<SEC-DOCUMENT>0000928816-12-001471.txt : 20120928
<SEC-HEADER>0000928816-12-001471.hdr.sgml : 20120928
<ACCEPTANCE-DATETIME>20120928102509
ACCESSION NUMBER:		0000928816-12-001471
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120731
FILED AS OF DATE:		20120928
DATE AS OF CHANGE:		20120928
EFFECTIVENESS DATE:		20120928

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MANAGED MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0000844790
		IRS NUMBER:				046608976
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05740
		FILM NUMBER:		121114866

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>a_managedmuni.htm
<DESCRIPTION>PUTNAM MANAGED MUNICIPAL INCOME 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>Washington, D.C. 20549</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>(811-05740)</td></tr></table>




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<tr valign=top><td></td><td>Exact name of registrant as specified in charter:</td>	<td>Putnam Managed Municipal Income 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>John W. Gerstmayr, Esq.<br>Ropes & Gray LLP<br>800 Boylston Street<br>Boston, Massachusetts 02199-3600</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>October 31, 2012</td></tr></table>




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<tr valign=top><td></td><td>Date of reporting period:</td>	<td>July 31, 2012</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 Managed Municipal Income 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>7/31/12 (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>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>FNMA Coll. &#8212; Federal National Mortgage Association 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>GNMA Coll. &#8212; Government National Mortgage Association 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>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>Radian Insd. &#8212; Radian Group Insured			<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 every one or seven days. 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 (127.2%)<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 (1.4%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Butler, Indl. Dev. Board Solid Waste Disp. Rev. Bonds (GA. Pacific Corp.), 5 3/4s, 9/1/28</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>$1,500,000</TD>	<TD vAlign=bottom align=right>$1,565,490</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Courtland, Indl. Dev. Board Env. Impt. Rev. Bonds (Intl. Paper Co.), Ser. A, 5s, 11/1/13</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>1,575,915</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Cullman Cnty., Hlth. Care Auth. Rev. Bonds (Cullman Regl. Med. Ctr.), Ser. A, 6 3/4s, 2/1/29</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>2,100,000</TD>	<TD vAlign=bottom align=right>2,275,056</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, 6 1/4s, 11/1/33</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>1,133,500</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>6,549,961</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Arizona (4.5%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Apache Cnty., Indl. Dev. Auth. Poll. Control Rev. Bonds (Tucson Elec. Pwr. Co.), Ser. A, 4 1/2s, 3/1/30</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>1,813,368</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</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; 7 5/8s, 12/1/29</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>1,800,000</TD>	<TD vAlign=bottom align=right>1,869,390</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 7 1/4s, 12/1/19</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>1,041,170</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Cochise Cnty., Indl. Dev. Auth. Rev. Bonds (Sierra Vista Regl. Hlth. Ctr.), Ser. A, 6.2s, 12/1/21</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>410,000</TD>	<TD vAlign=bottom align=right>466,834</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>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,112,020</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>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,200,000</TD>	<TD vAlign=bottom align=right>2,630,385</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Navajo Cnty., Poll. Control Corp. Mandatory Put Bonds (6/1/16) (AZ Pub. Svc. Co.), Ser. E, 5 3/4s, 6/1/34</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>1,950,000</TD>	<TD vAlign=bottom align=right>2,269,780</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Phoenix, Indl. Dev. Auth. Ed. 144A Rev. Bonds (Career Success Schools), 7 1/8s, 1/1/45</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>517,515</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.), Ser. A, 6 3/8s, 9/1/29</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>508,420</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>1,140,000</TD>	<TD vAlign=bottom align=right>1,099,233</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Salt River Agricultural Impt. & Pwr. Dist. Rev. Bonds, Ser. A, 5s, 12/1/31</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>2,000,000</TD>	<TD vAlign=bottom align=right>2,410,000</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Salt Verde, Fin. Corp. Gas 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; 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>2,000,000</TD>	<TD vAlign=bottom align=right>2,218,300</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5s, 12/1/32</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>570,000</TD>	<TD vAlign=bottom align=right>595,245</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Tempe, Indl. Dev. Auth. Rev. Bonds (Friendship Village),</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 1/4s, 12/1/42</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>1,078,270</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A, U.S. Govt. Coll., 5 3/8s, 12/1/13 (Escrowed to maturity)</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>269,000</TD>	<TD vAlign=bottom align=right>278,950</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>20,908,880</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Arkadelphia, Pub. Ed. Fac. Board Rev. Bonds (Ouachita Baptist U.), 6s, 3/1/33</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>840,000</TD>	<TD vAlign=bottom align=right>926,747</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Rogers, Rev. Bonds (Sales and Use Tax), 3 3/4s, 11/1/34</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>850,000</TD>	<TD vAlign=bottom align=right>911,761</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>1,838,508</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>California (12.4%)</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. Cmnty.), 6s, 7/1/31</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>660,000</TD>	<TD vAlign=bottom align=right>745,952</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CA Edl. Fac. Auth. Rev. Bonds (U. of La Verne), Ser. A, 5s, 6/1/35</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>500,000</TD>	<TD vAlign=bottom align=right>508,665</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>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,105,000</TD>	<TD vAlign=bottom align=right>1,141,553</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CA Muni. 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. of La Verne), Ser. A, 6 1/8s, 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>1,000,000</TD>	<TD vAlign=bottom align=right>1,140,820</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Emerson College), 6s, 1/1/42</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>1,000,000</TD>	<TD vAlign=bottom align=right>1,185,720</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CA Poll. Control Fin. Auth. Rev. Bonds (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>2,703,350</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>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,150,000</TD>	<TD vAlign=bottom align=right>2,337,545</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CA Poll. Control Fin. Auth. Solid Waste Disp. 144A Rev. Bonds (Waste Management, Inc.), Ser. A-2, 5.4s, 4/1/25</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>1,760,000</TD>	<TD vAlign=bottom align=right>1,902,753</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>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>5,000,000</TD>	<TD vAlign=bottom align=right>6,286,400</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>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,190,760</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 5/8s, 11/1/34</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>5,595,000</TD>	<TD vAlign=bottom align=right>6,927,057</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Dept. of Corrections), Ser. C, 5 1/4s, 6/1/28 (Prerefunded 12/1/13)</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>1,065,820</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>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,250,000</TD>	<TD vAlign=bottom align=right>1,327,975</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>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,216,340</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>2,000,000</TD>	<TD vAlign=bottom align=right>2,001,420</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CA Statewide Cmnty. Dev. Auth. Rev. Bonds (U. CA Irvine E. Campus Apts. Phase 1)</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, 5/15/38</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>1,077,120</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5 1/8s, 5/15/31</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>2,437,515</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CA Statewide Cmnty. Dev. Auth. 144A 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; (Thomas Jefferson School of Law), Ser. A, 7 1/4s, 10/1/38</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>560,000</TD>	<TD vAlign=bottom align=right>602,101</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (American Baptist Homes West), 5 3/4s, 10/1/25</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>3,000,000</TD>	<TD vAlign=bottom align=right>3,267,420</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</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; 5.05s, 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>1,010,000</TD>	<TD vAlign=bottom align=right>1,001,799</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5s, 9/2/30</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>245,000</TD>	<TD vAlign=bottom align=right>245,872</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Chula Vista, Cmnty. Fac. Dist. Special Tax 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; (No. 06-1 Eastlake Woods Area), 6.1s, 9/1/21</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>1,000,000</TD>	<TD vAlign=bottom align=right>1,011,830</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (No. 07-I Otay Ranch Village Eleven), 5.8s, 9/1/28</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>275,000</TD>	<TD vAlign=bottom align=right>280,365</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Foothill/Eastern Corridor Agcy. Rev. Bonds (CA Toll Road)</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; 5.85s, 1/15/23</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>521,940</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5 3/4s, 1/15/40</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>2,745,000</TD>	<TD vAlign=bottom align=right>2,747,222</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Irvine Pub. Fac. & Infrastructure Auth. Special Assmt. Bonds, Ser. A, 4 1/4s, 9/2/24</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>515,150</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Irvine, Impt. Board Act of 1915 Special Assmt. Bonds, 5s, 9/2/25</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>830,000</TD>	<TD vAlign=bottom align=right>945,561</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>M-S-R Energy Auth. Rev. Bonds, Ser. A, 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>750,000</TD>	<TD vAlign=bottom align=right>947,985</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 2006), Ser. A, 5 1/2s, 