<SEC-DOCUMENT>0000928816-13-001500.txt : 20130927
<SEC-HEADER>0000928816-13-001500.hdr.sgml : 20130927
<ACCEPTANCE-DATETIME>20130927111304
ACCESSION NUMBER:		0000928816-13-001500
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20130731
FILED AS OF DATE:		20130927
DATE AS OF CHANGE:		20130927
EFFECTIVENESS DATE:		20130927

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:		131118514

	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>
<!DOCTYPE HTML PUBLIC "">


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

<BODY bgcolor="#ffffff">
































	<font face=sans-serif size=2>

	<br>
	<br>
	<br>





<table width=95% border=0 cellspacing=0 cellpadding=1><tr valign=top>
<td width=5%></td>
<td width=30%></td>
<td width=65%></td>
</tr>
<tr valign=top><td></td><td align=center colspan=2><font size=+2>UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION</font></td></tr></table>



<table width=95% border=0 cellspacing=0 cellpadding=1><tr valign=top>
<td width=5%></td>
<td width=30%></td>
<td width=65%></td>
</tr>
<tr valign=top><td></td><td align=center colspan=2>Washington, D.C. 20549</td></tr></table>




<table width=95% border=0 cellspacing=0 cellpadding=1><tr valign=top>
<td width=5%></td>
<td width=30%></td>
<td width=65%></td>
</tr>
<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>




<table width=95% border=0 cellspacing=0 cellpadding=1><tr valign=top>
<td width=5%></td>
<td width=30%></td>
<td width=65%></td>
</tr>
<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>




<table width=95% border=0 cellspacing=0 cellpadding=1><tr valign=top>
<td width=5%></td>
<td width=30%></td>
<td width=65%></td>
</tr>
<tr valign=top><td></td><td>Investment Company Act file number:</td>	<td>(811-05740)</td></tr></table>




<table width=95% border=0 cellspacing=0 cellpadding=1><tr valign=top>
<td width=5%></td>
<td width=30%></td>
<td width=65%></td>
</tr>
<tr valign=top><td></td><td>Exact name of registrant as specified in charter:</td>	<td>Putnam Managed Municipal Income Trust</td></tr></table>




<table width=95% border=0 cellspacing=0 cellpadding=1><tr valign=top>
<td width=5%></td>
<td width=30%></td>
<td width=65%></td>
</tr>
<tr valign=top><td></td><td>Address of principal executive offices:</td>	<td>One Post Office Square, Boston, Massachusetts 02109</td></tr></table>




<table width=95% border=0 cellspacing=0 cellpadding=1><tr valign=top>
<td width=5%></td>
<td width=30%></td>
<td width=65%></td>
</tr>
<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>




<table width=95% border=0 cellspacing=0 cellpadding=1><tr valign=top>
<td width=5%></td>
<td width=30%></td>
<td width=65%></td>
</tr>
<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>




<table width=95% border=0 cellspacing=0 cellpadding=1><tr valign=top>
<td width=5%></td>
<td width=30%></td>
<td width=65%></td>
</tr>
<tr valign=top><td></td><td>Registrant&#8217;s telephone number, including area code:</td>	<td>(617) 292-1000</td></tr></table>




<table width=95% border=0 cellspacing=0 cellpadding=1><tr valign=top>
<td width=5%></td>
<td width=30%></td>
<td width=65%></td>
</tr>
<tr valign=top><td></td><td>Date of fiscal year end:</td>	<td>October 31, 2013</td></tr></table>




<table width=95% border=0 cellspacing=0 cellpadding=1><tr valign=top>
<td width=5%></td>
<td width=30%></td>
<td width=65%></td>
</tr>
<tr valign=top><td></td><td>Date of reporting period:</td>	<td>July 31, 2013</td></tr></table>






<table width=95% border=0 cellspacing=0 cellpadding=1><tr valign=top>
<td width=5%></td>
<td width=30%></td>
<td width=65%></td>
</tr>
<br><tr valign=top><td></td><td><br><br><u>Item 1. Schedule of Investments:</td>	<td></u></td></tr></table><br>















































	<FONT size=2 face="sans-serif">


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

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0  cellPadding=0><TR>
     <TD width="5%"></TD>
     <TD width="38%"></TD>
     <TD width="10%"></TD>
     <TD width="15%"></TD>
     <TD width="9%"></TD>
     <TD width="13%"></TD>
     <TD width="12%"></TD>
</TR>



