<SEC-DOCUMENT>0000928816-14-001528.txt : 20140926
<SEC-HEADER>0000928816-14-001528.hdr.sgml : 20140926
<ACCEPTANCE-DATETIME>20140926154326
ACCESSION NUMBER:		0000928816-14-001528
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140731
FILED AS OF DATE:		20140926
DATE AS OF CHANGE:		20140926
EFFECTIVENESS DATE:		20140926

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MUNICIPAL OPPORTUNITIES TRUST
		CENTRAL INDEX KEY:			0000900422
		IRS NUMBER:				043187549
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07626
		FILM NUMBER:		141123981

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>a_muniopps.htm
<DESCRIPTION>PUTNAM MUNICIPAL OPPORTUNITIES TRUST
<TEXT>
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<tr valign=top><td></td><td align=center colspan=2><font size=+2>UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION</font></td></tr></table>



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<tr valign=top><td></td><td align=center colspan=2><font size=+3><br><b>FORM N-Q</b><br><br></font></td></tr></table>




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<tr valign=top><td></td><td align=center colspan=2><font size=+2><b>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED<br>MANAGEMENT INVESTMENT COMPANY</b><br><br><br><br></font></td></tr></table>




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<tr valign=top><td></td><td>Investment Company Act file number:</td>	<td>(811-07626)</td></tr></table>




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<tr valign=top><td></td><td>Exact name of registrant as specified in charter:</td>	<td>Putnam Municipal Opportunities Trust</td></tr></table>




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<tr valign=top><td></td><td>Address of principal executive offices:</td>	<td>One Post Office Square, Boston, Massachusetts 02109</td></tr></table>




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<tr valign=top><td></td><td>Name and address of agent for service:</td>	<td>Robert T. Burns, Vice President<br>One Post Office Square<br>Boston, Massachusetts 02109</td></tr></table>




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<tr valign=top><td></td><td align=right>Copy to:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>	<td>Bryan Chegwidden, Esq.<br>Ropes & Gray LLP<br>1211 Avenue of the Americas<br>New York, New York 10036</td></tr></table>




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<tr valign=top><td></td><td>Registrant&#8217;s telephone number, including area code:</td>	<td>(617) 292-1000</td></tr></table>




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<tr valign=top><td></td><td>Date of fiscal year end:</td>	<td>April 30, 2015</td></tr></table>




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<tr valign=top><td></td><td>Date of reporting period:</td>	<td>July 31, 2014</td></tr></table>






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<br><tr valign=top><td></td><td><br><br><u>Item 1. Schedule of Investments:</td>	<td></u></td></tr></table><br>















































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		<TR><TD></TD><TD colspan=6><FONT size=+3><B>Putnam Municipal Opportunities Trust</B></FONT></TD></TR>
					<TR><TD><BR></TD></TR>

		<TR><TD></TD><TD colspan=6><FONT size=+1><B>The fund's portfolio</B></FONT></TD></TR>
		<TR><TD></TD><TD colspan=6><FONT size=+1><B>7/31/14 (Unaudited)</B></FONT></TD></TR><TR height=24><TD></TD></TR>
	<TR height=48></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Key to holding's abbreviations</B></FONT></TD></TR>