8/1/32</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>551,750</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Orange Cnty., Cmnty. Fac. Dist. Special Tax Rev. Bonds (Ladera Ranch No. 02-1), Ser. A, 5.55s, 8/15/33</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>900,000</TD>	<TD vAlign=bottom align=right>904,860</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Sacramento, Special Tax Bonds (North Natomas Cmnty. Fac.), Ser. 4-C, 6s, 9/1/33</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>1,245,000</TD>	<TD vAlign=bottom align=right>1,270,733</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, Ser. A, 5s, 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>600,000</TD>	<TD vAlign=bottom align=right>671,634</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>San Francisco, City & Cnty. Redev. Fin. Auth. Tax Alloc. Bonds (Mission Bay South), Ser. D, 6 5/8s, 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>250,000</TD>	<TD vAlign=bottom align=right>272,960</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Santaluz, Cmnty. Facs. Dist. No. 2 Special Tax Rev. Bonds (Impt. Area No. 1), Ser. A, 5 1/4s, 9/1/26 (Prerefunded 9/1/21)</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>1,640,000</TD>	<TD vAlign=bottom align=right>1,806,525</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Sunnyvale, Special Tax Rev. Bonds (Cmnty. Fac. Dist. No. 1), 7 3/4s, 8/1/32</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>835,000</TD>	<TD vAlign=bottom align=right>836,035</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Thousand Oaks, Cmnty. Fac. Dist. Special Tax Special Tax Bonds (Marketplace 94-1), zero %, 9/1/14</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>1,240,000</TD>	<TD vAlign=bottom align=right>1,077,783</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Vernon, Elec. Syst. Rev. Bonds, Ser. A, 5 1/2s, 8/1/41</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>250,000</TD>	<TD vAlign=bottom align=right>273,738</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Yucaipa Special Tax Bonds (Cmnty. Fac. Dist. No. 98-1 Chapman Heights), 5 3/8s, 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>375,000</TD>	<TD vAlign=bottom align=right>399,218</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>57,349,246</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Colorado (3.6%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CO 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 Cmnty.), 6 3/8s, 1/1/41</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>810,000</TD>	<TD vAlign=bottom align=right>904,357</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>1,925,000</TD>	<TD vAlign=bottom align=right>2,017,862</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Christian Living Cmntys.), Ser. A, 8 1/4s, 1/1/24</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>375,000</TD>	<TD vAlign=bottom align=right>398,633</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>2,100,000</TD>	<TD vAlign=bottom align=right>2,274,489</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Evangelical Lutheran), Ser. A, 6 1/8s, 6/1/38 (Prerefunded 6/1/14)</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>2,045,000</TD>	<TD vAlign=bottom align=right>2,260,358</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Total Longterm Care National), Ser. A, 6 1/4s, 11/15/40</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>300,000</TD>	<TD vAlign=bottom align=right>330,711</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Valley View Assn.), 5 1/4s, 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>3,495,000</TD>	<TD vAlign=bottom align=right>3,620,121</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CO Pub. Hwy. Auth. Rev. Bonds (E-470), Ser. C, 5 3/8s, 9/1/26</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>500,000</TD>	<TD vAlign=bottom align=right>552,125</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>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,089,560</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Lycoming Cnty. Auth. Rev. Bonds, 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>2,000,000</TD>	<TD vAlign=bottom align=right>2,265,220</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Regl. Trans. Dist. Rev. Bonds (Denver Trans. Partners), 6s, 1/15/41</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>750,000</TD>	<TD vAlign=bottom align=right>853,463</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>16,566,899</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CT State Dev. Auth. 1st. Mtg. Gross Rev. Hlth. Care Rev. Bonds (Elim Street Park Baptist, Inc.), 5.85s, 12/1/33</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>650,000</TD>	<TD vAlign=bottom align=right>656,546</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Hamden, Fac. Rev. Bonds (Whitney Ctr.), Ser. A, 7 3/4s, 1/1/43</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>1,050,000</TD>	<TD vAlign=bottom align=right>1,130,609</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>1,787,155</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>DE St. 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; (Delmarva Pwr.), 5.4s, 2/1/31</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>555,800</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Indian River Pwr.), 5 3/8s, 10/1/45</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>2,600,000</TD>	<TD vAlign=bottom align=right>2,820,870</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>3,376,670</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 (1.7%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>DC Rev. Bonds (Howard U.), 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, 10/1/41</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>2,963,600</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 6 1/4s, 10/1/32</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>1,186,620</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>DC Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, zero %, 6/15/46</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>B+/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>17,500,000</TD>	<TD vAlign=bottom align=right>1,431,675</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Metro. Washington, Arpt. Auth. Dulles Toll Rd. Rev. Bonds (2nd Sr. Lien), Ser. B, zero %, 10/1/40</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>10,000,000</TD>	<TD vAlign=bottom align=right>2,082,400</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>7,664,295</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Double Branch Cmnty. Dev. Dist. Special Assmt. Bonds, Ser. A, 6.7s, 5/1/34</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>900,000</TD>	<TD vAlign=bottom align=right>911,367</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>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,001,180</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Fishhawk, Cmnty. Dev. Dist. II Special Assmt. 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. B, 7.04s, 11/1/14</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>5,000</TD>	<TD vAlign=bottom align=right>5,051</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A, 6 1/8s, 5/1/34</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>425,000</TD>	<TD vAlign=bottom align=right>438,655</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>FL Hsg. Fin. Corp. Rev. Bonds, Ser. G, GNMA Coll., FNMA Coll., FHLMC Coll., 5 3/4s, 1/1/37</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>560,000</TD>	<TD vAlign=bottom align=right>586,499</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Florida State Higher Edl. Fac. Rev. Bonds (U. of Tampa), Ser. A, 5s, 4/1/32</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>600,000</TD>	<TD vAlign=bottom align=right>660,798</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Halifax, Hosp. Med. Ctr. Rev. Bonds, Ser. A, 5 3/8s, 6/1/46</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>4,380,000</TD>	<TD vAlign=bottom align=right>4,605,833</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Heritage Harbour Marketplace Cmnty., Dev. Dist. Special Assmt. Bonds, 5.6s, 5/1/36</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>360,000</TD>	<TD vAlign=bottom align=right>326,671</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Heritage Harbour, South Cmnty. Dev. Distr. Special Assmt. Bonds, Ser. A, 6 1/2s, 5/1/34</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>440,000</TD>	<TD vAlign=bottom align=right>453,279</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Hillsborough Cnty., Indl. Dev. Auth. Poll. Control Mandatory Put Bonds (9/1/13) (Tampa Elec. Co.), Ser. B, 5.15s, 9/1/25</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>400,000</TD>	<TD vAlign=bottom align=right>418,944</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Jacksonville, Econ. Dev. Comm. Hlth. Care Fac. Rev. Bonds (FL Proton Therapy Inst.), Ser. A, 6s, 9/1/17</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>450,000</TD>	<TD vAlign=bottom align=right>520,938</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Jacksonville, Econ. Dev. Comm. Indl. Dev. Rev. Bonds (Gerdau Ameristeel US, Inc.), 5.3s, 5/1/37</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>2,450,000</TD>	<TD vAlign=bottom align=right>2,450,098</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>840,000</TD>	<TD vAlign=bottom align=right>872,323</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Lee Cnty., Indl. Dev. Auth. 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; (Cypress Cove Hlth. Pk.), Ser. A, 6 3/8s, 10/1/25</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>1,000,000</TD>	<TD vAlign=bottom align=right>892,970</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Shell Pt./Alliance Oblig. Group), 5 1/8s, 11/15/36</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>1,075,000</TD>	<TD vAlign=bottom align=right>1,058,037</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Shell Pt./Alliance Cmnty.), 5s, 11/15/22</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>1,500,000</TD>	<TD vAlign=bottom align=right>1,550,760</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Miami Beach, Hlth. Fac. Auth. Hosp. Rev. Bonds (Mount Sinai Med. Ctr.), 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; 6.8s, 11/15/31</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>270,000</TD>	<TD vAlign=bottom align=right>272,670</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 6.7s, 11/15/19</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>1,335,000</TD>	<TD vAlign=bottom align=right>1,353,463</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>2,000,000</TD>	<TD vAlign=bottom align=right>2,188,960</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Palm Coast Pk. Cmnty. Dev. Dist. Special Assmt. Bonds, 5.7s, 5/1/37</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>930,000</TD>	<TD vAlign=bottom align=right>612,768</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>South Lake Hosp. Dist. Rev. Bonds (South Lake Hosp.), Ser. A, 6s, 4/1/29</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>1,000,000</TD>	<TD vAlign=bottom align=right>1,128,970</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Tampa Bay, Cmnty. Dev. Dist. Special Assmt. Bonds (New Port), Ser. A, 5 7/8s, 5/1/38 (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>655,000</TD>	<TD vAlign=bottom align=right>257,088</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>1,330,000</TD>	<TD vAlign=bottom align=right>1,183,846</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Verandah, West Cmnty. Dev. Dist. Special Assmt. Bonds (Cap. Impt.), Ser. A, 6 5/8s, 5/1/33</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>435,000</TD>	<TD vAlign=bottom align=right>439,246</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Verano Ctr. Cmnty. Dev. Dist. Special Assmt. Bonds (Cmnty. Infrastructure), Ser. A, 5 3/8s, 5/1/37</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>955,000</TD>	<TD vAlign=bottom align=right>695,326</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Village Cmnty. Dev. Dist. No. 8 Special Assmt. Bonds (Phase II), 6 1/8s, 5/1/39</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>485,000</TD>	<TD vAlign=bottom align=right>560,709</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Village Cmnty. Dev. Dist. No. 9 Special Assmt. Bonds, 5s, 5/1/22</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>650,000</TD>	<TD vAlign=bottom align=right>699,270</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>27,145,719</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Georgia (3.0%)</B></FONT></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>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,500,000</TD>	<TD vAlign=bottom align=right>3,049,025</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Clayton Cnty., Dev. Auth. Special Fac. Rev. Bonds (Delta Airlines), Ser. A, 8 3/4s, 6/1/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>CCC+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,441,480</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Forsyth Cnty., Hosp. Auth. Rev. Bonds (Baptist Hlth. Care Syst.), U.S. Govt. Coll., 6 1/4s, 10/1/18 (Prerefunded 9/4/12)</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>1,520,000</TD>	<TD vAlign=bottom align=right>1,785,392</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Fulton Cnty., Res. Care Fac. Rev. Bonds (Canterbury Court), Class A, 6 1/8s, 2/15/34</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>600,000</TD>	<TD vAlign=bottom align=right>607,848</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>GA State Private College & U. Auth. Rev. Bonds (Mercer U.)