		<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>7/31/13 (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 (130.1%)<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>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 (1.5%)</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>$1,551,060</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>1,515,210</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>2,169,741</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>1,076,170</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>6,312,181</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>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,750,000</TD>	<TD vAlign=bottom align=right>1,635,288</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>1,851,930</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>1,029,850</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>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>1,972,260</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>2,464,132</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>2,179,281</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Phoenix, Indl. Dev. Auth. Ed. Rev. Bonds (Choice Academies, Inc.), 5 5/8s, 9/1/42</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>315,000</TD>	<TD vAlign=bottom align=right>287,573</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Pima Cnty., Indl. Dev. Auth. Rev. Bonds (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>1,044,604</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>2,133,540</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>2,164,140</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>554,810</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Tempe, Indl. Dev. Auth. Rev. Bonds (Friendship Village), 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>1,021,340</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Tempe, Indl. Dev. Auth. Sr. Living Rev. Bonds (Friendship Village), 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>138,000</TD>	<TD vAlign=bottom align=right>140,271</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Yavapai Cnty., Indl. Dev. Ed. Auth. Rev. Bonds (Agribusiness & Equine Ctr.), 5s, 3/1/32</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>1,000,000</TD>	<TD vAlign=bottom align=right>888,880</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>19,367,899</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>BB+/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>840,000</TD>	<TD vAlign=bottom align=right>870,794</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>715,000</TD>	<TD vAlign=bottom align=right>720,255</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>1,591,049</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>California (15.1%)</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</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; (Episcopal Sr. Cmntys.), 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>705,738</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (O'Connor Woods), 5s, 1/1/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>600,000</TD>	<TD vAlign=bottom align=right>591,906</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>463,035</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>1,093,232</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>1,085,920</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>1,055,250</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CA Poll. Control Fin. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Wtr. Furnishing), 5s, 7/1/37</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>2,000,000</TD>	<TD vAlign=bottom align=right>1,763,800</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Pacific Gas & Electric Corp.), Class D, FGIC, 4 3/4s, 12/1/23</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,500,000</TD>	<TD vAlign=bottom align=right>2,547,950</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CA Poll. Control Fin. Auth. VRDN (Pacific Gas & Electric Corp.), Class C, 0.06s, 11/1/26</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A-1+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>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>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>2,206,416</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>1,827,848</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>5,852,799</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>2,026,520</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CA State Muni. Fin. Auth. Charter School Rev. Bonds (Partnerships Uplift Cmnty.), Ser. A, 5s, 8/1/32</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>665,000</TD>	<TD vAlign=bottom align=right>609,971</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; (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>1,016,290</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>1,294,763</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>2,060,800</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>1,355,000</TD>	<TD vAlign=bottom align=right>1,357,642</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CA Statewide Cmnty. Dev. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Terraces at San Joaquin Gardens), Ser. A, 6s, 10/1/47</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>994,150</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (U. CA Irvine E. Campus Apts. Phase 1), 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>1,013,550</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (U. CA Irvine E. Campus Apts. Phase 1), 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>2,270,655</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>551,902</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>3,227,850</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>920,999</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>231,535</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>1,001,320</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>BBB-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>275,000</TD>	<TD vAlign=bottom align=right>275,976</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Corona-Norco, School Dist. Pub. Fin. Auth. Special Tax Bonds (Sr. Lien), Ser. A, 5s, 9/1/28</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>380,000</TD>	<TD vAlign=bottom align=right>383,279</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>508,545</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>2,659,411</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Golden State Tobacco Securitization Corp. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A-2, 5.3s, 6/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>B3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>1,553,000</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Enhanced Asset), Ser. A, 5s, 6/1/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>506,940</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Enhanced Asset), Ser. A, 5s, 6/1/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,125,000</TD>	<TD vAlign=bottom align=right>1,149,458</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>487,475</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>887,403</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Univ of CA, Ser. AF Rev. bonds, 5s, 5/15/36<sup><B><I>(T)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>7,000,000</TD>	<TD vAlign=bottom align=right>7,307,720</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Los Angeles, Regl. Arpt. Impt. Corp. Lease Rev. Bonds (Laxfuel Corp.), 4 1/2s, 1/1/27</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>400,000</TD>	<TD vAlign=bottom align=right>375,440</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>863,790</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>485,105</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>901,791</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Poway, Unified School Dist. Pub. Fin. Auth. Special Tax Bonds, 5s, 9/15/32</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>500,000</TD>	<TD vAlign=bottom align=right>482,665</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Rancho Cordova, Cmnty. Fac. Dist. Special Tax Bonds (Sunridge Anatolia), Ser. 03-1, 5s, 9/1/37</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>350,000</TD>	<TD vAlign=bottom align=right>325,903</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>1,262,617</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>608,868</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>San Francisco City & Cnty., Redev. Agcy. Cmnty. Successor Special Tax 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.6 Mission Bay Pub. Impts.), Ser. C, zero %, 8/1/43</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>2,000,000</TD>	<TD vAlign=bottom align=right>271,580</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Mission Bay), Ser. C, zero %, 8/1/38</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>2,000,000</TD>	<TD vAlign=bottom align=right>388,120</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>268,263</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>1,630,000</TD>	<TD vAlign=bottom align=right>1,714,173</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>835,559</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>250,525</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>384,731</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>64,410,178</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Colorado (3.5%)</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 Cmntys.), Ser. A, 8 1/4s, 1/1/24 (Prerefunded 1/1/14)</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>375,000</TD>	<TD vAlign=bottom align=right>390,705</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>845,510</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>312,948</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>2,143,958</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>1,950,968</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>3,423,561</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Covenant Retirement Cmnty.), Ser. A, 5s, 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>900,000</TD>	<TD vAlign=bottom align=right>856,908</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Evangelical Lutheran Good Samaritan Society), 5s, 12/1/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,100,000</TD>	<TD vAlign=bottom align=right>1,082,004</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>521,310</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>A</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,055,420</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Plaza, Tax Allocation Bonds (Metro. Dist. No.1), 5s, 12/1/40</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>1,650,000</TD>	<TD vAlign=bottom align=right>1,540,556</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>824,880</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>14,948,728</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Connecticut (0.3%)</B></FONT></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>1,076,954</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>1,076,954</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>DE State Econ. Dev. Auth. Rev. Bonds</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>529,800</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>2,531,906</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>DE