	<TR><TD></TD>	<TD colspan=6>ABAG &#8212; Association Of Bay Area Governments			<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD colspan=6>AGM &#8212; Assured Guaranty Municipal Corporation			<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD colspan=6>AGO &#8212; Assured Guaranty, Ltd.			<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD colspan=6>AMBAC &#8212; AMBAC Indemnity Corporation			<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD colspan=6>COP &#8212; Certificates of Participation			<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD colspan=6>FGIC &#8212; Financial Guaranty Insurance Company			<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD colspan=6>FHLMC Coll. &#8212; Federal Home Loan Mortgage Corporation Collateralized			<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD colspan=6>FRB &#8212; Floating Rate Bonds:</B> the rate shown is the current interest rate at the close of the reporting period			<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD colspan=6>G.O. Bonds &#8212; General Obligation Bonds			<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD colspan=6>NATL &#8212; National Public Finance Guarantee Corp.			<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD colspan=6>PO &#8212; Principal Only			<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD colspan=6>SGI &#8212; Syncora Guarantee, Inc.			<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD colspan=6>U.S. Govt. Coll. &#8212; U.S. Government Collateralized			<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD colspan=6>VRDN &#8212; Variable Rate Demand Notes, which are floating-rate securities with long-term maturities that carry coupons that reset and are payable upon demand either daily, weekly or monthly. The rate shown is the current interest rate at the close of the reporting period.			<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR height=48></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>MUNICIPAL BONDS AND NOTES (141.0%)<sup><B><I>(a)</I></B></sup></B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD vAlign=top align=left><B></B></TD>	<TD vAlign=top align=left><B></B></TD>	<TD vAlign=top align=left><B>Rating<sup><B><I>(RAT)</I></B></sup></B></TD>	<TD vAlign=bottom align=right><B></B></TD>	<TD vAlign=bottom align=right><B>Principal amount</B></TD>	<TD vAlign=bottom align=right><B>Value</B></TD><TR height=2><TD></TD><TD colspan=6><HR SIZE=2 noShade></TD></TR>
	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Alabama (0.6%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Jefferson Cnty., Swr. Rev. Bonds, Ser. D, 6 1/2s, 10/1/53</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>$2,000,000</TD>	<TD vAlign=bottom align=right>$2,260,919</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Selma, Indl. Dev. Board Rev. Bonds (Gulf Opportunity Zone Intl. Paper Co.), Ser. A, 5.8s, 5/1/34</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>750,000</TD>	<TD vAlign=bottom align=right>836,873</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>3,097,792</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Arizona (3.0%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa Grande Regl. Med. Ctr.), Ser. A, 7 5/8s, 12/1/29<sup><B><I>(F)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>D/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,025,000</TD>	<TD vAlign=bottom align=right>9,042</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Coconino Cnty., Poll. Control Rev. Bonds (Tucson Elec. Pwr. Co. - Navajo), Ser. A, 5 1/8s, 10/1/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,583,550</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Glendale, Indl. Dev. Auth. Rev. Bonds (Midwestern U.), 5 1/8s, 5/15/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,125,000</TD>	<TD vAlign=bottom align=right>2,228,105</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Maricopa Cnty., Poll. Control Rev. Bonds (El Paso Elec. Co.), Ser. A, 7 1/4s, 2/1/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,400,000</TD>	<TD vAlign=bottom align=right>2,708,135</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Phoenix, Civic Impt. Corp. Arpt. Rev. Bonds, Ser. A, 5s, 7/1/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,055,330</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Phoenix, Civic Impt. Corp. Waste Wtr. Syst. Rev. Bonds, 5s, 7/1/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>587,005</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Pima Cnty., Indl. Dev. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Tucson Elec. Pwr. Co.), 5 3/4s, 9/1/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>800,000</TD>	<TD vAlign=bottom align=right>810,624</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Horizon Cmnty. Learning Ctr.), 5.05s, 6/1/25</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,550,000</TD>	<TD vAlign=bottom align=right>1,540,964</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Pinal Cnty., Elec. Rev. Bonds (Dist. No. 3), 5 1/4s, 7/1/36</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>548,425</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Salt Verde, Fin. Corp. Gas Rev. Bonds, 5 1/2s, 12/1/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,350,000</TD>	<TD vAlign=bottom align=right>1,592,163</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>U. Med. Ctr. Corp. AZ Hosp. Rev. Bonds, 6 1/2s, 7/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,162,480</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Yuma, Indl. Dev. Auth. Hosp. Rev. Bonds (Yuma Regl. Med. Ctr.), Ser. A, 5s, 8/1/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,065,000</TD>	<TD vAlign=bottom align=right>2,247,856</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>16,073,679</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>California (29.4%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>ABAG Fin. Auth. for Nonprofit Corps. Rev. Bonds (Episcopal Sr. Cmntys.), Ser. A, 5s, 7/1/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB+/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>550,000</TD>	<TD vAlign=bottom align=right>579,321</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>ABC Unified School Dist. G.O. Bonds, Ser. B, FGIC, zero %, 8/1/20</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,307,234</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Alameda, Corridor Trans. Auth. Rev. Bonds (Sr. Lien), Ser. A, 5s, 10/1/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,250,000</TD>	<TD vAlign=bottom align=right>1,414,575</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Bay Area Toll Auth. of CA Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (San Francisco Bay Area), Ser. F-1, 5s, 4/1/39 (Prerefunded 4/1/18)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,500,000</TD>	<TD vAlign=bottom align=right>2,883,375</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Toll Bridge), Ser. S-4, 5s, 4/1/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,200,000</TD>	<TD vAlign=bottom align=right>1,340,004</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Burbank, Unified School Dist. G.O. Bonds (Election of 1997), Ser. C, NATL, FGIC, zero %, 8/1/23</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>738,560</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CA Edl. Fac. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Claremont Graduate U.), Ser. A, 5s, 3/1/42</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,067,160</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (U. of the Pacific), 5s, 11/1/21</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,578,645</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Loyola-Marymount U.), NATL, zero %, 10/1/21</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,300,000</TD>	<TD vAlign=bottom align=right>1,069,223</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CA Hsg. Fin. Agcy. Rev. Bonds (Home Mtge.)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. E, 4.8s, 8/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>5,000,000</TD>	<TD vAlign=bottom align=right>5,003,450</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. K, 4 5/8s, 8/1/26</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,500,000</TD>	<TD vAlign=bottom align=right>2,537,900</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CA Muni. Fin. Auth. COP (Cmnty. Hosp. Central CA), 5 1/4s, 2/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,800,000</TD>	<TD vAlign=bottom align=right>1,835,262</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CA Muni. Fin. Auth. Rev. Bonds (Biola U.), 5s, 10/1/42</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>525,845</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CA Poll. Control Fin. Auth. Solid Waste Disp. FRB (Waste Management, Inc.), Ser. C, 5 1/8s, 11/1/23</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>850,000</TD>	<TD vAlign=bottom align=right>890,936</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CA Poll. Control Fin. Auth. Wtr. Fac. Rev. Bonds (American Wtr. Cap. Corp.), 5 1/4s, 8/1/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,059,970</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CA State G.O. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 6 1/2s, 4/1/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>12,000,000</TD>	<TD vAlign=bottom align=right>14,663,760</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5 1/2s, 3/1/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>7,450,000</TD>	<TD vAlign=bottom align=right>8,439,882</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5s, 4/1/42</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>4,000,000</TD>	<TD vAlign=bottom align=right>4,352,080</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5s, 10/1/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,000,000</TD>	<TD vAlign=bottom align=right>3,405,630</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CA State Muni. Fin. Auth Mobile Home Park Rev. Bonds (Caritas Affordable Hsg., Inc.), 5 1/4s, 8/15/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>400,000</TD>	<TD vAlign=bottom align=right>425,988</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CA State Poll. Control Fin. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (San Jose Wtr. Co.), 5.1s, 6/1/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,500,000</TD>	<TD vAlign=bottom align=right>3,649,975</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Pacific Gas & Electric Corp.), Class D, FGIC, 4 3/4s, 12/1/23</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,500,000</TD>	<TD vAlign=bottom align=right>2,662,125</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CA State Pub. Wks. Board Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. I-1, 6 1/8s, 11/1/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,192,080</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A-1, 6s, 3/1/35</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,600,000</TD>	<TD vAlign=bottom align=right>1,872,320</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Dept. of Forestry & Fire), Ser. E, 5s, 11/1/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,575,000</TD>	<TD vAlign=bottom align=right>1,717,758</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Capital Projects), Ser. A, 5s, 4/1/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,245,540</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CA Statewide Cmnty. Dev. Auth. COP (The Internext Group), 5 3/8s, 4/1/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,575,000</TD>	<TD vAlign=bottom align=right>2,581,566</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CA Statewide Cmnty. Dev. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Irvine, LLC-UCI East Campus), 6s, 5/15/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,148,980</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Sutter Hlth.), Ser. A, 5s, 11/15/43</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,485,000</TD>	<TD vAlign=bottom align=right>2,546,106</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Cathedral City, Impt. Board Act of 1915 Special Assmt. Bonds (Cove Impt. Dist.), Ser. 04-02, 5.05s, 9/2/35</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BB+/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>770,000</TD>	<TD vAlign=bottom align=right>770,747</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Chula Vista, Indl. Dev. Rev. Bonds (San Diego Gas), Ser. B, 5s, 12/1/27</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,915,000</TD>	<TD vAlign=bottom align=right>2,019,310</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Foothill-De Anza, Cmnty. College Dist. G.O. Bonds, Ser. C, 5s, 8/1/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aaa</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,250,000</TD>	<TD vAlign=bottom align=right>2,469,330</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Foothill/Eastern Corridor Agcy. Rev. Bonds, Ser. A</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 6s, 1/15/53</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,708,680</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; zero %, 1/1/28 (Escrowed to maturity)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aaa</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>10,000,000</TD>	<TD vAlign=bottom align=right>6,691,000</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Golden State Tobacco Securitization Corp. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A-2, 5.3s, 6/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>B3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>793,220</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A-1, 5s, 6/1/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>B3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>100,000</TD>	<TD vAlign=bottom align=right>80,045</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Enhanced Asset), Ser. A, 5s, 6/1/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>550,100</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Enhanced Asset), Ser. A, 5s, 6/1/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,400,000</TD>	<TD vAlign=bottom align=right>1,548,064</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Los Angeles, Dept. of Arpt. Rev. Bonds (Los Angeles Intl. Arpt.)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. D, 5s, 5/15/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,500,000</TD>	<TD vAlign=bottom align=right>3,825,885</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5s, 5/15/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,115,670</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Los Angeles, Regl. Arpt. Impt. Corp. Lease Rev. Bonds (Laxfuel Corp.), 4 1/2s, 1/1/27</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>600,000</TD>	<TD vAlign=bottom align=right>636,816</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>M-S-R Energy Auth. Rev. Bonds, Ser. B, 6 1/2s, 11/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,000,000</TD>	<TD vAlign=bottom align=right>3,948,690</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Metro. Wtr. Dist. Rev. Bonds (Southern CA Wtr. Wks.), 5 3/4s, 8/10/18</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AAA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>6,000,000</TD>	<TD vAlign=bottom align=right>6,744,300</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>North Natomas, Cmnty. Fac. Special Tax Bonds (Dist. No. 4), Ser. E, 5s, 9/1/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,250,000</TD>	<TD vAlign=bottom align=right>1,347,250</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Oakland, Unified School Dist. Alameda Cnty., G.O. Bonds (Election of 2012), 6 5/8s, 8/1/38</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>594,765</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Orange Cnty., Trans. Auth Toll Road Rev. Bonds (91 Express Lanes), 5s, 8/15/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>635,000</TD>	<TD vAlign=bottom align=right>711,308</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Port of Oakland, Rev. Bonds (Sr. Lien), Ser. P, 5s, 5/1/26</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>4,000,000</TD>	<TD vAlign=bottom align=right>4,484,080</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Redwood City, Elementary School Dist. G.O. Bonds, FGIC, NATL, zero %, 8/1/21</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,990,000</TD>	<TD vAlign=bottom align=right>1,619,462</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Sacramento Cnty., Arpt. Syst. Rev. Bonds, 5s, 7/1/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,350,000</TD>	<TD vAlign=bottom align=right>1,429,799</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Sacramento, Special Tax Bonds (North Natomas Cmnty. Fac.), Ser. 97-01, 5s, 9/1/20</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,195,000</TD>	<TD vAlign=bottom align=right>1,195,562</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Sacramento, Special Tax Rev. Bonds (North Natomas Cmnty. Fac.), Ser. 97-01</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5s, 9/1/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,180,000</TD>	<TD vAlign=bottom align=right>1,180,153</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5s, 9/1/18</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,030,000</TD>	<TD vAlign=bottom align=right>1,030,618</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Sacramento, Regl. Trans. Dist. Rev. Bonds (Farebox)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5s, 3/1/42</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,110,000</TD>	<TD vAlign=bottom align=right>2,234,363</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5s, 3/1/20</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>585,040</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>San Bernardino Cnty., COP (Med. Ctr. Fin.), Ser. A, NATL, 6 1/2s, 8/1/17</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,130,000</TD>	<TD vAlign=bottom align=right>3,252,227</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>San Diego Cnty., Regl. Arpt. Auth. Rev. Bonds, Ser. A, 5s, 7/1/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,750,000</TD>	<TD vAlign=bottom align=right>4,012,538</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>San Diego, Unified School Dist. G.O. Bonds (Election of 2008), Ser. C</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; zero %, 7/1/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>5,000,000</TD>	<TD vAlign=bottom align=right>1,470,650</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; zero %, 7/1/38</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>5,000,000</TD>	<TD vAlign=bottom align=right>1,631,550</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>San Francisco City & Cnty. Arpt. Comm. Intl. Arpt. Rev. Bonds, 5s, 5/1/28</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>575,000</TD>	<TD vAlign=bottom align=right>650,475</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>San Juan, Unified School Dist. G.O. Bonds, AGM, zero %, 8/1/19</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>897,480</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Semitropic, Impt. Dist. Wtr. Storage Rev. Bonds, Ser. A, 5s, 12/1/35</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>150,000</TD>	<TD vAlign=bottom align=right>166,002</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Stockton, Pub. Wtr. Fin. Auth. Rev. Bonds (Delta Wtr. Supply), Ser. A, 6 1/4s, 10/1/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>875,000</TD>	<TD vAlign=bottom align=right>993,029</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Sunnyvale, Cmnty. Fac. Dist. Special Tax Rev. Bonds, 7.65s, 8/1/21</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>B+/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>450,000</TD>	<TD vAlign=bottom align=right>450,747</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Tuolumne Wind Project Auth. Rev. Bonds (Tuolumne Co.), Ser. A, 5 7/8s, 1/1/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,585,000</TD>	<TD vAlign=bottom align=right>1,869,143</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Turlock, Irrigation Dist. Rev. Bonds, Ser. A, 5s, 1/1/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>4,000,000</TD>	<TD vAlign=bottom align=right>4,262,600</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Univ. of CA, Ser. AF Rev. bonds, 5s, 5/15/36<sup><B><I>(T)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>9,000,000</TD>	<TD vAlign=bottom align=right>10,128,105</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>155,834,053</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Colorado (1.2%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CO Hsg. & Fin. Auth. Rev. Bonds (Single Family Mtge.), Ser. A-3, Class III, 5 1/4s, 5/1/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>355,000</TD>	<TD vAlign=bottom align=right>357,911</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CO State Hlth. Fac. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Christian Living Cmntys.), Ser. A, 5 3/4s, 1/1/26</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BB-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>325,000</TD>	<TD vAlign=bottom align=right>334,448</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Evangelical Lutheran Good Samaritan Society), 5 5/8s, 6/1/43</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>600,000</TD>	<TD vAlign=bottom align=right>659,202</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Evangelical Lutheran Good Samaritan Society), 5s, 12/1/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,650,000</TD>	<TD vAlign=bottom align=right>1,763,222</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Evangelical Lutheran), 5s, 6/1/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>850,000</TD>	<TD vAlign=bottom align=right>866,694</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Denver City & Cnty., Arpt. Rev. Bonds (Sub. Syst.), Ser. A, 5 1/2s, 11/15/31</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>950,000</TD>	<TD vAlign=bottom align=right>1,068,893</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>E-470 CO Pub. Hwy. Auth. Rev. Bonds, Ser. C1, NATL, 5 1/2s, 9/1/24</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,250,000</TD>	<TD vAlign=bottom align=right>1,297,388</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>6,347,758</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Delaware (0.4%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>DE State Econ. Dev. Auth. Rev. Bonds (Delmarva Pwr.), 5.4s, 2/1/31</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,100,000</TD>	<TD vAlign=bottom align=right>1,229,668</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>DE State Hsg. Auth. Rev. Bonds (Single Family Mtge.), Ser. B, zero %, 1/1/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>4,450,000</TD>	<TD vAlign=bottom align=right>883,726</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>2,113,394</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>District of Columbia (1.4%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>DC Rev. Bonds (Howard U.), Ser. A, 6 1/2s, 10/1/41</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,000,000</TD>	<TD vAlign=bottom align=right>3,327,000</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>DC U. Rev. Bonds (Gallaudet U.), 5 1/2s, 4/1/34</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,092,940</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Metro. Washington, Arpt. Auth. Dulles Toll Rd. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (First Sr. Lien), Ser. A, 5s, 10/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,129,620</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Metrorail), Ser. A, zero %, 10/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,700,000</TD>	<TD vAlign=bottom align=right>1,096,975</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>7,646,535</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Florida (5.0%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Brevard Cnty., Hlth. Care Fac. Auth. Rev. Bonds (Health First, Inc.), 7s, 4/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,000,000</TD>	<TD vAlign=bottom align=right>3,416,880</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Broward Cnty., Arpt. Syst. Rev. Bonds, Ser. Q-2, 5s, 10/1/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,100,000</TD>	<TD vAlign=bottom align=right>1,190,167</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Escambia Cnty., Env. Impt. Rev. Bonds (Intl. Paper Co.), Ser. A, 5s, 8/1/26</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,500,000</TD>	<TD vAlign=bottom align=right>2,501,300</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>FL State Board of Ed. G.O. Bonds (Capital Outlay 2011), Ser. F, 5s, 6/1/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AAA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,153,840</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>FL State Muni. Pwr. Agcy. Rev. Bonds, Ser. A, 5s, 10/1/31</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,700,000</TD>	<TD vAlign=bottom align=right>1,842,919</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Jacksonville, Port Auth. Rev. Bonds, 5s, 11/1/38</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>600,000</TD>	<TD vAlign=bottom align=right>627,144</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Lakeland, Retirement Cmnty. 144A Rev. Bonds (1st Mtge. - Carpenters), 6 3/8s, 1/1/43</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB-/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>340,000</TD>	<TD vAlign=bottom align=right>350,941</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Lee Cnty., Rev. Bonds, SGI, 5s, 10/1/25</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,500,000</TD>	<TD vAlign=bottom align=right>2,687,075</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Marco Island, Util. Sys. Rev. Bonds, Ser. A, 5s, 10/1/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,640,940</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Miami-Dade Cnty., Aviation Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Miami Intl. Arpt.), Ser. A-1, 5 3/8s, 10/1/41</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,000,000</TD>	<TD vAlign=bottom align=right>3,310,680</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A, 5s, 10/1/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,107,080</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5s, 10/1/28</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>557,275</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Miami-Dade Cnty., Expressway Auth. Toll Syst. Rev. Bonds, Ser. A, 5s, 7/1/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,060,200</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Orange Cnty., Hlth. Facs. Auth. Rev. Bonds (Presbyterian Retirement Cmntys.), 5s, 8/1/34</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A-/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,200,000</TD>	<TD vAlign=bottom align=right>1,278,672</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Orlando & Orange Cnty., Expressway Auth. Rev. Bonds, AGM, 5s, 7/1/25</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>580,205</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds (Acts Retirement-Life Cmnty.), 5 1/2s, 11/15/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,059,700</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>South Broward, Hosp. Dist. Rev. Bonds, NATL, 4 3/4s, 5/1/28</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,557,644</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds, 5.4s, 5/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>CCC/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>405,000</TD>	<TD vAlign=bottom align=right>406,681</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>26,329,343</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Georgia (3.7%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Atlanta, Arpt. Rev. Bonds (Hartsfield-Jackson Intl. Arpt.), Ser. A, 5s, 1/1/35</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,250,000</TD>	<TD vAlign=bottom align=right>1,347,325</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Atlanta, Arpt. Passenger Fac. Charge Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5s, 1/1/34</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,550,000</TD>	<TD vAlign=bottom align=right>1,729,645</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5s, 1/1/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,680,225</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Atlanta, Wtr. & Waste Wtr. Rev. Bonds, Ser. A, 6 1/4s, 11/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>4,500,000</TD>	<TD vAlign=bottom align=right>5,367,465</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Fulton Cnty., Dev. Auth. Rev. Bonds (GA Tech Athletic Assn.), Ser. A, 5s, 10/1/42</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,350,000</TD>	<TD vAlign=bottom align=right>1,457,716</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Gainesville & Hall Cnty., Hosp. Auth. Rev. Bonds (Northeast GA Hlth. Care), Ser. B, 5 1/4s, 2/15/45</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>6,500,000</TD>	<TD vAlign=bottom align=right>6,840,015</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Marietta, Dev. Auth. Rev. Bonds (U. Fac. - Life U., Inc.), 7s, 6/15/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Ba3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,400,000</TD>	<TD vAlign=bottom align=right>1,461,656</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>19,884,047</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Guam (0.1%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Territory of GU, Pwr. Auth. Rev. Bonds, Ser. A, 5s, 10/1/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>300,000</TD>	<TD vAlign=bottom align=right>338,480</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>338,480</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Illinois (11.0%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Chicago, G.O. Bonds, Ser. A</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5s, 1/1/36</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,000,000</TD>	<TD vAlign=bottom align=right>3,035,790</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5s, 1/1/34</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,250,000</TD>	<TD vAlign=bottom align=right>1,273,425</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Chicago, Motor Fuel Tax Rev. Bonds, 5s, 1/1/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>538,450</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Chicago, O'Hare Intl. Arpt. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A, 5 3/4s, 1/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>4,000,000</TD>	<TD vAlign=bottom align=right>4,591,400</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. C, 5 3/8s, 1/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,250,000</TD>	<TD vAlign=bottom align=right>1,366,025</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. C, 5 1/4s, 1/1/28</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,320,000</TD>	<TD vAlign=bottom align=right>1,467,615</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. C, 5 1/4s, 1/1/27</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,125,000</TD>	<TD vAlign=bottom align=right>2,403,630</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Passenger Fac. Charge), Ser. B, 5s, 1/1/24</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,500,000</TD>	<TD vAlign=bottom align=right>2,840,425</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Chicago, Trans. Auth. Sales Tax Rev. Bonds, 5 1/4s, 12/1/49</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,000,000</TD>	<TD vAlign=bottom align=right>3,217,260</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Chicago, Waste Wtr. Transmission Rev. Bonds, Ser. A, NATL, zero %, 1/1/24</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,600,000</TD>	<TD vAlign=bottom align=right>1,114,672</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Cicero, G.O. Bonds, Ser. A, AGM, 5s, 1/1/21</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,285,300</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>IL Fin. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Silver Cross Hosp. & Med. Ctr.), 7s, 8/15/44</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,500,000</TD>	<TD vAlign=bottom align=right>2,866,675</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (IL Rush U. Med. Ctr.), Ser. C, 6 5/8s, 11/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,425,000</TD>	<TD vAlign=bottom align=right>1,592,737</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (IL Rush U. Med. Ctr.), Ser. D, 6 5/8s, 11/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,490,000</TD>	<TD vAlign=bottom align=right>1,665,388</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Elmhurst Memorial), Ser. A, 5 5/8s, 1/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,000,000</TD>	<TD vAlign=bottom align=right>3,227,850</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Alexian), Ser. A, AGM, 5 1/4s, 1/1/22</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,775,000</TD>	<TD vAlign=bottom align=right>4,137,362</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>IL State G.O. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5 1/4s, 2/1/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,066,150</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5s, 3/1/34</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>750,000</TD>	<TD vAlign=bottom align=right>765,128</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>IL State Sports Fac. Auth. Rev. Bonds, AGM, 5 1/4s, 6/15/32<sup><B><I>(FWC)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>250,000</TD>	<TD vAlign=bottom align=right>271,558</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Kendall & Kane Cntys., Cmnty. United School Dist. G.O. Bonds (No. 115 Yorkville), NATL, FGIC, zero %, 1/1/21</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,075,000</TD>	<TD vAlign=bottom align=right>898,474</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Lake Cnty., Cmnty. Construction School Dist. G.O. Bonds (No. 073 Hawthorn), NATL, FGIC</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; zero %, 12/1/21</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,805,000</TD>	<TD vAlign=bottom align=right>1,484,252</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; zero %, 12/1/21 (Escrowed to maturity)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>145,000</TD>	<TD vAlign=bottom align=right>125,157</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; zero %, 12/1/20</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,495,000</TD>	<TD vAlign=bottom align=right>1,284,085</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; zero %, 12/1/20 (Escrowed to maturity)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>155,000</TD>	<TD vAlign=bottom align=right>138,485</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Metro. Pier & Exposition Auth. Dedicated State Tax Rev. Bonds (McCormick), Ser. A, NATL, zero %, 12/15/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AAA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>15,000,000</TD>	<TD vAlign=bottom align=right>7,150,350</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Railsplitter, Tobacco Settlement Auth. Rev. Bonds, 6s, 6/1/28</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>4,150,000</TD>	<TD vAlign=bottom align=right>4,840,311</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Southern IL U. Rev. Bonds (Hsg. & Auxiliary), Ser. A, NATL</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; zero %, 4/1/25</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,870,000</TD>	<TD vAlign=bottom align=right>1,165,085</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; zero %, 4/1/21</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,880,000</TD>	<TD vAlign=bottom align=right>1,440,606</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>58,253,645</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Indiana (2.2%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>IN Bk. Special Program Gas Rev. Bonds, Ser. A, 5 1/4s, 10/15/21</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>180,000</TD>	<TD vAlign=bottom align=right>212,922</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>IN State Fin. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (U.S. Steel Corp.), 6s, 12/1/26</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>539,860</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (BHI Sr. Living), 5 3/4s, 11/15/41</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB+/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,083,220</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (I-69 Dev. Partners, LLC), 5 1/4s, 9/1/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,585,275</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Duke Energy Ind.), Ser. C, 4.95s, 10/1/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>4,000,000</TD>	<TD vAlign=bottom align=right>4,160,120</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Jasper Cnty., Indl. Poll. Control Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; AMBAC, 5.7s, 7/1/17</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,375,000</TD>	<TD vAlign=bottom align=right>1,514,190</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; NATL, 5.6s, 11/1/16</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,550,000</TD>	<TD vAlign=bottom align=right>1,678,278</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>U. Southern IN Rev. Bonds (Student Fee), Ser. J, AGO, 5 3/4s, 10/1/28</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,156,780</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>11,930,645</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Kentucky (0.6%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>KY Pub. Trans. Infrastructure Auth. Rev. Bonds (1st Tier Downtown Crossing), Ser. A, 6s, 7/1/53</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,138,920</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Louisville & Jefferson Cnty., Metro. Govt. College Rev. Bonds (Bellarmine U., Inc.), Ser. A, 6s, 5/1/38</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>290,000</TD>	<TD vAlign=bottom align=right>304,590</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Louisville, Regl. Arpt. Auth. Syst. Rev. Bonds, Ser. A</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5s, 7/1/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,030,000</TD>	<TD vAlign=bottom align=right>1,139,272</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5s, 7/1/31</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>385,000</TD>	<TD vAlign=bottom align=right>428,205</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>3,010,987</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Maryland (0.2%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MD Econ. Dev. Corp. Poll. Control Rev. Bonds (Potomac Electric Power Co.), 6.2s, 9/1/22</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>650,000</TD>	<TD vAlign=bottom align=right>773,403</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MD State Indl. Dev. Fin. Auth. Rev. Bonds (Synagro-Baltimore), Ser. A, 5 1/2s, 12/1/15</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB+/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>512,195</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>1,285,598</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Massachusetts (6.9%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MA State Dept. Trans. Rev. Bonds (Metro Hwy. Syst.), Ser. B, 5s, 1/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,500,000</TD>	<TD vAlign=bottom align=right>2,656,575</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MA State Dev. Fin. Agcy. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Sabis Intl.), Ser. A, 8s, 4/15/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>575,000</TD>	<TD vAlign=bottom align=right>679,230</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Linden Ponds, Inc. Fac.), Ser. A-1, 6 1/4s, 11/15/26</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>B-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>960,369</TD>	<TD vAlign=bottom align=right>880,831</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Milford Regl. Med. Ctr. Oblig. Group), Ser. F, 5 3/4s, 7/15/43</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>538,720</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Loomis Cmntys.), Ser. A, 5 3/4s, 1/1/28</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,100,000</TD>	<TD vAlign=bottom align=right>1,144,506</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Carleton-Willard Village), 5 5/8s, 12/1/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>750,000</TD>	<TD vAlign=bottom align=right>800,453</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Linden Ponds, Inc. Fac.), Ser. A-2, 5 1/2s, 11/15/46</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>B-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>51,190</TD>	<TD vAlign=bottom align=right>37,273</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Berklee College of Music), 5 1/4s, 10/1/41</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,198,500</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Emerson College), Ser. A, 5s, 1/1/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>4,000,000</TD>	<TD vAlign=bottom align=right>4,198,520</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Linden Ponds, Inc. Fac.), Ser. B, zero %, 11/15/56</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>B-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>254,614</TD>	<TD vAlign=bottom align=right>1,938</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MA State Dev. Fin. Agcy. Solid Waste Disp. FRB</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Dominion Energy Brayton), Ser. 1, 5 3/4s, 12/1/42 (Prerefunded 5/1/19)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,814,235</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Dominion Energy Brayton Point), 5s, 2/1/36 (Prerefunded 8/1/16)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,086,860</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MA State Edl. Fin. Auth. Rev. Bonds (Ed. Loan Issue 1), 5s, 1/1/27</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>800,000</TD>	<TD vAlign=bottom align=right>866,104</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MA State Hlth. & Edl. Fac. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>B+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,501,035</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Quincy Med. Ctr.), Ser. A, 6 1/4s, 1/15/28 (In default)<sup><B><I>(NON)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>D/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>407,632</TD>	<TD vAlign=bottom align=right>41</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Suffolk U.), Ser. A, 5 3/4s, 7/1/39 (Prerefunded 7/1/19)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,175,000</TD>	<TD vAlign=bottom align=right>1,274,428</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Springfield College), 5 5/8s, 10/15/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>550,000</TD>	<TD vAlign=bottom align=right>598,230</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Care Group), Ser. B-2, NATL, 5 3/8s, 2/1/26</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>700,000</TD>	<TD vAlign=bottom align=right>773,710</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Northeastern U.), Ser. A, 5s, 10/1/35</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,250,000</TD>	<TD vAlign=bottom align=right>3,458,423</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MA State Hsg. Fin. Agcy. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. C, 5.35s, 12/1/42</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,571,610</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. SF-169, 4s, 12/1/44</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,084,130</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. 162, FNMA Coll, FHLMC Coll., 2 3/4s, 12/1/41</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>795,000</TD>	<TD vAlign=bottom align=right>812,705</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MA State Port Auth. Special Fac. Rev. Bonds (Conrac), Ser. A, 5 1/8s, 7/1/41</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,855,000</TD>	<TD vAlign=bottom align=right>3,059,475</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Metro. Boston, Trans. Pkg. Corp. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Systemwide Pkg.), 5 1/4s, 7/1/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,500,000</TD>	<TD vAlign=bottom align=right>2,805,325</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5s, 7/1/41</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,590,000</TD>	<TD vAlign=bottom align=right>2,798,366</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>36,641,223</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Michigan (7.0%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Detroit, G.O. Bonds, Ser. A-1, AMBAC, 5 1/4s, 4/1/24</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Caa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,435,000</TD>	<TD vAlign=bottom align=right>1,333,589</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Detroit, Rev. Bonds, Ser. A, NATL, FGIC, 5s, 7/1/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>4,505,000</TD>	<TD vAlign=bottom align=right>4,504,775</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Detroit, City School Dist. G.O. Bonds, Ser. A, AGM, 6s, 5/1/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,121,410</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Detroit, Wtr. Supply Syst. Rev. Bonds, Ser. B, AGM, 6 1/4s, 7/1/36</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,425,000</TD>	<TD vAlign=bottom align=right>1,483,967</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Flint, Hosp. Bldg. Auth. Rev. Bonds (Hurley Med. Ctr.), 7 1/2s, 7/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Ba1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>539,365</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Karegnondi, Wtr. Auth. Rev. Bonds (Wtr. Supply Syst.), Ser. A, 5 1/4s, 11/1/31</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,445,000</TD>	<TD vAlign=bottom align=right>2,720,918</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Lansing, Board of Wtr. & Ltg. Util. Syst. Rev. Bonds, Ser. A, 5s, 7/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,765,000</TD>	<TD vAlign=bottom align=right>1,937,458</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MI Pub. Pwr. Agcy. Rev. Bonds, Ser. A, 5s, 1/1/27</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,900,000</TD>	<TD vAlign=bottom align=right>2,059,942</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MI State Fin. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Revolving Fund-Clean Water), 5s, 10/1/31</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AAA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,708,560</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Unemployment Oblig. Assmt.), Ser. B, 5s, 7/1/22</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aaa</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,086,030</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MI State Hosp. Fin. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A, 6 1/8s, 6/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,500,000</TD>	<TD vAlign=bottom align=right>2,738,750</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Henry Ford Hlth.), 5 3/4s, 11/15/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,181,800</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Henry Ford Hlth. Syst.), Ser. A, 5 1/4s, 11/15/46</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>4,500,000</TD>	<TD vAlign=bottom align=right>4,537,080</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Sparrow Hosp.), 5s, 11/15/31</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,350,000</TD>	<TD vAlign=bottom align=right>1,386,828</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MI State Hsg. Dev. Auth. Rev. Bonds (Rental Hsg.), Ser. D, 3.95s, 10/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,050,000</TD>	<TD vAlign=bottom align=right>1,018,898</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MI State Strategic Fund Ltd. Oblig. Rev. Bonds (Evangelical Homes of MI)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5 1/2s, 6/1/47</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BB+/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>675,000</TD>	<TD vAlign=bottom align=right>682,209</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5 1/4s, 6/1/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BB+/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>320,000</TD>	<TD vAlign=bottom align=right>322,835</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MI State Strategic Fund, Ltd. Rev. Bonds (Worthington Armstrong Venture), U.S. Govt. Coll., 5 3/4s, 10/1/22 (Escrowed to maturity)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AAA/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,650,000</TD>	<TD vAlign=bottom align=right>2,009,370</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MI Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A, 6s, 6/1/34</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>B-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>575,000</TD>	<TD vAlign=bottom align=right>478,400</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Monroe Cnty., Hosp. Fin. Auth. Rev. Bonds (Mercy Memorial Hosp. Corp.), 5 3/8s, 6/1/26</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>750,000</TD>	<TD vAlign=bottom align=right>764,858</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Wayne Cnty., Arpt. Auth. Rev. Bonds, Ser. A, 5s, 12/1/21</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,282,280</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>36,899,322</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Minnesota (2.1%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Minneapolis & St. Paul, Hsg. & Redev. Auth. Hlth. Care VRDN (Allina Hlth. Syst.), Ser. B-1, 0.06s, 11/15/35</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>VMIG1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,300,000</TD>	<TD vAlign=bottom align=right>1,300,000</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MN State Res. Hsg. Fin. Agcy. Rev. Bonds, Ser. A, 4s, 7/1/38</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>890,000</TD>	<TD vAlign=bottom align=right>965,178</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>North Oaks, Sr. Hsg. Rev. Bonds (Presbyterian Homes North Oaks), 6 1/8s, 10/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BB/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>995,000</TD>	<TD vAlign=bottom align=right>1,062,511</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>St. Cloud, Hlth. Care Rev. Bonds (Centracare Hlth. Syst.), Ser. A, 5 1/8s, 5/1/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,550,000</TD>	<TD vAlign=bottom align=right>2,832,182</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>St. Paul, Hsg. & Redev. Auth. Hlth. Care Fac. Rev. Bonds (HealthPartners Oblig. Group), 5 1/4s, 5/15/36</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,500,000</TD>	<TD vAlign=bottom align=right>3,671,955</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>St. Paul, Hsg. & Redev. Auth. Hosp. Rev. Bonds (Healtheast), 6s, 11/15/35</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,150,000</TD>	<TD vAlign=bottom align=right>1,196,851</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>11,028,677</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Mississippi (1.3%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MS Bus. Fin. Corp. Rev. Bonds (Syst. Energy Resources, Inc.), 5 7/8s, 4/1/22</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,330,000</TD>	<TD vAlign=bottom align=right>2,330,884</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MS Bus. Fin. Corp. Gulf Opportunity Zone Rev. Bonds, Ser. A, 5s, 5/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,250,000</TD>	<TD vAlign=bottom align=right>2,377,958</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Warren Cnty., Gulf Opportunity Zone Rev. Bonds (Intl. Paper Co.), Ser. A, 6 1/2s, 9/1/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,230,640</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>6,939,482</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Nebraska (1.1%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Central Plains, Energy Rev. Bonds (NE Gas No. 1), Ser. A, 5 1/4s, 12/1/18</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,000,000</TD>	<TD vAlign=bottom align=right>3,412,380</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Lancaster Cnty., Hosp. Auth. Rev. Bonds (Immanuel Oblig. Group), 5 5/8s, 1/1/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA-/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>925,000</TD>	<TD vAlign=bottom align=right>985,810</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NE Pub. Pwr. Dist. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A, 5s, 1/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>750,000</TD>	<TD vAlign=bottom align=right>813,637</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. C, 5s, 1/1/25</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>555,590</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>5,767,417</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Nevada (7.4%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Clark Cnty., Ltd. Tax Bond, 5s, 6/1/33<sup><B><I>(T)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>28,290,000</TD>	<TD vAlign=bottom align=right>31,343,883</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Clark Cnty., Arpt. Rev. Bonds, Ser. A-2, 5s, 7/1/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,565,000</TD>	<TD vAlign=bottom align=right>1,725,569</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Clark Cnty., Impt. Dist. Special Assmt. Bonds (Summerlin No. 151), 5s, 8/1/25</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BB-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,005,000</TD>	<TD vAlign=bottom align=right>1,778,054</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Clark Cnty., Indl. Dev. Rev. Bonds (Southwest Gas Corp.), Ser. A, AMBAC, 5 1/4s, 7/1/34</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,000,000</TD>	<TD vAlign=bottom align=right>3,002,400</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Henderson, G.O. Bonds (Ltd. Tax -Swr.), NATL, FGIC, 5s, 6/1/29 (Prerefunded 12/1/14)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,015,620</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Henderson, Local Impt. Dist. Special Assmt. Bonds (No. T-17), 5s, 9/1/25</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BB+/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>580,000</TD>	<TD vAlign=bottom align=right>586,589</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>39,452,115</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>New Jersey (6.4%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NJ Hlth. Care Fac. Fin. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (St. Joseph Hlth. Care Syst.), 6 5/8s, 7/1/38</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,750,000</TD>	<TD vAlign=bottom align=right>2,986,748</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (St. Peter's U. Hosp.), 5 3/4s, 7/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Ba1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,522,920</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Holy Name Hosp.), 5s, 7/1/36</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>5,000,000</TD>	<TD vAlign=bottom align=right>5,138,650</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NJ State Econ. Dev. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (NYNJ Link Borrower, LLC), 5 3/8s, 1/1/43</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>532,835</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5s, 6/15/26</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>552,945</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Middlesex Wtr. Co., Inc.), Ser. A, 5s, 10/1/23</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,150,400</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NJ State Econ. Dev. Auth. Wtr. Fac. Rev. Bonds (NJ American Wtr. Co.)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A, 5.7s, 10/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,900,000</TD>	<TD vAlign=bottom align=right>4,264,766</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. B, 5.6s, 11/1/34</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>552,220</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NJ State Edl. Fac. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Fairleigh Dickinson), Ser. C, 6s, 7/1/20</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,503,615</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Georgian Court U.), Ser. D, 5 1/4s, 7/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,021,540</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Georgian Court U.), Ser. D, 5 1/4s, 7/1/27</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>526,220</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NJ State Higher Ed. Assistance Auth. Rev. Bonds (Student Loan), Ser. 1A, 5s, 12/1/22</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,500,000</TD>	<TD vAlign=bottom align=right>2,818,600</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NJ State Tpk. Auth. Rev. Bonds, Ser. B, 5s, 1/1/19</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>750,000</TD>	<TD vAlign=bottom align=right>865,650</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NJ State Trans. Trust Fund Auth. Rev. Bonds (Trans. Syst.), Ser. A, zero %, 12/15/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>13,000,000</TD>	<TD vAlign=bottom align=right>6,059,820</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. 1A, 4 3/4s, 6/1/34</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>B2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,000,000</TD>	<TD vAlign=bottom align=right>2,235,210</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Union Cnty., Util. Auth. Resource Recvy. Fac. Lease Rev. Bonds (Covanta Union), Ser. A, 5 1/4s, 12/1/31</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,300,000</TD>	<TD vAlign=bottom align=right>2,464,220</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>34,196,359</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>New Mexico (0.3%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Sante Fe, Retirement Fac. Rev. Bonds (El Castillo Retirement Res.), 5s, 5/15/42</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,460,000</TD>	<TD vAlign=bottom align=right>1,449,050</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>1,449,050</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>New York (9.5%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Broome Cnty., Indl. Dev. Agcy. Continuing Care Retirement Rev. Bonds (Good Shepard Village), Ser. A, 6 7/8s, 7/1/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>B/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>320,000</TD>	<TD vAlign=bottom align=right>331,549</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Metro. Trans. Auth. Rev. Bonds, Ser. D</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5s, 11/15/36</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,184,460</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5s, 11/15/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,000,000</TD>	<TD vAlign=bottom align=right>3,368,940</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NY City, Indl. Dev. Agcy. Special Fac. FRB (American Airlines - JFK Intl. Arpt.), 7 5/8s, 8/1/25</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>B+/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,216,980</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds (British Airways PLC), 5 1/4s, 12/1/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>700,000</TD>	<TD vAlign=bottom align=right>699,958</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NY City, Muni. Wtr. & Swr. Fin. Auth. Rev. bonds 5s, 6/15/31<sup><B><I>(T)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>10,000,000</TD>	<TD vAlign=bottom align=right>11,286,547</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NY City, Muni. Wtr. & Swr. Fin. Auth. Rev. Bonds, Ser. GG, 5s, 6/15/43</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,181,500</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NY Cntys., Tobacco Trust III Rev. Bonds (Tobacco Settlement), 6s, 6/1/43</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,502,040</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NY State Dorm Auth. Rev. Bonds, Ser. A, 5s, 3/15/43</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AAA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>4,000,000</TD>	<TD vAlign=bottom align=right>4,426,960</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NY State Dorm. Auth. Lease Rev. Bonds (State U. Dorm Fac.), Ser. A, 5s, 7/1/35</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,110,700</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NY State Dorm. Auth. Non-State Supported Debt Rev. Bonds (Orange Regl. Med. Ctr.), 6 1/4s, 12/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Ba1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,800,000</TD>	<TD vAlign=bottom align=right>1,878,516</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NY State Dorm. Auth. Ser. C Rev bonds 5s, 3/15/31<sup><B><I>(T)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AAA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>5,000,000</TD>	<TD vAlign=bottom align=right>5,653,279</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NY State Energy Research & Dev. Auth. Gas Fac. Rev. Bonds (Brooklyn Union Gas), 6.952s, 7/1/26</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>6,000,000</TD>	<TD vAlign=bottom align=right>6,018,360</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NY State, Dorm. Auth. Rev. Bonds (School Dists. Fin. Program), Ser. H, 5s, 10/1/21</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>650,000</TD>	<TD vAlign=bottom align=right>767,982</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Port Auth. NY & NJ Special Oblig. Rev. Bonds (JFK Intl. Air Term. - 6), NATL, 5.9s, 12/1/17</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>6,000,000</TD>	<TD vAlign=bottom align=right>6,017,340</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Syracuse, Indl. Dev. Agcy. Civic Fac. VRDN (Syracuse U. ), Ser. A-1, 0.05s, 7/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>VMIG1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,000,000</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>50,645,111</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>North Carolina (0.8%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds, Ser. C, 6 3/4s, 1/1/24</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,187,710</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NC Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Deerfield), Ser. A, 6s, 11/1/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB+/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>805,000</TD>	<TD vAlign=bottom align=right>883,922</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (First Mtge. - Presbyterian Homes), 5 3/8s, 10/1/22</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BB/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,014,850</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NC State Muni. Pwr. Agcy. Rev. Bonds (No. 1, Catawba Elec.), Ser. A, 5s, 1/1/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>800,000</TD>	<TD vAlign=bottom align=right>895,688</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>3,982,170</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>North Dakota (&#8212;%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>ND State Hsg. Fin. Agcy. Rev. Bonds (Hsg. Fin.), Ser. B, 4.8s, 7/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>15,000</TD>	<TD vAlign=bottom align=right>15,068</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>15,068</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Ohio (7.5%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>American Muni. Pwr. - Ohio, Inc. Rev. Bonds (Prairie State Energy Campus), Ser. A, 5 1/4s, 2/15/43</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,073,390</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A-3, 6 1/4s, 6/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>B3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,225,000</TD>	<TD vAlign=bottom align=right>1,841,299</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A-2, 5 7/8s, 6/1/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>B3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,450,000</TD>	<TD vAlign=bottom align=right>1,173,760</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A-2, 5 3/4s, 6/1/34</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>B3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>4,325,000</TD>	<TD vAlign=bottom align=right>3,437,164</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Erie Cnty., OH Hosp. Fac. Rev. Bonds (Firelands Regl. Med. Ctr.), Ser. A, 5 1/4s, 8/15/46</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,500,000</TD>	<TD vAlign=bottom align=right>2,533,500</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Franklin Cnty., Hlth. Care Fac. Rev. Bonds (OH Presbyterian Retirement Svcs. (OPRS) Cmntys. Oblig. Group), Ser. A, 6s, 7/1/35</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,125,000</TD>	<TD vAlign=bottom align=right>1,223,685</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Hickory Chase Cmnty. Auth. Rev. Bonds (Infrastructure Impt.), 7s, 12/1/38<sup><B><I>(F)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>CCC/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>644,000</TD>	<TD vAlign=bottom align=right>77,216</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>JobsOhio Beverage Syst. Rev. Bonds (Statewide Sr. Lien Liquor Profits), Ser. A, 5s, 1/1/38</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,153,340</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Lake Cnty., Hosp. Fac. Rev. Bonds (Lake Hosp. Syst.), Ser. C, 6s, 8/15/43</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,100,000</TD>	<TD vAlign=bottom align=right>3,301,221</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>OH State Air Quality Dev. Auth. FRB (Columbus Southern Pwr. Co.), Ser. B, 5.8s, 12/1/38</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,169,400</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>OH State Higher Edl. Fac. Comm. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (U. Hosp. Hlth. Syst.), Ser. 09-A, 6 3/4s, 1/15/39 (Prerefunded 1/15/15)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,000,000</TD>	<TD vAlign=bottom align=right>3,087,930</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Kenyon College), 5s, 7/1/44</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>5,000,000</TD>	<TD vAlign=bottom align=right>5,263,200</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>OH State Higher Edl. Fac. Comm. VRDN (Cleveland Clinic Foundation), Ser. B-4, 0.06s, 1/1/43</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>VMIG1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>4,000,000</TD>	<TD vAlign=bottom align=right>4,000,000</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>OH State Tpk. Comm. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Infrastructure), Ser. A-1, 5 1/4s, 2/15/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>225,000</TD>	<TD vAlign=bottom align=right>253,989</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Infrastructure), Ser. A-1, 5 1/4s, 2/15/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>950,000</TD>	<TD vAlign=bottom align=right>1,076,141</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5s, 2/15/48</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,250,000</TD>	<TD vAlign=bottom align=right>1,347,050</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Scioto Cnty., Hosp. Rev. Bonds (Southern Med. Ctr.), 5 1/2s, 2/15/28</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>4,660,000</TD>	<TD vAlign=bottom align=right>5,034,198</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds, 5 3/4s, 12/1/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BB/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>625,000</TD>	<TD vAlign=bottom align=right>637,356</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>39,683,839</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Oregon (0.9%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Keizer, Special Assmt. Bonds (Keizer Station), Ser. A, 5.2s, 6/1/31</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,060,000</TD>	<TD vAlign=bottom align=right>2,111,438</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds (Terwilliger Plaza), Ser. A, 5 1/4s, 12/1/26</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,040,000</TD>	<TD vAlign=bottom align=right>1,075,495</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>OR Hlth. Sciences U. Rev. Bonds, Ser. A, 5 3/4s, 7/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,250,000</TD>	<TD vAlign=bottom align=right>1,397,213</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>4,584,146</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Pennsylvania (5.9%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Allegheny Cnty., G.O. Bonds, Ser. C-69, 5s, 12/1/25</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,147,080</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Allentown, Neighborhood Impt. Zone Dev. Auth. Rev. Bonds, Ser. A</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5s, 5/1/35</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>400,000</TD>	<TD vAlign=bottom align=right>412,656</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5s, 5/1/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,350,000</TD>	<TD vAlign=bottom align=right>1,396,278</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Bucks Cnty., Indl. Dev. Auth. Rev. Bonds (US Steel Corp.), 6 3/4s, 6/1/26</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,130,970</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Cumberland Cnty., Muni. Auth. Rev. Bonds (Presbyterian Homes), Ser. A, 5s, 1/1/17</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB+/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>830,000</TD>	<TD vAlign=bottom align=right>839,885</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Delaware River Joint Toll Bridge Comm. Rev. Bonds, Ser. A, 5s, 7/1/21</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>600,000</TD>	<TD vAlign=bottom align=right>696,234</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Delaware River Port Auth. PA & NJ Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. D, 5s, 1/1/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,200,000</TD>	<TD vAlign=bottom align=right>1,275,156</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5s, 1/1/31</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,500,000</TD>	<TD vAlign=bottom align=right>2,794,000</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Erie, Higher Ed. Bldg. Auth. Rev. Bonds (Mercyhurst College), 5 1/2s, 3/15/38</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>725,000</TD>	<TD vAlign=bottom align=right>762,729</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Franklin Cnty., Indl. Dev. Auth. Rev. Bonds (Chambersburg Hosp.), 5 3/8s, 7/1/42</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,051,240</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Lancaster, Higher Ed. Auth. College Rev. Bonds (Franklin & Marshall College), 5s, 4/15/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,090,620</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Northampton Cnty., Hosp. Auth. Rev. Bonds (St. Luke's Hosp. - Bethlehem), Ser. A, 5 1/2s, 8/15/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,250,000</TD>	<TD vAlign=bottom align=right>1,311,988</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>PA Econ. Dev. Fin. Auth. Exempt Fac. Rev. Bonds (Amtrak), Ser. A, 5s, 11/1/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,073,900</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>PA State Higher Edl. Fac. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Gwynedd Mercy College), Ser. KK1, 5 3/8s, 5/1/42</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>529,295</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (St. Joseph's U.), Ser. A, 5s, 11/1/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,000,000</TD>	<TD vAlign=bottom align=right>3,160,620</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Philadelphia U.), 5s, 6/1/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,250,000</TD>	<TD vAlign=bottom align=right>2,322,720</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Philadelphia U.), 5s, 6/1/22</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>860,000</TD>	<TD vAlign=bottom align=right>938,604</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>PA State Pub. School Bldg. Auth. Rev. Bonds (Northampton Co. Area Cmnty. College), 5s, 6/15/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,030,000</TD>	<TD vAlign=bottom align=right>2,209,938</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>PA State Tpk. Comm. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A, 5s, 12/1/38</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,098,930</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; zero %, 12/1/34</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,925,000</TD>	<TD vAlign=bottom align=right>1,407,522</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>PA State, Higher Edl. Facs. Auth. Rev. Bonds (Temple U.), Ser. 1, 5s, 4/1/26</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>750,000</TD>	<TD vAlign=bottom align=right>849,150</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Philadelphia, Arpt. Rev. Bonds, Ser. D, 5 1/4s, 6/15/25</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,140,840</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Philadelphia, Hosp. & Higher Ed. Fac. Auth. Rev. Bonds (Hosp.-Graduate Hlth. Sys.), Ser. A, 6 1/4s, 7/1/13 (In default)<sup><B><I>(NON)</I></B></sup><sup><B><I>(DEF)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>D/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,402,141</TD>	<TD vAlign=bottom align=right>14</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Pittsburgh & Allegheny Cnty., Sports & Exhib. Auth. Hotel Rev. Bonds, AGM, 5s, 2/1/35</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,225,000</TD>	<TD vAlign=bottom align=right>1,313,923</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Susquehanna, Area Regl. Arpt. Syst. Auth. Rev. Bonds, Ser. A</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 6 1/2s, 1/1/38</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>550,000</TD>	<TD vAlign=bottom align=right>596,079</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5s, 1/1/27</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>650,000</TD>	<TD vAlign=bottom align=right>697,431</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>31,247,802</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Puerto Rico (0.7%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Cmnwlth. of PR, G.O. Bonds, Ser. A</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5 1/2s, 7/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>740,050</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5 1/8s, 7/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>723,810</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds, Ser. A</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5 3/8s, 8/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,059,840</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; AMBAC, zero %, 8/1/47</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>8,500,000</TD>	<TD vAlign=bottom align=right>963,475</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>3,487,175</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Rhode Island (&#8212;%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, 6 1/4s, 6/1/42</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Ba1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>200,000</TD>	<TD vAlign=bottom align=right>200,026</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>200,026</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>South Carolina (1.3%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>SC State Pub. Svc. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Santee Cooper), Ser. A, 5 3/4s, 12/1/43</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,000,000</TD>	<TD vAlign=bottom align=right>3,463,080</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A, 5 1/2s, 12/1/54</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,000,000</TD>	<TD vAlign=bottom align=right>3,316,140</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>6,779,220</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Tennessee (0.7%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Johnson City, Hlth. & Edl. Fac. Board Hosp. Rev. Bonds (Mountain States Hlth. Alliance), 6s, 7/1/38</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,450,000</TD>	<TD vAlign=bottom align=right>3,875,144</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>3,875,144</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Texas (16.3%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Alliance, Arpt. Auth. Rev. Bonds (Federal Express Corp.), 4.85s, 4/1/21</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,250,000</TD>	<TD vAlign=bottom align=right>3,366,025</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Brazos River Harbor Naval Dist. Env. (Dow Chemical Co.), Ser. A-4, 5.95s, 5/15/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>400,000</TD>	<TD vAlign=bottom align=right>437,208</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Brazos, Harbor Indl. Dev. Corp. Env. Fac. Mandatory Put Bonds (5/1/28) (Dow Chemical), 5.9s, 5/1/38</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,850,000</TD>	<TD vAlign=bottom align=right>3,077,202</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Central TX Regl. Mobility Auth. Rev. Bonds (Sr. Lien), Ser. A, 5s, 1/1/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>425,000</TD>	<TD vAlign=bottom align=right>448,545</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Dallas Cnty., Util. & Reclamation Dist. G.O. Bonds, Ser. B, AMBAC, 5 3/8s, 2/15/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>4,000,000</TD>	<TD vAlign=bottom align=right>4,332,160</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Dallas, Area Rapid Transit Rev. Bonds Sr. Lien, 5s, 12/1/33<sup><B><I>(T)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>26,000,000</TD>	<TD vAlign=bottom align=right>29,227,105</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Dallas-Fort Worth, Intl. Arpt. Fac. Impt. Corp. Rev. Bonds, Ser. A, 5 1/4s, 11/1/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,000,000</TD>	<TD vAlign=bottom align=right>3,343,500</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Grand Parkway Trans. Corp. Rev. Bonds (Sub. Tier Toll Syst.), Ser. B, 5s, 4/1/53</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,400,000</TD>	<TD vAlign=bottom align=right>1,494,206</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds (YMCA of Greater Houston), Ser. A, 5s, 6/1/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>800,000</TD>	<TD vAlign=bottom align=right>850,976</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Harris Cnty., Cultural Ed. Fac. Fin. Corp. VRDN (The Methodist Hosp.), Ser. C-1, 0.08s, 12/1/24</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A-1+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,400,000</TD>	<TD vAlign=bottom align=right>3,400,000</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Houston, Util. Syst. Rev. Bonds, Ser. A, 5s, 11/15/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,670,430</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Love Field, Arpt. Modernization Corp. Special Fac. Rev. Bonds (Southwest Airlines Co.), 5 1/4s, 11/1/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,750,000</TD>	<TD vAlign=bottom align=right>1,848,840</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Lower CO River Auth. Rev. Bonds, U.S. Govt. Coll.</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5 3/4s, 5/15/37 (Prerefunded 5/15/15)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,135,000</TD>	<TD vAlign=bottom align=right>2,227,894</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5 3/4s, 5/15/37 (Prerefunded 5/15/15)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AAA/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>50,000</TD>	<TD vAlign=bottom align=right>52,156</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Matagorda Cnty., Poll. Control Rev. Bonds (Dist. No. 1), Ser. A, AMBAC, 4.4s, 5/1/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,565,925</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>New Hope, Cultural Ed. Facs. Fin. Corp. Rev. Bonds (Collegiate Hsg.-College Station I, LLC), AGM, 5s, 4/1/46</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,100,000</TD>	<TD vAlign=bottom align=right>2,228,688</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>North TX, Thruway Auth. Rev. Bonds, Ser. B, zero %, 9/1/43</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>375,920</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>North TX, Tollway Auth. Mandatory Put Bonds (1/1/19) (1st Tier), Ser. C, 1.95s, 1/1/38</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,000,000</TD>	<TD vAlign=bottom align=right>3,010,080</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>North TX, Tollway Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A, 6s, 1/1/25</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,300,000</TD>	<TD vAlign=bottom align=right>1,476,774</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Toll 2nd Tier), Ser. F, 5 3/4s, 1/1/38</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,221,260</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. D, AGO, zero %, 1/1/28</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>7,800,000</TD>	<TD vAlign=bottom align=right>4,497,324</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>North TX, Tollway Auth. Rev. Bonds (1st Tier), Ser. I, stepped-coupon zero % (6 1/2s, 1/1/15),1/1/43<sup><B><I>(STP)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>4,000,000</TD>	<TD vAlign=bottom align=right>4,740,680</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Red River, Hlth. Retirement Facs. Dev. Corp. Rev. Bonds (Sears Methodist Retirement Syst. Oblig. Group)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. B, 6.15s, 11/15/49 (In default)<sup><B><I>(NON)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>D/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>282,000</TD>	<TD vAlign=bottom align=right>104,340</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A, 5.45s, 11/15/38 (In default)<sup><B><I>(NON)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>D/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>814,000</TD>	<TD vAlign=bottom align=right>301,180</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Sam Rayburn, Muni. Pwr. Agcy. Rev. Bonds, 5s, 10/1/21</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>587,505</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Retirement Fac. Rev. Bonds (Buckner Retirement Svcs., Inc.), 5 1/4s, 11/15/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,100,000</TD>	<TD vAlign=bottom align=right>1,118,095</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>TX Muni. Gas Acquisition & Supply Corp. I Rev. Bonds, Ser. A, 5s, 12/15/15</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,000,000</TD>	<TD vAlign=bottom align=right>3,143,790</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>TX State Muni. Gas Acquisition & Supply Corp. III Rev. Bonds, 5s, 12/15/28</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,615,575</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>TX State Trans. Comm. Tpk. Syst. Mandatory Put Bonds (2/15/15) (1st Tier), Ser. B, 1 1/4s, 8/15/42</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,003,150</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>TX State Trans. Comm. Tpk. Syst. Rev. Bonds (1st Tier), Ser. A, 5s, 8/15/41</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,500,000</TD>	<TD vAlign=bottom align=right>2,664,875</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>86,431,408</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Utah (0.9%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Murray City, Hosp. VRDN (IHC Hlth. Svcs., Inc.), Ser. D, 0.06s, 5/15/36</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,500,000</TD>	<TD vAlign=bottom align=right>3,500,000</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Salt Lake City, Hosp. Rev. Bonds, AMBAC, 6 3/4s, 5/15/20 (Escrowed to maturity)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AAA/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,504,290</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>5,004,290</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Virginia (0.5%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Washington Cnty., Indl. Dev. Auth. Hosp. Fac. Rev. Bonds (Mountain States Hlth. Alliance), Ser. C, 7 3/4s, 7/1/38</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,100,000</TD>	<TD vAlign=bottom align=right>2,463,237</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>2,463,237</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Washington (1.8%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Tobacco Settlement Auth. of WA Rev. Bonds, 5 1/4s, 6/1/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,125,000</TD>	<TD vAlign=bottom align=right>2,241,854</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>WA State G.O. Bonds (Sr. 520 Corridor-Motor Vehicle Tax), Ser. C, 5s, 6/1/28<sup><B><I>(T)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA+</TD>	<TD vAlign=bottom align=right>2504425</TD>	<TD vAlign=bottom align=right>5,000,000</TD>	<TD vAlign=bottom align=right>5,746,275</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>WA State Hlth. Care Fac. Auth. Rev. Bonds (Kadlec Med. Ctr.), 5 1/2s, 12/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,200,000</TD>	<TD vAlign=bottom align=right>1,305,192</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>9,293,321</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>West Virginia (0.8%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Harrison Cnty., Cmnty. Solid Waste Disp. Rev. Bonds (Allegheny Energy), Ser. D, 5 1/2s, 10/15/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,450,000</TD>	<TD vAlign=bottom align=right>3,524,555</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>WV State Hosp. Fin. Auth. Rev. Bonds (Thomas Hlth. Syst.), 6 3/4s, 10/1/43</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>B+/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>935,000</TD>	<TD vAlign=bottom align=right>967,641</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>4,492,196</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Wisconsin (1.3%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Pub. Fin. Auth. Arpt. Fac. Rev. Bonds (Sr. Oblig. Group), 5 1/4s, 7/1/28</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>350,000</TD>	<TD vAlign=bottom align=right>383,362</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>WI Dept. of Trans. Rev. Bonds, Ser. 1, 5s, 7/1/31</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,225,000</TD>	<TD vAlign=bottom align=right>1,385,218</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>WI State Rev. Bonds, Ser. A, 6s, 5/1/27</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,500,000</TD>	<TD vAlign=bottom align=right>2,986,125</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>WI State Hlth. & Edl. Facs. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Prohealth Care, Inc.), 6 5/8s, 2/15/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,749,330</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Three Pillars Sr. Living), 5s, 8/15/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A-/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>430,000</TD>	<TD vAlign=bottom align=right>467,745</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>6,971,780</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Wyoming (0.8%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Campbell Cnty., Solid Waste Fac. Rev. Bonds (Basin Elec. Pwr. Co-op), Ser. A, 5 3/4s, 7/15/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,212,200</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>WY Muni. Pwr. Agcy. Pwr. Supply Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A, 5 1/2s, 1/1/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>950,000</TD>	<TD vAlign=bottom align=right>1,054,937</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Pwr. Supply), Ser. A, 5 1/2s, 1/1/28</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,116,400</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>4,383,537</B></FONT></TD></TR>