</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 1/4s, 10/1/30</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>750,000</TD>	<TD vAlign=bottom align=right>831,578</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A, 5 1/4s, 10/1/27</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>1,000,000</TD>	<TD vAlign=bottom align=right>1,116,990</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A, 5s, 10/1/32</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>1,000,000</TD>	<TD vAlign=bottom align=right>1,076,020</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Gainesville & Hall Cnty., Devauth Retirement Cmnty. Rev. Bonds (Acts Retirement-Life Cmnty.), Ser. A-2, 6 3/8s, 11/15/29</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>700,000</TD>	<TD vAlign=bottom align=right>808,878</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.), Ser. PJ, 6 1/4s, 6/15/20</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>1,165,000</TD>	<TD vAlign=bottom align=right>1,224,287</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Med. Ctr. Hosp. Auth. Rev. Bonds (Spring Harbor Green Island), 5 1/4s, 7/1/27</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>575,000</TD>	<TD vAlign=bottom align=right>575,955</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Rockdale Cnty., Dev. Auth. Rev. Bonds (Visy Paper), Ser. A, 6 1/8s, 1/1/34</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>600,000</TD>	<TD vAlign=bottom align=right>625,188</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>14,142,641</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>HI Dept. of Trans. Special Fac. Rev. Bonds (Continental Airlines, Inc.), 7s, 6/1/20</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>1,120,000</TD>	<TD vAlign=bottom align=right>1,121,019</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>HI State Dept. Budget & Fin. 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; (Craigside), Ser. A, 9s, 11/15/44</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>400,000</TD>	<TD vAlign=bottom align=right>478,784</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Hawaiian Elec. Co. - Subsidary), 6 1/2s, 7/1/39</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>3,000,000</TD>	<TD vAlign=bottom align=right>3,490,140</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Kahala Nui), 5 1/8s, 11/15/32<sup><B><I>(FWC)</I></B></sup></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>400,000</TD>	<TD vAlign=bottom align=right>425,116</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>5,515,059</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Illinois (4.3%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Chicago, G.O. Bonds, Ser. A, 5s, 1/1/33</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>2,000,000</TD>	<TD vAlign=bottom align=right>2,260,980</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Chicago, Special Assmt. Bonds (Lake Shore East), 6 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>1,754,000</TD>	<TD vAlign=bottom align=right>1,820,529</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Du Page Cnty., Special Svc. Area No. 31 Special Tax Bonds (Monarch Landing)</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 5/8s, 3/1/36</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>350,000</TD>	<TD vAlign=bottom align=right>340,848</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5.4s, 3/1/16</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>133,000</TD>	<TD vAlign=bottom align=right>136,866</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; (American Wtr. Cap. Corp.), 5 1/4s, 10/1/39</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>1,575,000</TD>	<TD vAlign=bottom align=right>1,658,349</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>1,075,000</TD>	<TD vAlign=bottom align=right>1,303,233</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Landing At Plymouth Place), Ser. A, 5.35s, 5/15/15</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>600,000</TD>	<TD vAlign=bottom align=right>602,868</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Landing At Plymouth Place), Ser. A, 6s, 5/15/25</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>200,000</TD>	<TD vAlign=bottom align=right>185,650</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Navistar Intl. Recvy. Zone), 6 1/2s, 10/15/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>B1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,033,860</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Provena Hlth.), Ser. A, 7 3/4s, 8/15/34</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>1,944,330</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Roosevelt U.), 6 1/4s, 4/1/29</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>1,500,000</TD>	<TD vAlign=bottom align=right>1,692,330</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>2,000,000</TD>	<TD vAlign=bottom align=right>2,404,020</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Three Crowns Pk. Plaza), Ser. A, 5 7/8s, 2/15/26</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>1,000,000</TD>	<TD vAlign=bottom align=right>1,034,540</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>IL 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; (Cmnty. Rehab. Providers Fac.), Ser. A, 7 7/8s, 7/1/20</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>108,252</TD>	<TD vAlign=bottom align=right>80,745</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Elmhurst Memorial Hlth. Care), 5 5/8s, 1/1/28</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>550,000</TD>	<TD vAlign=bottom align=right>557,585</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; 5s, 3/1/34</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>750,000</TD>	<TD vAlign=bottom align=right>821,670</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5s, 8/1/21</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>861,743</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>1,050,000</TD>	<TD vAlign=bottom align=right>1,229,540</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>19,969,686</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 State Fin. Auth. Rev. Bonds (OH Valley Elec. Corp.), Ser. A, 5s, 6/1/32</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>750,000</TD>	<TD vAlign=bottom align=right>799,110</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>IN State Fin. Auth. Edl. Fac. Rev. Bonds (Butler U.), Ser. B</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, 2/1/32</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>1,084,110</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5s, 2/1/29</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>1,094,900</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Indianapolis, Arpt. Auth. Rev. Bonds (Federal Express Corp.), 5.1s, 1/15/17</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>3,500,000</TD>	<TD vAlign=bottom align=right>4,009,530</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>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,125,000</TD>	<TD vAlign=bottom align=right>1,287,023</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>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>700,000</TD>	<TD vAlign=bottom align=right>794,094</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A, NATL, 5.6s, 11/1/16</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>567,210</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>St. Joseph Cnty., Econ. Dev. Rev. Bonds (Holy Cross Village Notre Dame), Ser. A, 5 3/4s, 5/15/15</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>455,000</TD>	<TD vAlign=bottom align=right>478,319</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>10,114,296</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Iowa (1.6%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>IA Fin. Auth. Hlth. Care Fac. Rev. Bonds (Care Initiatives), 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 1/4s, 7/1/17</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>1,040,000</TD>	<TD vAlign=bottom align=right>1,117,761</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5s, 7/1/19</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>2,750,000</TD>	<TD vAlign=bottom align=right>2,889,205</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5 1/2s, 7/1/25</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>950,000</TD>	<TD vAlign=bottom align=right>996,522</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Orange Cnty., Hosp. Rev. Bonds, 5 1/2s, 9/1/27</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>1,205,000</TD>	<TD vAlign=bottom align=right>1,228,967</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Tobacco Settlement Auth. of IA Rev. Bonds, Ser. C, 5 3/8s, 6/1/38</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>1,250,000</TD>	<TD vAlign=bottom align=right>1,093,288</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>7,325,743</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Lenexa, Hlth. Care Fac. Rev. Bonds (LakeView Village), 7 1/8s, 5/15/29</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>500,000</TD>	<TD vAlign=bottom align=right>568,440</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>568,440</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 Econ. Dev. 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; (First Mtge.), Ser. IA, 8s, 1/1/29</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>271,000</TD>	<TD vAlign=bottom align=right>277,916</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Masonic Home Indpt. Living II), 7 1/4s, 5/15/41</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>500,000</TD>	<TD vAlign=bottom align=right>560,990</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Masonic Home Indpt. Living II), 7s, 5/15/30</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>500,000</TD>	<TD vAlign=bottom align=right>564,265</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.), Ser. A, 6s, 5/1/28</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>552,725</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Owen Cnty., Wtr. Wks. Syst. Rev. Bonds (American Wtr. Co.), Ser. A, 6 1/4s, 6/1/39</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>700,000</TD>	<TD vAlign=bottom align=right>778,659</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>2,734,555</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Rapides, Fin. Auth. FRB (Cleco Pwr.), AMBAC, 4.7s, 11/1/36</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>750,000</TD>	<TD vAlign=bottom align=right>753,390</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. 