State Hlth. Facs. Auth. VRDN (Christiana Care), Ser. A, 0.05s, 10/1/38</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>3,075,000</TD>	<TD vAlign=bottom align=right>3,075,000</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>6,136,706</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</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; (Howard U.), Ser. A, 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>2,706,175</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Howard U.), Ser. A, 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>1,087,900</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Kipp Charter School), 6s, 7/1/33<sup><B><I>(FWC)</I></B></sup></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>230,000</TD>	<TD vAlign=bottom align=right>242,452</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>1,243,900</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>1,855,500</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>7,135,927</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>Broward Cnty., Arpt. Syst. Rev. Bonds, Ser. Q-2, 5s, 10/1/31</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,015,350</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Double Branch Cmnty. Dev. Dist. Special Assmt. Bonds (Sr. Lien), Ser. A-1, 4 1/8s, 5/1/31</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>500,000</TD>	<TD vAlign=bottom align=right>437,075</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>1,947,820</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>355,000</TD>	<TD vAlign=bottom align=right>366,360</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>578,106</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Greater Orlando Aviation Auth. Rev. Bonds (JetBlue Airways Corp.), 5s, 11/15/36</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>1,000,000</TD>	<TD vAlign=bottom align=right>864,100</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>4,369,575</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>CCC/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>350,000</TD>	<TD vAlign=bottom align=right>292,520</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>430,000</TD>	<TD vAlign=bottom align=right>435,345</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>401,484</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>487,364</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>2,278,035</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>879,900</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; (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>1,068,410</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>1,541,955</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Martin Cnty., Rev. Bonds (Indiantown Cogeneration), 4.2s, 12/15/25</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Ba1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>439,350</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.), 5s, 11/15/29</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>970,660</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>2,040,660</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>910,000</TD>	<TD vAlign=bottom align=right>575,193</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>1,083,960</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>870,000</TD>	<TD vAlign=bottom align=right>810,014</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.), 5s, 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>500,000</TD>	<TD vAlign=bottom align=right>444,720</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>935,000</TD>	<TD vAlign=bottom align=right>651,199</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>445,000</TD>	<TD vAlign=bottom align=right>478,304</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>600,000</TD>	<TD vAlign=bottom align=right>611,874</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>25,069,333</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Georgia (3.2%)</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>2,846,125</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>B</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,000,000</TD>	<TD vAlign=bottom align=right>3,475,920</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 (Escrowed to maturity)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,520,000</TD>	<TD vAlign=bottom align=right>1,704,118</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>604,092</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>759,735</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>1,024,580</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>973,490</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>756,721</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>1,070,000</TD>	<TD vAlign=bottom align=right>1,085,535</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>606,462</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>13,836,778</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Territory of GU, Pwr. Auth. Rev. Bonds, Ser. A, 5s, 10/1/34</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>200,000</TD>	<TD vAlign=bottom align=right>193,148</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>193,148</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>B2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,010,000</TD>	<TD vAlign=bottom align=right>1,010,354</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>451,468</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>3,316,170</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Kahala Nui), 5 1/8s, 11/15/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB-/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>400,000</TD>	<TD vAlign=bottom align=right>400,408</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>5,178,400</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Illinois (4.6%)</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>1,980,300</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>1,749,000</TD>	<TD vAlign=bottom align=right>1,789,577</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>342,671</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>114,000</TD>	<TD vAlign=bottom align=right>117,607</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; (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>1,814,700</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>2,173,439</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>1,175,115</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>B3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,542,255</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>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,599,000</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>1,012,710</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>597,942</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>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,575,000</TD>	<TD vAlign=bottom align=right>1,546,319</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>95,494</TD>	<TD vAlign=bottom align=right>67,355</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>551,144</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>IL State G.O. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5 1/2s, 7/1/38</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>275,000</TD>	<TD vAlign=bottom align=right>279,818</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5s, 3/1/34</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>750,000</TD>	<TD vAlign=bottom align=right>707,063</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>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>750,000</TD>	<TD vAlign=bottom align=right>808,830</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Met Pier & Exposition Auth. Rev. Bonds (McCormick Place), Ser. B, zero %, 12/15/51</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>477,000</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>1,139,124</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>19,721,969</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>720,758</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>975,490</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>995,730</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>3,847,094</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>1,230,908</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>A</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>700,000</TD>	<TD vAlign=bottom align=right>760,256</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>A</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>543,040</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>466,143</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>9,539,419</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Iowa (2.1%)</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>1,094,829</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>2,847,542</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>IA Fin. Auth. Hlth. Fac. Rev. Bonds (Dev. Care Initiatives), Ser. A, 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>978,168</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>IA State Fin. Auth. Midwestern Disaster Rev. Bonds (IA Fertilizer Co.), 5 1/4s, 12/1/25</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>2,000,000</TD>	<TD vAlign=bottom align=right>1,888,780</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>1,180,000</TD>	<TD vAlign=bottom align=right>1,136,328</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>1,018,563</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>8,964,210</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>542,265</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>542,265</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Kentucky (1.5%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Breckinridge Cnty., Lease Program VRDN, Ser. A, 0.05s, 2/1/32</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>3,025,000</TD>	<TD vAlign=bottom align=right>3,025,000</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>267,000</TD>	<TD vAlign=bottom align=right>267,595</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>551,385</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>550,875</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>KY State Econ. Dev. Fin. Auth. Hlth. Care Rev. Bonds (Masonic Homes of KY), 5 3/8s, 11/15/42</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>900,000</TD>	<TD vAlign=bottom align=right>821,619</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>522,965</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>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>700,000</TD>	<TD vAlign=bottom align=right>734,664</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>6,474,103</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Pub. Facs. Auth. Dock & Wharf Rev. Bonds (Impala Warehousing, LLC), 6 1/2s, 7/1/36</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>1,000,000</TD>	<TD vAlign=bottom align=right>905,380</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>BBB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>750,000</TD>	<TD vAlign=bottom align=right>733,343</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Stadium & Exposition Dist. Rev. Bonds, Ser. A, 5s, 7/1/32</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>2,145,000</TD>	<TD vAlign=bottom align=right>2,190,281</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>3,829,004</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Maine (0.9%)</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>1,194,720</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>2,509,700</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>3,704,420</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Maryland (1.7%)</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>2,021,719</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Baltimore Cnty., Cons. Pub. Impt. G.O. Bonds, 5s, 8/1/22<sup><B><I>(SEGSF)</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>1,000,000</TD>	<TD vAlign=bottom align=right>1,201,930</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>635,102</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>1,028,150</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>406,412</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>583,638</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>1,602,528</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>7,479,479</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Massachusetts (6.5%)</B></FONT></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 (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>1,329,720</TD>	<TD vAlign=bottom align=right>93,745</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>730,000</TD>	<TD vAlign=bottom align=right>773,114</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MA State Dev. Fin. Agcy. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Sabis Intl.), Ser. A, 8s, 4/15/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>690,000</TD>	<TD vAlign=bottom align=right>799,068</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>705,202</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>453,195</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>247,370</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>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>541,735</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>65,240</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>815,715</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>1,723,919</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>538,571</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>2,520</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>1,071,746</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 (Prerefunded (5/1/19))</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,050,000</TD>	<TD vAlign=bottom align=right>1,291,238</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; (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>600,000</TD>	<TD vAlign=bottom align=right>636,438</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>B+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,550,000</TD>	<TD vAlign=bottom align=right>2,564,459</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>1,090,360</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>330,776</TD>	<TD vAlign=bottom align=right>33</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>984,865</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>1,593,030</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>465,030</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>1,137,180</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>1,595,205</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>226,325</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>1,405,740</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>2,236,915</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>885,000</TD>	<TD vAlign=bottom align=right>888,682</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>770,813</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Metro. Boston Trans. Pkg. Corp. Rev. Bonds, 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>1,517,505</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Metro. Boston, Trans. Pkg. Corp. Rev. Bonds (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>1,578,150</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>27,813,108</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Michigan (5.4%)</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 (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>205,000</TD>	<TD vAlign=bottom align=right>86,701</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>BB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,200,000</TD>	<TD vAlign=bottom align=right>1,086,744</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>1,660,681</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Flint, Hosp. Bldg. 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; (Hurley Med. Ctr.), 6s, 7/1/20 (Prerefunded 9/3/13)</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>210,000</TD>	<TD vAlign=bottom align=right>210,275</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A, 5 1/4s, 7/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Ba1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>750,000</TD>	<TD vAlign=bottom align=right>681,038</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>BB-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>340,000</TD>	<TD vAlign=bottom align=right>339,738</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>2,128,272</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>2,133,060</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>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,600,000</TD>	<TD vAlign=bottom align=right>1,667,328</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>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,565,000</TD>	<TD vAlign=bottom align=right>2,444,804</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>814,630</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>1,329,425</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>1,602,410</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>3,232,279</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>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,480,000</TD>	<TD vAlign=bottom align=right>1,564,523</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>2,190,680</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>23,172,588</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Minnesota (3.0%)</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>3,162,509</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>680,981</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>322,081</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>772,935</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>A-/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,110,210</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Rochester, Hlth. Care Fac. VRDN (Mayo Clinic), Ser. B, 0.04s, 11/15/38</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>500,000</TD>	<TD vAlign=bottom align=right>500,000</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Sartell, Hlth. Care & Hsg. Facs. Rev. Bonds (Country Manor Campus, LLC)</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, 9/1/30</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>500,000</TD>	<TD vAlign=bottom align=right>470,425</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5 1/4s, 9/1/27</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>750,000</TD>	<TD vAlign=bottom align=right>728,190</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), 7 1/2s, 1/1/39 (Prerefunded 1/1/16)</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>500,000</TD>	<TD vAlign=bottom align=right>581,480</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>260,843</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>260,128</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>St. Paul, Hsg. & Redev. Auth. Hosp. Rev. Bonds (Healtheast), 6s, 11/15/35</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,350,000</TD>	<TD vAlign=bottom align=right>1,398,897</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>1,042,425</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>1,475,955</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>12,767,059</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MS Bus. Fin. Corp. Gulf Opportunity Zone VRDN (Chevron USA, Inc.), Ser. B, 0.05s, 12/1/30</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>1,400,000</TD>	<TD vAlign=bottom align=right>1,400,000</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>1,751,200</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>3,151,200</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Missouri (0.6%)</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>1,503,465</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>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,098,750</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>2,602,215</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Montana (0.1%)</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>505,155</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>505,155</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>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,638,570</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>AA-/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,040,400</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>2,678,970</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Nevada (1.2%)</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>650,000</TD>	<TD vAlign=bottom align=right>657,761</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>410,000</TD>	<TD vAlign=bottom align=right>376,060</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>970,000</TD>	<TD vAlign=bottom align=right>948,980</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>360,000</TD>	<TD vAlign=bottom align=right>360,569</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>995,000</TD>	<TD vAlign=bottom align=right>961,477</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Las Vegas, Special Assessment Bonds (Dist. No. 607 Local Impt.), 5s, 6/1/23</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>450,000</TD>	<TD vAlign=bottom align=right>463,707</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Reno, Sales Tax VRDN (Reno Trans. Rail Access Corridor (ReTRAC)), 0.05s, 6/1/42</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>VMIG1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,300,000</TD>	<TD vAlign=bottom align=right>1,300,000</TD></TR>