	<TR height=48></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>TOTAL INVESTMENTS</B></FONT></TD></TR>

	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B>Total investments (cost $691,581,203)</B></FONT></TD>
										<TD align=right><FONT size=+0><B>$748,059,071</B></FONT></TD></TR>
					<TR><TD><BR></TD></TR></TABLE>

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<TR height=60></TR><TR vAlign=top><TD align=right></TD>	<TD colspan=2><FONT size=+1><B>Notes to the fund's portfolio</B></FONT></TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6>Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from May 1, 2014 through July 31, 2014 (the reporting period). Within the following notes to the portfolio, references to &#8220;ASC 820&#8221; represent Accounting Standards Codification 820&nbsp;<I>Fair Value Measurements and Disclosures</I>, references to &#8220;Putnam Management&#8221; represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to &#8220;OTC&#8221;, if any, represent over-the-counter.</TD></TR>
	<TR vAlign=top><TD align=right><sup><B><I>(a)</I></B></sup></TD>	<TD colspan=6>Percentages indicated are based on net assets of $530,589,093.</TD></TR>
	<TR vAlign=top><TD align=right><sup><B><I>(RAT)</I></B></sup></TD>	<TD colspan=6>The Moody's, Standard & Poor's or Fitch ratings indicated are believed to be the most recent ratings available at the close of the reporting period for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at the close of the reporting period. Securities rated by Putnam are indicated by &#8220;/P.&#8221; Securities rated by Fitch are indicated by &#8220;/F.&#8221; The rating of an insured security represents what is believed to be the most recent rating of the insurer's claims-paying ability available at the close of the reporting period, if higher than the rating of the direct issuer of the bond, and does not reflect any subsequent changes.</TD></TR>
	<TR vAlign=top><TD align=right><sup><B><I>(b)</I></B></sup></TD>	<TD colspan=6>The aggregate identified cost on a tax basis is $691,356,356, resulting in gross unrealized appreciation and depreciation of $61,355,224 and $4,652,509, respectively, or net unrealized appreciation of $56,702,715.</TD></TR>
	<TR vAlign=top><TD align=right><sup><B><I>(DEF)</I></B></sup></TD>	<TD colspan=6>Security is in default of principal and interest.</TD></TR>
	<TR vAlign=top><TD align=right><sup><B><I>(NON)</I></B></sup></TD>	<TD colspan=6>Non-income-producing security.</TD></TR>
	<TR vAlign=top><TD align=right><sup><B><I>(STP)</I></B></sup></TD>	<TD colspan=6>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.</TD></TR>
	<TR vAlign=top><TD align=right><sup><B><I>(FWC)</I></B></sup></TD>	<TD colspan=6>Forward commitment, in part or in entirety.</TD></TR>
	<TR vAlign=top><TD align=right><sup><B><I>(F)</I></B></sup></TD>	<TD colspan=6>Security is valued at fair value following procedures approved by the Trustees. Securities may be classified as Level 2 or Level 3 for ASC 820 based on the securities' valuation inputs.</TD></TR>
	<TR vAlign=top><TD align=right><sup><B><I>(T)</I></B></sup></TD>	<TD colspan=6>Underlying security in a tender option bond transaction. The security has been segregated as collateral for financing transactions.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6>At the close of the reporting period, the fund maintained liquid assets totaling $51,581,726 to cover tender option bonds.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6>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.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6>The rates shown on Mandatory Put Bonds are the current interest rates at the close of the reporting period.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6>The dates shown parenthetically on Mandatory Put Bonds represent the next mandatory put dates.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6>The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6>The dates shown on debt obligations are the original maturity dates.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6>The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets):</TD></TR>
		<TR vAlign=bottom><TD></TD><TD><br>Health care</TD>	<TD align=right>24.6%</TD></TR>
		<TR vAlign=bottom><TD></TD><TD>Transportation</TD>	<TD align=right>24.3</TD></TR>
		<TR vAlign=bottom><TD></TD><TD>Utilities</TD>	<TD align=right>22.9</TD></TR>
		<TR vAlign=bottom><TD></TD><TD>Local debt</TD>	<TD align=right>13.1</TD></TR>
		<TR vAlign=bottom><TD></TD><TD>Tax bonds</td><td align=right>	12.6</td></tr>
		<TR vAlign=bottom><TD></TD><TD>Education</td><td align=right>	11.8</td></tr>
		<TR vAlign=bottom><TD></TD><TD>State debt</td><td align=right>	11.4</td></tr>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6><B><br>Security valuation:</B> 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. These securities will generally be categorized as Level 2.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6>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. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures and recovery rates. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6><B>Tender option bond transactions:</B> The fund may participate in transactions whereby a fixed-rate bond is transferred to a tender option bond trust (TOB trust) sponsored by a broker. The TOB trust funds the purchase of the fixed rate bonds by issuing floating-rate bonds issued to third parties and allowing the fund to retain the residual interest in the TOB trust&#8217;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&#8217;s portfolio and including the floating rate bond as a liability in the Statement of assets and liabilities. At the close of the reporting period, the fund&#8217;s investments with a value of $93,385,194 were held by the TOB trust and served as collateral for $41,803,467 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $7,528 for these investments based on an average interest rate of 0.07%.</TD></TR>	</TABLE>