01-B, 5 7/8s, 5/15/39</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>2,700,000</TD>	<TD vAlign=bottom align=right>2,764,125</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>3,517,515</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>ME Hlth. & Higher Edl. Fac. Auth. Rev. Bonds (ME Gen. Med. Ctr.), 7 1/2s, 7/1/32</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>1,233,090</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Rumford, Solid Waste Disp. Rev. Bonds (Boise Cascade Corp.), 6 7/8s, 10/1/26</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>2,500,000</TD>	<TD vAlign=bottom align=right>2,460,875</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>3,693,965</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Baltimore Cnty., Rev. Bonds (Oak Crest Village, Inc. Fac.), Ser. A, 5s, 1/1/37</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>2,059,680</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>A</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>550,000</TD>	<TD vAlign=bottom align=right>678,343</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 3/8s, 12/1/14</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>1,052,280</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MD State Indl. Dev. Fin. Auth. Econ. Dev. Rev. Bonds (Our Lady of Good Counsel School), Ser. A, 6s, 5/1/35</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>400,000</TD>	<TD vAlign=bottom align=right>420,252</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Westminster, Econ. Dev. Rev. Bonds (Carroll Lutheran Village), 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 1/4s, 5/1/34</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>600,000</TD>	<TD vAlign=bottom align=right>600,810</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5 7/8s, 5/1/21</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>1,600,000</TD>	<TD vAlign=bottom align=right>1,607,056</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>6,418,421</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Massachusetts (7.9%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Boston, Indl. Dev. Fin. Auth. Rev. Bonds (Springhouse, Inc.), 6s, 7/1/28</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>1,600,000</TD>	<TD vAlign=bottom align=right>1,600,192</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MA Dev. Fin. Agcy. Sr. Living Fac. 144A Rev. Bonds, Ser. B1, 7 1/4s, 6/1/16</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>2,000,000</TD>	<TD vAlign=bottom align=right>1,287,520</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MA Edl. Fin. Auth. Rev. Bonds, Ser. B, 5 1/2s, 1/1/23</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>830,000</TD>	<TD vAlign=bottom align=right>919,233</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; (Boston Biomedical Research), 5 3/4s, 2/1/29</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>1,000,000</TD>	<TD vAlign=bottom align=right>999,920</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Boston U.), 6s, 5/15/59</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>622,830</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (First Mtge. - Orchard Cove), 5s, 10/1/19</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>550,000</TD>	<TD vAlign=bottom align=right>555,440</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>275,400</TD>	<TD vAlign=bottom align=right>247,499</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Linden Ponds, Inc. Fac.), Ser. A-1, 6 1/4s, 11/15/39</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>532,400</TD>	<TD vAlign=bottom align=right>424,168</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Linden Ponds, Inc. Fac.), Ser. A-1, 6 1/4s, 11/15/46</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>850,850</TD>	<TD vAlign=bottom align=right>664,395</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>88,265</TD>	<TD vAlign=bottom align=right>61,334</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>439,022</TD>	<TD vAlign=bottom align=right>5,861</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (New England Conservatory of Music), 5 1/4s, 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>805,000</TD>	<TD vAlign=bottom align=right>852,262</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>690,000</TD>	<TD vAlign=bottom align=right>848,507</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Wheelock College), Ser. C, 5 1/4s, 10/1/29</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>1,700,000</TD>	<TD vAlign=bottom align=right>1,807,899</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MA State Dev. Fin. Agcy. Hlth. Care Fac. 144A Rev. Bonds (Adventcare), Ser. A, 6.65s, 10/15/28</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>1,050,000</TD>	<TD vAlign=bottom align=right>1,115,058</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MA State Dev. Fin. Agcy. Solid Waste Disp. Mandatory Put Bonds (5/1/19) (Dominion Energy Brayton), Ser. 1, 5 3/4s, 12/1/42</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>1,050,000</TD>	<TD vAlign=bottom align=right>1,269,240</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; (Baystate Med. Ctr.), Ser. F, 5.7s, 7/1/27</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>1,000,000</TD>	<TD vAlign=bottom align=right>1,001,860</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Baystate Med. Ctr.), Ser. I, 5 3/4s, 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>1,500,000</TD>	<TD vAlign=bottom align=right>1,671,450</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Civic Investments, Inc.), Ser. A, U.S. Govt. Coll., 9s, 12/15/15 (Prerefunded 12/15/12)</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>1,775,000</TD>	<TD vAlign=bottom align=right>1,858,940</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Emerson Hosp.), Ser. E, Radian Insd., 5s, 8/15/25</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>1,500,000</TD>	<TD vAlign=bottom align=right>1,502,475</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Fisher College), Ser. A, 5 1/8s, 4/1/37</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>250,000</TD>	<TD vAlign=bottom align=right>252,510</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>BB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,550,000</TD>	<TD vAlign=bottom align=right>2,606,457</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Milford Regl. Med.), Ser. E, 5s, 7/15/22</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>2,200,000</TD>	<TD vAlign=bottom align=right>2,324,168</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Norwood Hosp.), Ser. C, 7s, 7/1/14 (Escrowed to maturity)</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>1,185,000</TD>	<TD vAlign=bottom align=right>1,275,653</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>377,889</TD>	<TD vAlign=bottom align=right>378</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Springfield College), 5 1/2s, 10/15/26</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>1,500,000</TD>	<TD vAlign=bottom align=right>1,675,230</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Springfield College), 5 1/2s, 10/15/31</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>1,192,246</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>450,000</TD>	<TD vAlign=bottom align=right>487,422</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Suffolk U.), Ser. A, 5 3/4s, 7/1/39</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>950,000</TD>	<TD vAlign=bottom align=right>1,066,546</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Suffolk U.), Ser. A, 6 1/4s, 7/1/30</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>1,000,000</TD>	<TD vAlign=bottom align=right>1,168,820</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MA State Indl. Fin. Agcy. Rev. Bonds (1st Mtge. Berkshire Retirement), Ser. A, 6 5/8s, 7/1/16</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>1,230,000</TD>	<TD vAlign=bottom align=right>1,236,064</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>750,000</TD>	<TD vAlign=bottom align=right>824,498</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; 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>1,500,000</TD>	<TD vAlign=bottom align=right>1,646,835</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>1,500,000</TD>	<TD vAlign=bottom align=right>1,709,280</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>36,782,190</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Detroit, G.O. Bonds (Cap. Impt.), Ser. A-1, 5s, 4/1/15</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>950,000</TD>	<TD vAlign=bottom align=right>907,592</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Detroit, Wtr. & Swr. Dept. Rev. Bonds, Ser. A, 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>1,200,000</TD>	<TD vAlign=bottom align=right>1,259,256</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>1,660,000</TD>	<TD vAlign=bottom align=right>1,938,017</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Flint, Hosp. Bldg. Auth. Rev. Bonds (Hurley Med. Ctr.), 6s, 7/1/20</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>945,000</TD>	<TD vAlign=bottom align=right>966,480</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Garden City, Hosp. Fin. Auth. Rev. Bonds (Garden City Hosp.), Ser. A, 5 3/4s, 9/1/17</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>395,000</TD>	<TD vAlign=bottom align=right>395,442</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Kentwood, Economic Dev. Rev. Bonds (Holland Home), 5 5/8s, 11/15/32</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>2,195,000</TD>	<TD vAlign=bottom align=right>2,282,712</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>King Cnty., Wtr & Swr. Rev. Bonds, 5s, 1/1/45</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>1,500,000</TD>	<TD vAlign=bottom align=right>1,681,785</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>2,000,000</TD>	<TD vAlign=bottom align=right>2,318,920</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>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,600,000</TD>	<TD vAlign=bottom align=right>1,797,856</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>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,565,000</TD>	<TD vAlign=bottom align=right>2,712,667</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Chelsea Cmnty. Hosp. Oblig.), 5s, 5/15/25 (Prerefunded 5/15/15)</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>755,000</TD>	<TD vAlign=bottom align=right>847,895</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MI State Strategic Fund Ltd. Oblig. Rev. Bonds (Cadillac Place Office Bldg.), 5 1/4s, 10/15/26</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>1,451,675</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>1,350,000</TD>	<TD vAlign=bottom align=right>1,720,616</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, 6/1/48</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>4,000,000</TD>	<TD vAlign=bottom align=right>3,290,280</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.), 5 1/2s, 6/1/20</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>1,480,000</TD>	<TD vAlign=bottom align=right>1,601,641</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>2,272,700</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>27,445,534</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Minnesota (2.5%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Douglas Cnty., Gross Hlth. Care Fac. Rev. Bonds (Douglas Cnty. Hosp.), Ser. A, 6 1/4s, 7/1/34</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>3,332,100</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Inver Grove Heights, Nursing Home Rev. Bonds (Presbyterian Homes Care), 5 3/8s, 10/1/26</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>700,000</TD>	<TD vAlign=bottom align=right>706,545</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>315,000</TD>	<TD vAlign=bottom align=right>335,336</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Northfield, Hosp. Rev. Bonds, 5 3/8s, 11/1/26</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>750,000</TD>	<TD vAlign=bottom align=right>803,445</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Rochester, Hlth. Care Fac. Rev. Bonds (Olmsted Med. Ctr.), 5 7/8s, 7/1/30</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>1,099,000</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Sauk Rapids Hlth. Care & Hsg. Fac. Rev. Bonds (Good Shepherd Lutheran Home)</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; 7 1/2s, 1/1/39</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>500,000</TD>	<TD vAlign=bottom align=right>524,510</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 6s, 