	<TR height=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>5,068,554</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>New Hampshire (1.7%)</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; (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>2,121,640</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>1,381,367</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>1,936,275</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>1,808,409</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>7,247,691</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>New Jersey (7.9%)</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>3,200,000</TD>	<TD vAlign=bottom align=right>2,939,840</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>2,386,125</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>Ba1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,123,940</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>BBB-/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,250,000</TD>	<TD vAlign=bottom align=right>2,194,965</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>2,341,275</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NJ State Econ. Dev. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Newark Arpt. Marriott Hotel), 7s, 10/1/14</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>2,400,000</TD>	<TD vAlign=bottom align=right>2,412,336</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 (Prerefunded 7/1/14)</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>1,000,000</TD>	<TD vAlign=bottom align=right>1,073,900</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>401,783</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>1,047,900</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>2,119,760</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Continental Airlines, Inc.), 5 1/4s, 9/15/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>B2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,000,000</TD>	<TD vAlign=bottom align=right>2,813,639</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>505,680</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NJ State 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>823,192</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NJ State 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>1,809,815</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NJ State Econ. Dev. Auth. Wtr. Fac. Rev. Bonds (NJ American Wtr. Co.)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A, 5.7s, 10/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,600,000</TD>	<TD vAlign=bottom align=right>2,735,980</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>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>700,000</TD>	<TD vAlign=bottom align=right>713,853</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>992,380</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. 1A</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, 6/1/41</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>1,000,000</TD>	<TD vAlign=bottom align=right>741,790</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 4 1/2s, 6/1/23</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>2,000,000</TD>	<TD vAlign=bottom align=right>1,864,040</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>1,468,415</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>33,510,608</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>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>526,880</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>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>4,500,000</TD>	<TD vAlign=bottom align=right>4,246,920</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>2,112,880</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>6,886,680</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>New York (9.1%)</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>621,588</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>501,615</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>746,445</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>850,000</TD>	<TD vAlign=bottom align=right>850,476</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>2,781,466</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Niagara, Area Dev. Corp. Solid Waste Disp. Fac. Rev. Bonds (Covanta Holding Corp.), Ser. A, 5 1/4s, 11/1/42</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Ba2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,100,000</TD>	<TD vAlign=bottom align=right>981,277</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>1,580,550</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><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (American Airlines - JFK Intl. Arpt.), 7 1/2s, 8/1/16</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>2,915,000</TD>	<TD vAlign=bottom align=right>3,037,838</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>3,203,745</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>265,000</TD>	<TD vAlign=bottom align=right>264,679</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>10,607,725</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>761,997</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>5,294,800</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>3,811,476</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Port Auth. of 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>180,000</TD>	<TD vAlign=bottom align=right>176,616</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>1,103,109</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>673,169</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>1,250,463</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>685,000</TD>	<TD vAlign=bottom align=right>674,650</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>38,923,684</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>North Carolina (1.9%)</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>878,738</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>2,006,160</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>1,132,311</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>502,570</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>1,705,901</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>702,051</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>1,018,140</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NC State 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>215,000</TD>	<TD vAlign=bottom align=right>216,120</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>8,161,991</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Ohio (5.5%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>American Muni. Pwr. - Ohio, Inc. Rev. Bonds (Prairie Street Energy Campus), Ser. A, 5 1/4s, 2/15/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>5,000,000</TD>	<TD vAlign=bottom align=right>5,170,600</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>2,663,349</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>2,647,190</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>823,522</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>394,496</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>2,898,389</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>289,800</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>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,530,000</TD>	<TD vAlign=bottom align=right>1,607,357</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>1,056,530</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>1,410,487</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>OH State Higher Edl. Fac. Comm. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (U. Hosp. Hlth. Syst.), Ser. 09-A, 6 3/4s, 1/15/39 (Prerefunded 1/15/15)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,183,340</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>797,464</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>920,115</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>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>596,495</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>23,459,134</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>OK Hsg. Fin. Agcy. Single Fam. Rev. Bonds (Homeownership Loan), 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>1,025,000</TD>	<TD vAlign=bottom align=right>1,060,004</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>OK Hsg. Fin. Agcy. Single Family Mtge. Rev. Bonds (Homeownership Loan), 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>925,000</TD>	<TD vAlign=bottom align=right>962,444</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>OK State Tpk. Auth. VRDN, Ser. F, 0.05s, 1/1/28</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>900,000</TD>	<TD vAlign=bottom align=right>900,000</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>1,343,312</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>515,630</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Tulsa, Muni. Arpt. Trust Rev. Bonds (American Airlines, Inc.), Ser. B, 5 1/2s, 12/1/35</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>1,250,000</TD>	<TD vAlign=bottom align=right>1,097,025</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>5,878,415</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Oregon (0.3%)</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, Inc.), 5s, 12/1/29</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>350,000</TD>	<TD vAlign=bottom align=right>357,035</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>764,288</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>1,121,323</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Pennsylvania (6.7%)</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>1,024,970</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>2,163,160</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Allentown, Neighborhood Impt. Zone Dev. Auth. Rev. Bonds, Ser. A</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5s, 5/1/42</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>800,000</TD>	<TD vAlign=bottom align=right>741,416</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5s, 5/1/35</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>477,010</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5s, 5/1/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>200,000</TD>	<TD vAlign=bottom align=right>193,834</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>1,173,096</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>693,692</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Chester Cnty., Indl. Dev. Auth. Student Hsg. Rev. Bonds (West Chester U. Student Hsg., LLC), Ser. A, 5s, 8/1/45</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>600,000</TD>	<TD vAlign=bottom align=right>523,488</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>644,388</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>1,757,808</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>2,093,540</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>3,140,189</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>B-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,100,000</TD>	<TD vAlign=bottom align=right>1,093,565</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, 8/15/32</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>1,500,000</TD>	<TD vAlign=bottom align=right>1,582,455</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>2,068,320</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>1,661,385</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>534,150</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>1,046,770</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>752,273</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>485,335</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>615,810</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>1,025,470</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, 7/1/14 (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>2,594,738</TD>	<TD vAlign=bottom align=right>259</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>1,079,380</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>1,418,293</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>583,755</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>28,573,811</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Puerto Rico (2.2%)</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>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>1,935,780</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>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>993,000</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>A</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,003,360</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>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,000,000</TD>	<TD vAlign=bottom align=right>2,630,100</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>947,450</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>1,725,950</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>9,235,640</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>1,489,017</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>1,489,017</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>1,135,091</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>1,135,091</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>1,525,081</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 (Prerefunded 2/15/14)</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>1,000,000</TD>	<TD vAlign=bottom align=right>1,031,520</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>2,556,601</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Texas (13.2%)</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), Ser. A, U.S. Govt. Coll., 7s, 11/15/33 (Prerefunded, 11/15/13)</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>76,000</TD>	<TD vAlign=bottom align=right>78,207</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Brazos, Harbor Indl. Dev. Corp. Env. Fac. Mandatory Put Bonds (5/1/28) (Dow Chemical), 5.9s, 5/1/38</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,200,000</TD>	<TD vAlign=bottom align=right>2,292,796</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Central TX Regl. Mobility Auth. Rev. Bonds (Sr. Lien), Ser. A, 5s, 1/1/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>525,000</TD>	<TD vAlign=bottom align=right>511,613</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds (YMCA of Greater Houston), Ser. A, 5s, 6/1/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>971,750</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Harris Cnty., Cultural Ed. Fac. Fin. Corp. VRDN (The Methodist Hosp.), Ser. C-1, 0.05s, 12/1/24</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A-1+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,600,000</TD>	<TD vAlign=bottom align=right>2,600,000</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. E, 7s, 7/1/29</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>500,000</TD>	<TD vAlign=bottom align=right>499,720</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>B2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>4,000,000</TD>	<TD vAlign=bottom align=right>3,965,080</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>B2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,600,000</TD>	<TD vAlign=bottom align=right>1,606,112</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>B2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>6,185,000</TD>	<TD vAlign=bottom align=right>5,732,691</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>1,603,905</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>1,201,816</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>2,153,599</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>3,435,040</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; (Central 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>1,107,220</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>1,127,363</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Newark, Cultural Ed. Facs. Fin. Corp. Rev. Bonds (AW Brown-Fellowship Leadership Academy), Ser. A, 6s, 8/15/42</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>670,000</TD>	<TD vAlign=bottom align=right>648,547</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>1,853,580</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>1,122,910</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>1,840,020</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Red River, Hlth. Retirement Facs. Dev. Corp. Rev. Bonds (Sears Methodist Retirement Syst. Oblig. Group)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. C, 6 1/4s, 5/9/53</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>39,000</TD>	<TD vAlign=bottom align=right>34,617</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. B, 6.15s, 11/15/49</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>749,000</TD>	<TD vAlign=bottom align=right>645,526</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A, 6.05s, 11/15/46</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>441,000</TD>	<TD vAlign=bottom align=right>377,196</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. D, 6.05s, 11/15/46</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>76,000</TD>	<TD vAlign=bottom align=right>65,004</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A, 5.45s, 11/15/38</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>1,124,000</TD>	<TD vAlign=bottom align=right>904,101</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A, 5.15s, 11/15/27</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>593,000</TD>	<TD vAlign=bottom align=right>516,242</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Sam Rayburn, Muni. Pwr. Agcy. Rev. Bonds, 5s, 10/1/21</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>560,325</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>3,000,000</TD>	<TD vAlign=bottom align=right>3,271,470</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>1,839,067</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>3,100,000</TD>	<TD vAlign=bottom align=right>3,123,560</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Travis Cnty., Cultural Ed. Facs. Fin. Corp. Rev. Bonds (Wayside Schools), Ser. A, 5 1/4s, 8/15/42</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>853,800</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>2,106,660</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>2,335,420</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>1,708,860</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>350,000</TD>	<TD vAlign=bottom align=right>359,233</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>TX State Muni. Gas Acquisition & Supply Corp. III Rev. Bonds, 5s, 12/15/31</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>1,428,885</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>TX State Trans. Comm. Tpk. Syst. Mandatory Put Bonds (2/15/15) (1st Tier), Ser. B, 1 1/4s, 8/15/42</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,000,150</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>U. of TX Rev. Bonds (Fin. Syst.), Ser. B, 5s, 8/15/18<sup><B><I>(SEGSF)</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>730,000</TD>	<TD vAlign=bottom align=right>858,319</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>56,340,404</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Virginia (2.1%)</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>BB-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>600,000</TD>	<TD vAlign=bottom align=right>594,216</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Chesapeake, Toll Rd. Rev. Bonds (Sr. Trans. Syst.), Ser. A, 5s, 7/15/27</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>300,000</TD>	<TD vAlign=bottom align=right>296,433</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; (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>1,025,770</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>629,838</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>1,233,938</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>1,011,470</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Route 460 Funding Corp. Toll Rd. Rev. Bonds (Sr. Lien), Ser. A, 5 1/8s, 7/1/49</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>450,000</TD>	<TD vAlign=bottom align=right>415,112</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>VA State 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>909,207</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>1,150,000</TD>	<TD vAlign=bottom align=right>1,030,343</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>1,944,868</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>9,091,195</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Washington (3.6%)</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>5,426,711</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>1,528,860</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Port Seattle, Port Indl. Dev. Corp. Rev. Bonds (Delta Airlines, Inc.), 5s, 4/1/30</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>300,000</TD>	<TD vAlign=bottom align=right>270,411</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>2,561,225</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>2,399,906</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>415,000</TD>	<TD vAlign=bottom align=right>416,370</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>404,420</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>1,095,770</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>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,499,865</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>15,603,538</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>735,573</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>735,573</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Pub. Fin. Auth. Arpt. Fac. Rev. Bonds (Sr. Oblig. Group), 5 1/4s, 7/1/28</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>350,000</TD>	<TD vAlign=bottom align=right>347,837</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>1,270,900</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>1,368,463</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>2,987,200</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 $544,779,798)</B></FONT></TD>
										<TD align=right><FONT size=+0><B>$556,208,595</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 (0.9%)<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-5, $5.00 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>4,000,000</TD>	<TD vAlign=bottom align=right>$4,003,480</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B>Total preferred stocks (cost $4,000,000)</B></FONT></TD>
										<TD align=right><FONT size=+0><B>$4,003,480</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 (0.0%)<sup><B><I>(a)</I></B></sup></B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD vAlign=top align=left><B></B></TD>	<TD vAlign=top align=left><B></B></TD>	<TD vAlign=top align=left><B></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>$4,055</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>$4,055</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>SHORT-TERM INVESTMENTS (0.1%)<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>SSgA Prime Money Market Fund 0.02%<sup><B><I>(P)</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>230,000</TD>	<TD vAlign=bottom align=right>$230,000</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>Total short-term investments (cost $230,000)</B></FONT></TD>
										<TD align=right><FONT size=+0><B>$230,000</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 $550,283,743)<sup><B><I>(b)</I></B></sup></B></FONT></TD>
										<TD align=right><FONT size=+0><B>$560,446,130</B></FONT></TD></TR>
					<TR><TD><BR></TD></TR></TABLE>