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	<TR vAlign=top align=left><TD></TD>	<TD colspan=4>ASC 820 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&#8217;s investments. The three levels are defined as follows:</TD></TR>
	<TR vAlign=top align=left><TD></TD>	<TD colspan=4><B>Level 1:</B> Valuations based on quoted prices for identical securities in active markets.</TD></TR>
	<TR vAlign=top align=left><TD></TD>	<TD colspan=4><B>Level 2:</B> Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.</TD></TR>

	<TR vAlign=top align=left><TD></TD>	<TD colspan=4><B>Level 3:</B> Valuations based on inputs that are unobservable and significant to the fair value measurement.</TD></TR>
	<TR vAlign=top align=left><TD></TD>	<TD colspan=4>The following is a summary of the inputs used to value the fund&#8217;s net assets as of the close of the reporting period:</TD></TR>
	<TR><TD><BR></TD>			<TD></TD><TD></TD><TD align=right><B>Valuation inputs</B></TD>							</TR>
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	<TR><TD></TD>	<TD><B><B>Investments in securities:</B></B></TD>	<TD align=right><B>Level 1</B></TD>	<TD align=right><B>Level 2</B></TD>	<TD align=right><B>Level 3</B></TD>						</TR>
	<TR><TD></TD>	<TD>Municipal bonds and notes</TD>	<TD align=right>$&#8212;</TD>	<TD align=right>$747,972,813</TD>	<TD align=right>$86,258</TD>						</TR>
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<TR><TD></TD>	<TD><B>Totals by level</B></TD>	<TD align=right><B>$&#8212;</B></TD>	<TD align=right><B>$747,972,813</B></TD>	<TD align=right><B>$86,258</B></TD>
						<TR><TD><BR><BR></TD></TR>
	<TR vAlign=top align=left><TD></TD>	<TD colspan=4>At the start and close of the reporting period, Level 3 investments in securities were not considered a significant portion of the fund's portfolio.</TD></TR>
	<TR vAlign=top align=left><TD></TD>	<TD colspan=4><br>For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com</TD></TR>									</TABLE>