1/1/34</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>400,000</TD>	<TD vAlign=bottom align=right>401,096</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>St. Paul, Hsg. & Redev. Auth. Charter School Lease Rev. Bonds (Nova Classical Academy), 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 5/8s, 9/1/42</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>250,000</TD>	<TD vAlign=bottom align=right>268,783</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 6 3/8s, 9/1/31</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>250,000</TD>	<TD vAlign=bottom align=right>268,968</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>Ba1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,350,000</TD>	<TD vAlign=bottom align=right>1,408,968</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>St. Paul, Port Auth. Lease Rev. Bonds (Regions Hosp. Pkg. Ramp), Ser. 1, 5s, 8/1/36</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>1,125,000</TD>	<TD vAlign=bottom align=right>1,123,436</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Wayzata, Sr. Hsg. Rev. Bonds (Folkestone Sr. Living Cmnty.), Ser. B, 4 7/8s, 5/1/19</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>1,500,000</TD>	<TD vAlign=bottom align=right>1,509,735</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>11,781,922</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.), 5.9s, 5/1/22</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>3,630,000</TD>	<TD vAlign=bottom align=right>3,635,699</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MS Home Corp. Rev. Bonds, Ser. B-2, GNMA Coll., FNMA Coll., 6.45s, 12/1/33</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>465,000</TD>	<TD vAlign=bottom align=right>488,920</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>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,600,000</TD>	<TD vAlign=bottom align=right>1,823,120</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>5,947,739</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Kansas City, Indl. Dev. Auth. Hlth. Fac. Rev. Bonds (First Mtge. Bishop Spencer), Ser. A, 6 1/2s, 1/1/35</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>1,500,000</TD>	<TD vAlign=bottom align=right>1,533,015</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MO State Hlth. & Edl. Fac. Auth. VRDN (Washington U. (The)), Ser. A, 0.17s, 9/1/30</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>1,500,000</TD>	<TD vAlign=bottom align=right>1,500,000</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>St. Louis Arpt. Rev. Bonds (Lambert-St. Louis Intl.), Ser. A-1, 6 5/8s, 7/1/34</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>1,177,560</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>4,210,575</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MT Fac. Fin. Auth. Rev. Bonds (Sr. Living St. John's Lutheran), Ser. A, 6s, 5/15/25</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>500,000</TD>	<TD vAlign=bottom align=right>514,220</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MT Fac. Fin. Auth. VRDN (Sisters of Charity of Leavenworth), Ser. A, 0.17s, 12/1/25</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>2,500,000</TD>	<TD vAlign=bottom align=right>2,500,000</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>3,014,220</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Nebraska (0.6%)</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>B2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,657,620</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 1/2s, 1/1/30</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>1,000,000</TD>	<TD vAlign=bottom align=right>1,135,120</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>2,792,740</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Clark Cnty., Impt. Dist. Special Assmt. 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; (Mountains Edge Local No. 142), 5s, 8/1/21</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>675,000</TD>	<TD vAlign=bottom align=right>729,277</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Summerlin No. 151), 5s, 8/1/20</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>415,000</TD>	<TD vAlign=bottom align=right>357,274</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Summerlin No. 151), 5s, 8/1/16</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>980,000</TD>	<TD vAlign=bottom align=right>923,748</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Henderson, Local Impt. Dist. Special Assmt. 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; (No. T-17), 5s, 9/1/18</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>365,000</TD>	<TD vAlign=bottom align=right>372,278</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (No. T-18), 5s, 9/1/16</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>1,000,000</TD>	<TD vAlign=bottom align=right>770,700</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Las Vegas, Local Impt. Board Special Assmt. Bonds (Dist. No. 607), 5.9s, 6/1/18</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>1,135,000</TD>	<TD vAlign=bottom align=right>1,138,326</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>4,291,603</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NH Hlth. & Ed. 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; (Huntington at Nashua), Ser. A, 6 7/8s, 5/1/33</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>600,000</TD>	<TD vAlign=bottom align=right>606,960</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Kendal at Hanover), Ser. A, 5s, 10/1/18</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>1,875,000</TD>	<TD vAlign=bottom align=right>2,013,581</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Rivermead), Ser. A, 6 5/8s, 7/1/31</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>1,320,000</TD>	<TD vAlign=bottom align=right>1,463,642</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Rivermead), Ser. A, 6 7/8s, 7/1/41</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>2,000,000</TD>	<TD vAlign=bottom align=right>2,247,000</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NH State Bus. Fin. Auth. Rev. Bonds (Elliot Hosp. Oblig. Group), Ser. A, 6s, 10/1/27</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>1,700,000</TD>	<TD vAlign=bottom align=right>1,948,506</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>8,279,689</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>New Jersey (6.3%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Burlington Cnty., Bridge Comm. Econ. Dev. Rev. Bonds (The Evergreens), 5 5/8s, 1/1/38</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>2,150,000</TD>	<TD vAlign=bottom align=right>2,208,824</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NJ 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; (Cigarette Tax), 5 3/4s, 6/15/29 (Prerefunded 6/15/14)</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>1,101,570</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (First Mtge. Lions Gate), Ser. A, 5 7/8s, 1/1/37</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>430,000</TD>	<TD vAlign=bottom align=right>432,511</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (First Mtge. Presbyterian Home), Ser. A, 6 3/8s, 11/1/31</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>500,000</TD>	<TD vAlign=bottom align=right>499,940</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (MSU Student Hsg. - Provident Group - Montclair LLC), 5 3/8s, 6/1/25</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>2,000,000</TD>	<TD vAlign=bottom align=right>2,253,260</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Newark Arpt. Marriott Hotel), 7s, 10/1/14</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>2,400,000</TD>	<TD vAlign=bottom align=right>2,407,920</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (United Methodist Homes), Ser. A-1, 6 1/4s, 7/1/33</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>1,034,890</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>557,240</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NJ Econ. Dev. Auth. Retirement Cmnty. Rev. Bonds (Seabrook Village, Inc.), 5 1/4s, 11/15/36</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>860,000</TD>	<TD vAlign=bottom align=right>867,473</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NJ Econ. Dev. Auth. Solid Waste Fac. Mandatory Put Bonds (6/1/14) (Disp. Waste Mgt.), Ser. A, 5.3s, 6/1/15</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>1,750,000</TD>	<TD vAlign=bottom align=right>1,886,588</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NJ 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>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,600,000</TD>	<TD vAlign=bottom align=right>2,865,902</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. D, 4 7/8s, 11/1/29</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>700,000</TD>	<TD vAlign=bottom align=right>756,917</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>2,250,000</TD>	<TD vAlign=bottom align=right>2,639,475</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (St. Peter's U. Hosp.), 6 1/4s, 7/1/35</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>2,000,000</TD>	<TD vAlign=bottom align=right>2,284,500</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (United Methodist Homes), Ser. A, 5 3/4s, 7/1/29</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>2,250,000</TD>	<TD vAlign=bottom align=right>2,250,765</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>2,500,000</TD>	<TD vAlign=bottom align=right>2,548,750</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>North Hudson, Swr. Auth. Rev. Bonds, Ser. A, 5s, 6/1/42</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>1,124,670</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>1,450,000</TD>	<TD vAlign=bottom align=right>1,619,795</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>29,340,990</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>New Mexico (1.6%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Farmington, 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; (Public Service Co. of NM San Juan), Ser. D, 5.9s, 6/1/40</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>500,000</TD>	<TD vAlign=bottom align=right>555,470</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (San Juan), Ser. B, 4 7/8s, 4/1/33</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>4,500,000</TD>	<TD vAlign=bottom align=right>4,642,515</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (AZ Pub. Svc. Co.), Ser. B, 4.7s, 9/1/24</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>2,240,420</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>7,438,405</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>New York (10.2%)</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 3/4s, 7/1/28</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>600,000</TD>	<TD vAlign=bottom align=right>647,748</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Huntington, Hsg. Auth. Sr. Hsg. Fac. Rev. Bonds (Gurwin Jewish Sr. Residence), 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, 5/1/39</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>500,000</TD>	<TD vAlign=bottom align=right>502,015</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 6s, 5/1/29</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>750,000</TD>	<TD vAlign=bottom align=right>750,300</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Livingston Cnty., Indl. Dev. Agcy. Civic Fac. Rev. Bonds (Nicholas H. Noyes Memorial Hosp.), 5 3/4s, 7/1/15</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>1,240,000</TD>	<TD vAlign=bottom align=right>1,241,290</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Nassau Cnty., Indl. Dev. Agcy. Rev. Bonds (Keyspan-Glenwood), 5 1/4s, 6/1/27</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>2,775,000</TD>	<TD vAlign=bottom align=right>2,865,382</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Niagara Cnty., Indl. Dev. Agcy. Mandatory Put Bonds (9/4/12) (Solid Waste Disp.), Ser. A, 5.45s, 11/15/12</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>503,580</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NY City, G.O. Bonds, Ser. F, 5s, 8/1/31</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>1,500,000</TD>	<TD vAlign=bottom align=right>1,770,720</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NY