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








		<TABLE style="WIDTH: 95%" border=0 cellSpacing=0 cellPadding=0><TR>
<TD width="5%"></TD>
<TD width="5%"></TD>
<TD width="10%"></TD>
<TD width="5%"></TD>
<TD width="15%"></TD>
<TD width="10%"></TD>
<TD width="15%"></TD>
<TD width="23%"></TD>
<TD width="12%"></TD>
</TR>
					<TR><TD><BR></TD></TR>

	<TR height=15></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=8><FONT size=+1><B>OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 7/31/13 (Unaudited)</B></FONT></TD></TR>
												<TR height=15></TR><TR vAlign=top align=left><TD></TD>
	<TR><TD vAlign=top align=left></TD>	<TD vAlign=top align=left colspan=3><B></B></TD>			<TD vAlign=bottom align=right><B>Upfront&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>	<TD vAlign=bottom align=left><B></B></TD>	<TD vAlign=bottom align=left><B>Fixed payments</B></TD>	<TD vAlign=bottom align=left><B>Total return</B></TD>	<TD vAlign=bottom align=right><B>Unrealized</B></TD></TR>
	<TR><TD vAlign=top align=left></TD>	<TD vAlign=top align=left colspan=3><B>Swap counterparty/</B></TD>			<TD vAlign=bottom align=right><B>premium&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>	<TD vAlign=bottom align=left><B>Termination</B></TD>	<TD vAlign=bottom align=left><B>received (paid) by</B></TD>	<TD vAlign=bottom align=left><B>received by</B></TD>	<TD vAlign=bottom align=right><B>appreciation/</B></TD></TR>
	<TR><TD vAlign=top align=left></TD>	<TD vAlign=top align=left colspan=3><B>Notional amount</B></TD>			<TD vAlign=bottom align=right><B>received (paid)&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>	<TD vAlign=bottom align=left><B>date</B></TD>	<TD vAlign=bottom align=left><B>fund per annum</B></TD>	<TD vAlign=bottom align=left><B>or paid by fund</B></TD>	<TD vAlign=bottom align=right><B>(depreciation)</B></TD></TR><TR><TD></TD><TD colspan=8>
<HR SIZE=2 noShade align=right Width="100%">
</TD></TR>
	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=8><B>Bank of America N.A.</B></TD></TR>

	<TR><TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=right>$6,600,000</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=right>$&#8212; &nbsp;&nbsp;&nbsp;&nbsp;</TD>	<TD vAlign=top align=left>9/11/13</TD>	<TD vAlign=top align=left>-</TD>	<TD vAlign=top align=left>3.11% minus MMD (Municipal Market Data) rate for AAA non-insured General Obligation bonds 20 year</TD>	<TD vAlign=bottom align=right>$(884,849)</TD></TR>
	<TR><TD colspan=8></TD><TD>
<HR SIZE=2 noShade align=right Width="80%">
</TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=7><B>Total</B></TD>
												<TD vAlign=bottom align=right><B>$(884,849)</B></TD></TR></TABLE>

