krichmar</FONT><BR>
<FONT size=2 face="sans-serif">Principal Financial Officer</FONT></P>
<HR noshade align="center" width="100%" size=2>
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<A name="page_3"></A>
<P align=center><FONT face=sans-serif size=2>Attachment A</FONT><BR>
<FONT face=sans-serif size=2>N-CSR</FONT><BR>
<FONT face=sans-serif size=2>Period (s) ended April 30, 2009</FONT></P>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Managed Municipal Income Trust</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Municipal Opportunities Trust</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Mid Cap Value Fund</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>The Putnam Fund for Growth and Income</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Capital Opportunities Fund</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Global Utilities Fund</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Income Fund</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Global Income Trust</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Global Equity Fund</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Convertible Income-Growth Trust</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Absolute Return 100 Fund</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Absolute Return 300 Fund</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Absolute Return 500 Fund</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Absolute Return 700 Fund</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
</BODY>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>c_certnos052.htm
<DESCRIPTION>EX-99.906 CERT
<TEXT>

<HTML>
<HEAD>
   <TITLE>c_certnos052.htm</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
 <!--$$/page=-->
<A name="page_1"></A>
<P align="left"> <U><FONT size=2 face="sans-serif">Section 906 Certifications</FONT></U></P>
<P align="left"> <FONT size=2 face="sans-serif">I, Charles E. Porter, the Principal Executive Officer of the Funds listed on Attachment A, certify that, to my knowledge:</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">1. The form N-CSR of the Funds listed on Attachment A for the period ended April 30, 2009 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended April 30, 2009 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">Date: June 25, 2009</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">/s/ Charles E. Porter</FONT><BR>
<FONT size=2 face="sans-serif">______________________</FONT><BR>
<FONT size=2 face="sans-serif">Charles E. Porter</FONT><BR>
<FONT size=2 face="sans-serif">Principal Executive Officer</FONT></P>
<HR noshade align="center" width="100%" size=2>
<!--$$/page=-->
<A name="page_2"></A>
<P align="left"> <U><FONT size=2 face="sans-serif">Section 906 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, to my knowledge:</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">1. The form N-CSR of the Funds listed on Attachment A for the period ended April 30, 2009 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended April 30, 2009 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">Date: June 25, 2009</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">Steven D. Krichmar</FONT><BR>
<FONT size=2 face="sans-serif">Principal Financial Officer</FONT></P>
<HR noshade align="center" width="100%" size=2>
<!--$$/page=-->
<A name="page_3"></A>
<P align=center><FONT face=sans-serif size=2>Attachment A</FONT><BR>
<FONT face=sans-serif size=2>N-CSR</FONT><BR>
<FONT face=sans-serif size=2>Period (s) ended April 30, 2009</FONT></P>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Managed Municipal Income Trust</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Municipal Opportunities Trust</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Mid Cap Value Fund</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>The Putnam Fund for Growth and Income</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Capital Opportunities Fund</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Global Utilities Fund</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Income Fund</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Global Income Trust</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Global Equity Fund</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Convertible Income-Growth Trust</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Absolute Return 100 Fund</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Absolute Return 300 Fund</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Absolute Return 500 Fund</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Putnam Absolute Return 700 Fund</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>manmuniinctrstx1x1.jpg
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