City, Indl. Dev. Agcy. Special 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 height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>(Airis JFK I, LLC), Ser. A, 5 1/2s, 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>1,300,000</TD>	<TD vAlign=bottom align=right>1,299,961</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (American Airlines - JFK Intl. Arpt.), 7 1/2s, 8/1/16 (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>4,175,000</TD>	<TD vAlign=bottom align=right>4,445,624</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (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>3,425,000</TD>	<TD vAlign=bottom align=right>3,382,599</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Jetblue Airways Corp.), 5s, 5/15/20</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>295,000</TD>	<TD vAlign=bottom align=right>291,982</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>11,800,174</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NY City, Transitional Fin. Auth. Rev. Bonds (Future Tax), Ser. D-1, 5s, 11/1/32</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>2,000,000</TD>	<TD vAlign=bottom align=right>2,366,840</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NY State Dorm. Auth. Rev. Bonds (Winthrop-U. Hosp. Assn.), Ser. A, 5 1/2s, 7/1/32</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>900,000</TD>	<TD vAlign=bottom align=right>913,464</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>725,000</TD>	<TD vAlign=bottom align=right>792,055</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>5,874,570</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>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,800,000</TD>	<TD vAlign=bottom align=right>3,809,538</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Port Auth. NY & NJ Special Oblig. 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; (Kennedy Intl. Arpt. - 5th Installment), 6 3/4s, 10/1/19</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>200,000</TD>	<TD vAlign=bottom align=right>199,990</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (JFK Intl. Air Term.), 6s, 12/1/42</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>1,150,340</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Seneca Cnty., Indl. Dev. Agcy. Solid Waste Disp. 144A Mandatory Put Bonds (10/1/13) (IESI Corp.), 6 5/8s, 10/1/35</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>670,000</TD>	<TD vAlign=bottom align=right>677,819</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Suffolk Cnty., Indl. Dev. Agcy. Civic Fac. Rev. Bonds (Southampton Hosp. Assn.), Ser. A, 7 1/4s, 1/1/30</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>1,250,000</TD>	<TD vAlign=bottom align=right>1,251,363</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Syracuse, Indl. Dev. Agcy. Rev. Bonds (1st Mtge. - Jewish Home), Ser. A, 7 3/8s, 3/1/21</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>745,000</TD>	<TD vAlign=bottom align=right>746,907</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>47,284,261</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>North Carolina (1.8%)</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>750,000</TD>	<TD vAlign=bottom align=right>935,198</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NC Hsg. Fin. Agcy. FRB (Homeownership), Ser. 26-A, 5 1/2s, 1/1/38</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>360,000</TD>	<TD vAlign=bottom align=right>377,687</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; (Presbyterian Homes), 5.4s, 10/1/27</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>2,000,000</TD>	<TD vAlign=bottom align=right>2,064,420</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>1,110,000</TD>	<TD vAlign=bottom align=right>1,168,775</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NC Med. Care Comm. Retirement 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; (Carolina Village), 6s, 4/1/38</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>500,000</TD>	<TD vAlign=bottom align=right>522,845</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (First Mtge.), Ser. A-05, 5 1/2s, 10/1/35</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>1,730,000</TD>	<TD vAlign=bottom align=right>1,737,889</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (First Mtge.), Ser. A-05, 5 1/4s, 10/1/25</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>700,000</TD>	<TD vAlign=bottom align=right>706,916</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Forest at Duke), 5 1/8s, 9/1/27</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>1,059,690</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>8,573,420</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Ohio (6.0%)</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 Street Energy Campus), Ser. A, 5 1/4s, 2/15/33</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>5,000,000</TD>	<TD vAlign=bottom align=right>5,615,650</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A-2</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 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>3,340,000</TD>	<TD vAlign=bottom align=right>2,767,858</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 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>3,500,000</TD>	<TD vAlign=bottom align=right>2,846,620</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5 1/8s, 6/1/24</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>990,000</TD>	<TD vAlign=bottom align=right>830,264</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Cleveland, Arpt. Syst. Rev. Bonds, Ser. A, 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>400,000</TD>	<TD vAlign=bottom align=right>439,996</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.), 5 5/8s, 8/15/32</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>2,825,000</TD>	<TD vAlign=bottom align=right>2,856,753</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Franklin Cnty., Hlth. Care Fac. Rev. Bonds (Presbyterian Svcs.), Ser. A, 5 5/8s, 7/1/26</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>3,062,235</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Hickory Chase, Cmnty. Auth. Infrastructure Impt. Rev. Bonds (Hickory Chase), 7s, 12/1/38 (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>644,000</TD>	<TD vAlign=bottom align=right>377,957</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, 5 5/8s, 8/15/29</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>1,530,000</TD>	<TD vAlign=bottom align=right>1,664,655</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Lorain Cnty., Port Auth. Recovery Zone Fac. Rev. Bonds (U.S. Steel Corp.), 6 3/4s, 12/1/40</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>1,095,100</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>OH State Air Quality Dev. Auth. Rev. Bonds (Valley Elec. Corp.), Ser. E, 5 5/8s, 10/1/19</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>1,300,000</TD>	<TD vAlign=bottom align=right>1,530,295</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; (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>800,000</TD>	<TD vAlign=bottom align=right>861,072</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>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,309,840</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>900,000</TD>	<TD vAlign=bottom align=right>938,367</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Toledo-Lucas Cnty., Port Auth. Rev. Bonds (CSX Transn, Inc.), 6.45s, 12/15/21</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>628,750</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>27,825,412</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Oklahoma (1.0%)</B></FONT></TD></TR>

	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp;OK Hsg. Fin. Agcy. Single Family Mtge. Rev. Bonds (Homeownership Loan),</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 height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Ser. B, 5.35s, 3/1/35</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>1,395,000</TD>	<TD vAlign=bottom align=right>1,476,440</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Ser. C, GNMA Coll., FNMA Coll., 5.95s, 3/1/37</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>1,260,000</TD>	<TD vAlign=bottom align=right>1,348,780</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Tulsa Cnty., Indl. Auth. Rev. Bonds (Sr. Living Cmnty. Montereau, Inc.), 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; 7 1/8s, 11/1/30</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>1,250,000</TD>	<TD vAlign=bottom align=right>1,422,150</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 6 7/8s, 11/1/23</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>500,000</TD>	<TD vAlign=bottom align=right>534,155</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>4,781,525</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds (Terwilliger Plaza), 6 1/2s, 12/1/29</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>3,000,000</TD>	<TD vAlign=bottom align=right>3,005,220</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Warm Springs Reservation, Confederated Tribes 144A Rev. Bonds (Pelton Round Butte Tribal), Ser. B, 6 3/8s, 11/1/33</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>700,000</TD>	<TD vAlign=bottom align=right>762,706</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>3,767,926</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Pennsylvania (6.5%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Allegheny Cnty., Higher Ed. Bldg. Auth. Rev. Bonds (Robert Morris U.), Ser. A, 5 1/2s, 10/15/30</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>1,092,230</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Allegheny Cnty., Hosp. Dev. Auth. Rev. Bonds (Hlth. Syst.-West PA), Ser. A, 5 3/8s, 11/15/40</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>2,905,000</TD>	<TD vAlign=bottom align=right>2,372,252</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Allegheny Cnty., Indl. Dev. Auth. Rev. Bonds (U.S. Steel Corp.), 6 3/4s, 11/1/24</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>2,000,000</TD>	<TD vAlign=bottom align=right>2,225,740</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Bucks Cnty., Indl. Dev. Auth. Retirement Cmnty. Rev. Bonds (Ann's Choice, Inc.), 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 1/8s, 1/1/25</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>1,160,000</TD>	<TD vAlign=bottom align=right>1,176,402</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5.3s, 1/1/14</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>690,000</TD>	<TD vAlign=bottom align=right>700,592</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5.2s, 1/1/13</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>1,005,560</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Cumberland Cnty., Muni. 