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<tr><td></td><td><u>Item 2. Controls and Procedures:</u>
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<tr><td></td><td>(a) The registrant&#8217;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&#8217;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&#8217;s rules and forms.
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<tr><td></td><td>(b) Changes in internal control over financial reporting: Not applicable
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<tr><td></td><td><u>Item 3. Exhibits:</u>
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<tr><td></td><td>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.
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<tr><td></td><td><u>SIGNATURES</u>
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<tr><td></td><td>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.
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<tr><td></td><td><u>Putnam Municipal Opportunities Trust</u>
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<tr><td></td><td><u>/s/ Janet C. Smith</u><br>Janet C. Smith<br>Principal Accounting Officer<br>Date: September 26, 2014
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<tr><td></td><td>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.
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<tr><td></td><td><u>/s/ Jonathan S. Horwitz</u><br>Jonathan S. Horwitz<br>Principal Executive Officer<br>Date: September 26, 2014
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<tr><td></td><td><u>/s/ Steven D. Krichmar</u><br>Steven D. Krichmar<br>Principal Financial Officer<br>Date: September 26 2014
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</tr>	<tr><td></td><td><u>Certifications<br><br></u></td></tr>
<tr><td></td><td>I, Jonathan S. Horwitz, the Principal Executive Officer of the funds listed on Attachment A, certify that:</td></tr>

<tr><td></td><td><br>1.  I have reviewed each report on Form N-Q of the funds listed on Attachment A:</td></tr>

<tr><td></td><td><br>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;</td></tr>

<tr><td></td><td><br>3.  Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</td></tr>
<tr><td></td><td><br>4. The registrant&#8217;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:</td></tr>
<tr><td></td><td><br><br>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;</td></tr>
<tr><td></td><td><br><br>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;</td></tr>
<tr><td></td><td><br><br>c)  evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</td></tr>

<tr><td></td><td><br><br>d)  disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the registrant&#8217;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</td></tr>

<tr><td></td><td><br>5.  The registrant&#8217;s other certifying officer and I have disclosed to each registrant&#8217;s auditors and the audit committee of each registrant&#8217;s board of directors (or persons performing the equivalent functions):</td></tr>

<tr><td></td><td><br><br>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&#8217;s ability to record, process, summarize, and report financial information; and</td></tr>

<tr><td></td><td><br><br>b)  any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant&#8217;s internal control over financial reporting.</td></tr>

<tr><td></td><td><br>/s/ Jonathan S. Horwitz</td></tr>
<tr><td></td><td>_____________________________</td></tr>
<tr><td></td><td><br>Date: September 26, 2014</td></tr>
<tr><td></td><td>Jonathan S. Horwitz</td></tr>
<tr><td></td><td>Principal Executive Officer</td></tr>

<tr><td></td><td><br><br><br><u><br><br><br><br><br><hr weight=2 noshade><br><br><br><br><br><u>Certifications<br><br></u></td></tr>
<tr><td></td><td>I, Steven D. Krichmar, the Principal Financial Officer of the funds listed on Attachment A, certify that:</td></tr>

<tr><td></td><td><br>1.  I have reviewed each report on Form N-Q of the funds listed on Attachment A:</td></tr>

<tr><td></td><td><br>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;</td></tr>

<tr><td></td><td><br>3.  Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</td></tr>
<tr><td></td><td><br>4. The registrant&#8217;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:</td></tr>
<tr><td></td><td><br><br>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;</td></tr>
<tr><td></td><td><br><br>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;</td></tr>
<tr><td></td><td><br><br>c)  evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</td></tr>

<tr><td></td><td><br><br>d)  disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the registrant&#8217;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</td></tr>

<tr><td></td><td><br>5.  The registrant&#8217;s other certifying officer and I have disclosed to each registrant&#8217;s auditors and the audit committee of each registrant&#8217;s board of directors (or persons performing the equivalent functions):</td></tr>

<tr><td></td><td><br><br>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&#8217;s ability to record, process, summarize, and report financial information; and</td></tr>

<tr><td></td><td><br><br>b)  any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant&#8217;s internal control over financial reporting.</td></tr>

<tr><td></td><td><br>/s/ Steven D. Krichmar</td></tr>
<tr><td></td><td>_______________________________</td></tr>
<tr><td></td><td><br>Date: September 26, 2014</td></tr>
<tr><td></td><td>Steven D. Krichmar</td></tr>
<tr><td></td><td>Principal Financial Officer</td></tr>

<tr><td></td><td align=center><br><br><br><br><br><br><br><br><br><hr weight=2 noshade><br><br><br><br><br><font size=+2><b>Attachment A</b></font></td></tr>
<tr><td></td><td align=center><br><font size=+2><b>NQ</b></font></td></tr>
<tr><td></td><td align=center><br>Period (s) ended July 31, 2014</td></tr>

<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Managed Municipal Income Trust</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Municipal Opportunities Trust</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Multi-Cap Value Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Putnam Fund for Growth and Income</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Capital Opportunities Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Income Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Global Income Trust</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Global Equity Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Convertible Securities Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Absolute Return 100 Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Absolute Return 300 Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Absolute Return 500 Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Absolute Return 700 Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Capital Spectrum Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Equity Spectrum Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Asia Pacific Equity Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Global Sector Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Multi-Cap Core Fund</td></tr>

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