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; (Presbyterian Homes Oblig.), Ser. A, 5.45s, 1/1/21</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>550,000</TD>	<TD vAlign=bottom align=right>554,175</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Presbyterian Homes), Ser. A, 5.35s, 1/1/20</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>515,000</TD>	<TD vAlign=bottom align=right>519,120</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Delaware Cnty., Indl. Dev. Auth. Resource Recvy. Rev. Bonds, Ser. A, 6.1s, 7/1/13</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>115,000</TD>	<TD vAlign=bottom align=right>115,192</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Lancaster Cnty., Hosp. Auth. Rev. Bonds (Brethren Village), Ser. A, 6 3/8s, 7/1/30</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>671,256</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Lebanon Cnty., Hlth. Facs. Rev. Bonds (Pleasant View Retirement), Ser. A, 5.3s, 12/15/26</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>1,800,000</TD>	<TD vAlign=bottom align=right>1,816,595</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Lycoming Cnty., Auth. Hlth. Syst. Rev. Bonds (Susquehanna Hlth. Syst.), Ser. A, 5 3/4s, 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>3,000,000</TD>	<TD vAlign=bottom align=right>3,293,280</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Montgomery Cnty., Indl. Auth. Resource Recvy. Rev. Bonds (Whitemarsh Cont. Care), 6 1/4s, 2/1/35</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>1,100,000</TD>	<TD vAlign=bottom align=right>1,119,239</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Northampton Cnty., Hosp. Auth. Mandatory Put Bonds (8/15/16) (Saint Luke's Hosp.), Ser. C, 4 1/2s, 8/15/16</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>1,649,505</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>PA Econ. Dev. Fin. Auth. Exempt Fac. Rev. Bonds (Allegheny Energy Supply Co.), 7s, 7/15/39</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>2,000,000</TD>	<TD vAlign=bottom align=right>2,371,540</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>PA State Econ. Dev. Fin. Auth. Resource Recvy. Rev. Bonds (Colver), Ser. F, AMBAC, 5s, 12/1/15</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>1,650,000</TD>	<TD vAlign=bottom align=right>1,699,286</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; (Shippensburg U.), 6 1/4s, 10/1/43</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>558,300</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Edinboro U. Foundation), 5.8s, 7/1/30</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>1,126,060</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>785,000</TD>	<TD vAlign=bottom align=right>824,729</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Indiana U.), Ser. A, 5s, 7/1/41</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>500,000</TD>	<TD vAlign=bottom align=right>530,890</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Philadelphia, Auth. for Indl. Dev. Rev. Bonds (Master Charter School), 6s, 8/1/35</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>600,000</TD>	<TD vAlign=bottom align=right>653,982</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Philadelphia, Gas Wks. Rev. Bonds, Ser. 9, 5s, 8/1/30</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>1,000,000</TD>	<TD vAlign=bottom align=right>1,077,060</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Philadelphia, Hosp. & Higher Ed. Fac. Auth. Rev. Bonds (Graduate Hlth. Syst.), 7 1/4s, 7/1/13 (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>2,707,789</TD>	<TD vAlign=bottom align=right>271</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Pittsburgh G.O. Bonds, Ser. B, 5s, 9/1/26</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>1,159,600</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, 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>1,325,000</TD>	<TD vAlign=bottom align=right>1,405,255</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Wilkes-Barre, Fin. Auth. Rev. Bonds (Wilkes U.), 5s, 3/1/22</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>560,000</TD>	<TD vAlign=bottom align=right>601,854</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>30,319,965</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Puerto Rico (2.8%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Cmnwlth. of PR, 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; Ser. C, 6 1/2s, 7/1/40</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>2,000,000</TD>	<TD vAlign=bottom align=right>2,335,680</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A, FGIC, 5 1/2s, 7/1/21</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>1,000,000</TD>	<TD vAlign=bottom align=right>1,129,070</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Pub. Impt.), Ser. A, NATL, 5 1/2s, 7/1/20</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>1,000,000</TD>	<TD vAlign=bottom align=right>1,134,910</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Pub. Impt.), Ser. E, 5 3/8s, 7/1/30</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>3,000,000</TD>	<TD vAlign=bottom align=right>3,213,570</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Cmnwlth. of PR, Hwy. & Trans. Auth. Rev. Bonds, Ser. L, AMBAC, 5 1/4s, 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>1,845,000</TD>	<TD vAlign=bottom align=right>2,025,385</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Cmnwlth. of PR, Indl. Tourist Edl. Med. & Env. Control Facs. Rev. Bonds (Cogen. Fac.-AES), 6 5/8s, 6/1/26</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>1,000,000</TD>	<TD vAlign=bottom align=right>1,000,550</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, zero %, 8/1/30</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>5,000,000</TD>	<TD vAlign=bottom align=right>2,016,700</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>12,855,865</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Rhode Island (0.3%)</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 1/8s, 6/1/32</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>1,490,000</TD>	<TD vAlign=bottom align=right>1,527,950</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>1,527,950</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Georgetown Cnty., Env. Impt. Rev. Bonds (Intl. Paper Co.), Ser. A, 5s, 8/1/30</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>1,135,000</TD>	<TD vAlign=bottom align=right>1,135,738</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>SC Jobs Econ. Dev. Auth. Hosp. Fac. Rev. Bonds (Palmetto Hlth.), Ser. C, U.S. Govt. Coll., 6s, 8/1/20 (Prerefunded 8/1/13)</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>110,000</TD>	<TD vAlign=bottom align=right>116,119</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>1,251,857</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>SD Edl. Enhancement Funding Corp. SD Tobacco Rev. Bonds, Ser. B, 6 1/2s, 6/1/32</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>2,075,700</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>2,075,700</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Tennessee (0.6%)</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>1,450,000</TD>	<TD vAlign=bottom align=right>1,677,940</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Johnson City, Hlth. & Edl. Facs. Board Retirement Fac. Rev. Bonds (Appalachian Christian Village), Ser. A, 6 1/4s, 2/15/32</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>1,000,000</TD>	<TD vAlign=bottom align=right>1,009,840</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>2,687,780</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Texas (12.4%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Abilene, Hlth. Fac. Dev. Corp. Rev. Bonds (Sears Methodist Retirement)</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, 7s, 11/15/33</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>600,000</TD>	<TD vAlign=bottom align=right>452,658</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5 7/8s, 11/15/18</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>660,000</TD>	<TD vAlign=bottom align=right>497,059</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A, 5 7/8s, 11/15/18</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>15,000</TD>	<TD vAlign=bottom align=right>11,297</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 6s, 11/15/29</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>1,124,000</TD>	<TD vAlign=bottom align=right>848,125</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Brazos River, Auth. Poll. Control Rev. Bonds (TXU Energy Co., LLC), 5s, 3/1/41</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Ca</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>139,635</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 (5/1/18) (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>2,200,000</TD>	<TD vAlign=bottom align=right>2,439,866</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Gulf Coast, Waste Disp. Auth. Rev. Bonds, Ser. A, 6.1s, 8/1/24</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>450,000</TD>	<TD vAlign=bottom align=right>451,827</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Harris Cnty., Cultural Ed. Fac. Fin. Corp. VRDN (Texas Med. Ctr.), Ser. B-1, 0.17s, 9/1/31</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>3,595,000</TD>	<TD vAlign=bottom align=right>3,595,000</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Houston, Arpt. Syst. 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; (Continental Airlines, Inc.), Ser. C, 5.7s, 7/15/29</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>6,185,000</TD>	<TD vAlign=bottom align=right>6,185,495</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Continental Airlines, Inc.), Ser. E, 6 3/4s, 7/1/29</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>4,790,000</TD>	<TD vAlign=bottom align=right>4,814,668</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Continental Airlines, Inc.), Ser. E, 7s, 7/1/29</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>500,000</TD>	<TD vAlign=bottom align=right>502,675</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Special Fac. - Continental Airlines, Inc.), Ser. E, 6 3/4s, 7/1/21</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>1,600,000</TD>	<TD vAlign=bottom align=right>1,607,440</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A, 5s, 7/1/24</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>1,500,000</TD>	<TD vAlign=bottom align=right>1,729,215</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>La Vernia, Higher Ed. Fin. Corp. Rev. Bonds (Kipp, Inc.), 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 3/8s, 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>1,100,000</TD>	<TD vAlign=bottom align=right>1,262,404</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 6 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>1,975,000</TD>	<TD vAlign=bottom align=right>2,261,986</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>3,500,000</TD>	<TD vAlign=bottom align=right>3,773,875</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Matagorda Cnty., 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; (Cent Pwr. & Light Co.), Ser. A, 6.3s, 11/1/29</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>1,165,410</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Dist. No. 1), Ser. A, AMBAC, 4.4s, 5/1/30</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>1,250,000</TD>	<TD vAlign=bottom align=right>1,311,400</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>North Texas Edl. Fin. Co. Rev. Bonds (Uplift Edl.), Ser. A, 5 1/4s, 12/1/47</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>2,000,000</TD>	<TD vAlign=bottom align=right>2,117,960</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>1,000,000</TD>	<TD vAlign=bottom align=right>1,180,520</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>1,750,000</TD>	<TD vAlign=bottom align=right>1,918,122</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Sam Rayburn, Muni. Pwr. Agcy. Rev. Bonds, 6s, 10/1/21</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>1,950,000</TD>	<TD vAlign=bottom align=right>1,959,515</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</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; (Sr. Living Ctr.), Ser. A, 8 1/4s, 11/15/39</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>4,000,000</TD>	<TD vAlign=bottom align=right>4,499,080</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (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>1,900,000</TD>	<TD vAlign=bottom align=right>1,982,555</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Air Force Village), 5 1/8s, 5/15/27</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>3,600,000</TD>	<TD vAlign=bottom align=right>3,692,483</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, 5 1/4s, 12/15/24</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>2,000,000</TD>	<TD vAlign=bottom align=right>2,219,220</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>TX Private Activity Surface Trans. 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; (NTE Mobility), 7 1/2s, 12/31/31</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>2,519,660</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (LBJ Infrastructure), 7s, 6/30/40</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>1,500,000</TD>	<TD vAlign=bottom align=right>1,835,490</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>TX State Dept. of Hsg. & Cmnty. Affairs Rev. Bonds, Ser. C, GNMA Coll., FNMA Coll., FHLMC Coll., 6.9s, 7/2/24</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>450,000</TD>	<TD vAlign=bottom align=right>472,590</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>57,447,230</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Utah (0.3%)</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. B, 0.17s, 5/15/37</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>1,495,000</TD>	<TD vAlign=bottom align=right>1,495,000</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>1,495,000</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>VT Hsg. Fin. Agcy. Rev. Bonds (Single Fam.), Ser. 23, AGM, 5s, 5/1/34</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>105,000</TD>	<TD vAlign=bottom align=right>105,695</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>105,695</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Virginia (2.4%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Albemarle Cnty., Indl. Dev. Auth. Res. Care Fac. Rev. Bonds (Westminster-Canterbury), 5s, 1/1/24</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>600,000</TD>	<TD vAlign=bottom align=right>627,480</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Henrico Cnty., Econ. Dev. Auth. Res. 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; (United Methodist Homes), 5s, 6/1/22</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>625,000</TD>	<TD vAlign=bottom align=right>682,781</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (United Methodist Homes), Ser. A, 6 1/2s, 6/1/22</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>530,000</TD>	<TD vAlign=bottom align=right>530,021</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (United Methodist Homes), Ser. A, 6.7s, 6/1/27</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>295,000</TD>	<TD vAlign=bottom align=right>294,956</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Westminster-Canterbury), 5s, 10/1/22</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>1,000,000</TD>	<TD vAlign=bottom align=right>1,031,430</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>James Cnty., Indl. Dev. Auth. Rev. Bonds (Williamsburg), Ser. A, 6 1/8s, 3/1/32</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>1,500,000</TD>	<TD vAlign=bottom align=right>1,505,850</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Lynchburg, Indl. Dev. Auth. Res. Care Fac. Rev. Bonds (Westminster-Canterbury)</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, 7/1/31</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>1,250,000</TD>	<TD vAlign=bottom align=right>1,288,325</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 4 7/8s, 7/1/21</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>1,051,830</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>VA ST Small Bus. 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; (Elizabeth River Crossings OPCO, LLC), 6s, 1/1/37</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>900,000</TD>	<TD vAlign=bottom align=right>1,025,495</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Express Lanes, LLC), 5s, 7/1/34</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>900,000</TD>	<TD vAlign=bottom align=right>954,027</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>1,700,000</TD>	<TD vAlign=bottom align=right>2,113,831</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>11,106,026</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Washington (3.2%)</B></FONT></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></TD>	<TD vAlign=bottom align=right>5,000,000</TD>	<TD vAlign=bottom align=right>6,014,379</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Skagit Cnty., Pub. Hosp. Rev. Bonds (Dist. No. 001), 5 3/4s, 12/1/35</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>2,500,000</TD>	<TD vAlign=bottom align=right>2,714,875</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Tobacco Settlement Auth. of WA 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; 6 5/8s, 6/1/32</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>2,385,000</TD>	<TD vAlign=bottom align=right>2,481,068</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 6 1/2s, 6/1/26</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>455,000</TD>	<TD vAlign=bottom align=right>474,447</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>WA State Higher Ed. Fac. Auth. Rev. Bonds (Whitworth U.), 5 5/8s, 10/1/40</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>400,000</TD>	<TD vAlign=bottom align=right>435,944</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>WA State Hlth. Care 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; (WA Hlth. Svcs.), 7s, 7/1/39</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>1,000,000</TD>	<TD vAlign=bottom align=right>1,164,450</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Kadlec Med. Ctr.), 5 1/2s, 12/1/39</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>1,500,000</TD>	<TD vAlign=bottom align=right>1,610,670</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>14,895,833</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>West Virginia (0.2%)</B></FONT></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>735,000</TD>	<TD vAlign=bottom align=right>767,612</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>767,612</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>WI 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; (St. Johns Cmntys. Inc.), Ser. A, 7 5/8s, 9/15/39</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>1,150,000</TD>	<TD vAlign=bottom align=right>1,335,541</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>1,250,000</TD>	<TD vAlign=bottom align=right>1,489,213</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>2,824,754</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 municipal bonds and notes (cost $542,808,910)</B></FONT></TD>
										<TD align=right><FONT size=+0><B>$590,107,072</B></FONT></TD></TR>
					<TR><TD><BR></TD></TR>
	<TR height=48></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>PREFERRED STOCKS (1.1%)<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></B></TD>	<TD vAlign=bottom align=right><B></B></TD>	<TD vAlign=bottom align=right><B>Shares</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=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MuniMae Tax Exempt Bond Subsidiary, LLC 144A Ser. A-3, $4.95</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>$1,781,060</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MuniMae Tax Exempt Bond Subsidiary, LLC 144A Ser. A, 7.50% cum. pfd.</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,277,977</TD>	<TD vAlign=bottom align=right>3,246,607</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 preferred stocks (cost $5,277,978)</B></FONT></TD>
										<TD align=right><FONT size=+0><B>$5,027,667</B></FONT></TD></TR>
					<TR><TD><BR></TD></TR>
	<TR height=48></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>COMMON STOCKS (&#8212;%)<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></B></TD>	<TD vAlign=bottom align=right><B></B></TD>	<TD vAlign=bottom align=right><B>Shares</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=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Tembec, Inc. (Canada)<sup><B><I>(NON)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,750</TD>	<TD vAlign=bottom align=right>$3,804</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 common stocks (cost $1,273,945)</B></FONT></TD>
										<TD align=right><FONT size=+0><B>$3,804</B></FONT></TD></TR>
					<TR><TD><BR></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 $549,360,833)<sup><B><I>(b)</I></B></sup></B></FONT></TD>
										<TD align=right><FONT size=+0><B>$595,138,543</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=2>Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from November 1, 2011 through July 31, 2012 (the reporting period). Within the following notes to the portfolio, references to &#8220;ASC 820&#8221; represent Accounting Standards Codification ASC 820&nbsp;<I>Fair Value Measurements and Disclosures</I>&nbsp;and references to &#8220;Putnam Management&#8221; represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC.</TD></TR>
	<TR vAlign=top><TD align=right><sup><B><I>(a)</I></B></sup></TD>	<TD colspan=2>Percentages indicated are based on net assets of $463,780,779.</TD></TR>
	<TR vAlign=top><TD align=right><sup><B><I>(RAT)</I></B></sup></TD>	<TD colspan=2>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. Security ratings are defined in the Statement of Additional Information.</TD></TR>
	<TR vAlign=top><TD align=right><sup><B><I>(b)</I></B></sup></TD>	<TD colspan=2>The aggregate identified cost on a tax basis is $549,195,574, resulting in gross unrealized appreciation and depreciation of $56,704,975 and $10,762,006, respectively, or net unrealized appreciation of $45,942,969.</TD></TR>
	<TR vAlign=top><TD align=right><sup><B><I>(NON)</I></B></sup></TD>	<TD colspan=2>Non-income-producing security.</TD></TR>
	<TR vAlign=top><TD align=right><sup><B><I>(FWC)</I></B></sup></TD>	<TD colspan=2>Forward commitment, in part or in entirety.</TD></TR>
	<TR vAlign=top><TD align=right><sup><B><I>(T)</I></B></sup></TD>	<TD colspan=2>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=2>At the close of the reporting period, the fund maintained liquid assets totaling $13,635,800 to cover certain derivatives contracts.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=2>Debt obligations are considered secured unless otherwise indicated.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=2>144A after the name of an issuer represents securities exempt from registration under Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=2>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=2>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=2>The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=2>The dates shown on debt obligations are the original maturity dates.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=2>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><TD></TD><TD>Health care</TD>	<TD align=right></TD><TD>45.8%</TD></TR>
		<TR><TD></TD><TD>Utilities</TD>	<TD align=right></TD><TD>20.3</TD></TR>
		<TR><TD></TD><TD>Transportation</TD>	<TD align=right></TD><TD>13.5</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=2><B>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=2>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=2><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 $23,689,123 were held by the TOB trust and served as collateral for $10,053,322 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $10,834 for these investments based on an average interest rate of 0.17%.</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><B>Common stocks:</B></B></TD>	<TD align=right><B></B></TD>	<TD align=right><B></B></TD>	<TD align=right><B></B></TD>						</TR>
	<TR><TD></TD>	<TD>Basic materials</TD>	<TD align=right>$3,804</TD>	<TD align=right>$&#8212;</TD>	<TD align=right>$&#8212;</TD>						</TR>
	<TR><TD></TD>	<TD><B>Total common stocks</B></TD>	<TD align=right><B>3,804</B></TD>	<TD align=right><B>&#8212;</B></TD>	<TD align=right><B>&#8212;</B></TD>						</TR>
	<TR><TD></TD>	<TD><b>Municipal bonds and notes</TD>	<TD align=right><B>$&#8212;</TD>	<TD align=right><B>$590,107,072</TD>	<TD align=right><B>$&#8212;</TD>						</TR>
	<TR><TD></TD>	<TD>Preferred stocks</TD>	<TD align=right>&#8212;</TD>	<TD align=right>5,027,667</TD>	<TD align=right>&#8212;</TD>						</TR>
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<TR><TD></TD>	<TD><B>Totals by level</B></TD>	<TD align=right><B>$3,804</B></TD>	<TD align=right><B>$595,134,739</B></TD>	<TD align=right><B>$&#8212;</B></TD>
						<TR><TD><BR><BR></TD></TR>
	<TR vAlign=top align=left><TD></TD>	<TD colspan=4>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 Managed Municipal Income 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 28, 2012
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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 28, 2012
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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 28, 2012
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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 27, 2012</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 27, 2012</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, 2012</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;Putnam Multi-Cap Core 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>

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