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






		<TABLE style="WIDTH: 80%" border=0 cellSpacing=0 cellPadding=3><TR>
	<TD width="5%"></TD>
<TD width="30%"></TD>
<TD width="13%">
<TD width="13%">
	<TD width="13%">
<TD width="13%">
<TD width="13%"></TD></TR>
<TR height=60></TR><TR vAlign=top><TD align=right></TD>	<TD colspan=2><FONT size=+1><B>Notes to the fund's portfolio</B></FONT></TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6>Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from November 1, 2012 through July 31, 2013 (the reporting period). Within the following notes to the portfolio, references to &#8220;ASC 820&#8221; represent Accounting Standards Codification 820&nbsp;<I>Fair Value Measurements and Disclosures</I>, references to &#8220;Putnam Management&#8221; represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to &#8220;OTC&#8221;, if any, represent over-the-counter.</TD></TR>
	<TR vAlign=top><TD align=right><sup><B><I>(a)</I></B></sup></TD>	<TD colspan=6>Percentages indicated are based on net assets of $427,629,559.</TD></TR>
	<TR vAlign=top><TD align=right><sup><B><I>(RAT)</I></B></sup></TD>	<TD colspan=6>The Moody's, Standard & Poor's or Fitch ratings indicated are believed to be the most recent ratings available at the close of the reporting period for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at the close of the reporting period. Securities rated by Putnam are indicated by &#8220;/P.&#8221; Securities rated by Fitch are indicated by &#8220;/F.&#8221; The rating of an insured security represents what is believed to be the most recent rating of the insurer's claims-paying ability available at the close of the reporting period, if higher than the rating of the direct issuer of the bond, and does not reflect any subsequent changes.</TD></TR>
	<TR vAlign=top><TD align=right><sup><B><I>(b)</I></B></sup></TD>	<TD colspan=6>The aggregate identified cost on a tax basis is $550,269,224, resulting in gross unrealized appreciation and depreciation of $29,353,218 and $19,176,312, respectively, or net unrealized appreciation of $10,176,906.</TD></TR>
	<TR vAlign=top><TD align=right><sup><B><I>(NON)</I></B></sup></TD>	<TD colspan=6>Non-income-producing security.</TD></TR>
	<TR vAlign=top><TD align=right><sup><B><I>(SEGSF)</I></B></sup></TD>	<TD colspan=6>This security, in part or in entirety, was pledged and segregated with the custodian for collateral on certain derivative contracts at the close of the reporting period.</TD></TR>
	<TR vAlign=top><TD align=right><sup><B><I>(FWC)</I></B></sup></TD>	<TD colspan=6>Forward commitment, in part or in entirety.</TD></TR>
	<TR vAlign=top><TD align=right><sup><B><I>(P)</I></B></sup></TD>	<TD colspan=6>Security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivatives contracts. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.</TD></TR>
	<TR vAlign=top><TD align=right><sup><B><I>(T)</I></B></sup></TD>	<TD colspan=6>Underlying security in a tender option bond transaction. The security has been segregated as collateral for financing transactions.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6>At the close of the reporting period, the fund maintained liquid assets totaling $16,011,869 to cover tender option bonds and certain derivatives contracts.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6>144A after the name of an issuer represents securities exempt from registration under Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6>The rates shown on Mandatory Put Bonds are the current interest rates at the close of the reporting period.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6>The dates shown parenthetically on Mandatory Put Bonds represent the next mandatory put dates.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6>The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6>The dates shown on debt obligations are the original maturity dates.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6>The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets):</TD></TR>
		<TR vAlign=bottom><TD></TD><TD>Health care</TD>	<TD align=right>41.9%</TD></TR>
		<TR vAlign=bottom><TD></TD><TD>Utilities</TD>	<TD align=right>19.5</TD></TR>
		<TR vAlign=bottom><TD></TD><TD>Transportation</TD>	<TD align=right>15.2</TD></TR>
		<TR vAlign=bottom><TD></TD><TD>Education</TD>	<TD align=right>11.9</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6><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=6>Certain investments, including certain restricted and illiquid securities and derivatives are also valued at fair value following procedures approved by the Trustees. Such valuations and procedures are reviewed periodically by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures and recovery rates. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6><B>Total return swap contracts:</B> The fund entered into OTC total return swap contracts, which are arrangements to exchange a market linked return for a periodic payment, both based on a notional principal amount, to manage interest rate risk.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6>To the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the fund will receive a payment from or make a payment to the counterparty. OTC total return swap contracts are marked to market daily based upon quotations from an independent pricing service or market makers and the change, if any, is recorded as an unrealized gain or loss. Payments received or made are recorded as realized gains or losses. Certain OTC total return swap contracts may include extended effective dates. Payments related to these swap contracts are accrued based on the terms of the contract. The fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or in the price of the underlying security or index, the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. The fund&#8217;s maximum risk of loss from counterparty risk is the fair value of the contract. This risk may be mitigated by having a master netting arrangement between the fund and the counterparty.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6>For the fund's average notional amount on OTC total return swap contracts, see the appropriate table at the end of these footnotes.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6><B>Master agreements:</B> The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern over the counter derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties&#8217; general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund&#8217;s custodian and with respect to those amounts which can be sold or repledged, are presented in the fund&#8217;s portfolio.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6>Collateral pledged by the fund is segregated by the fund&#8217;s custodian and identified in the fund&#8217;s portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund&#8217;s net position with each counterparty.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6>Termination events applicable to the fund may occur upon a decline in the fund&#8217;s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty&#8217;s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund&#8217;s counterparties to elect early termination could impact the fund's future derivative activity.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6>At the close of the reporting period, the fund had a net liability position of $884,849 on open derivative contracts subject to the Master Agreements. Collateral posted by the fund for these agreements totaled $885,863.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6><B>Tender option bond transactions:</B> The fund may participate in transactions whereby a fixed-rate bond is transferred to a tender option bond trust (TOB trust) sponsored by a broker. The TOB trust funds the purchase of the fixed rate bonds by issuing floating-rate bonds issued to third parties and allowing the fund to retain the residual interest in the TOB trust&#8217;s assets and cash flows, which are in the form of inverse floating rate bonds. The inverse floating rate bonds held by the fund give the fund the right to (1) cause the holders of the floating rate bonds to tender their notes at par, and (2) to have the fixed-rate bond held by the TOB trust transferred to the fund, causing the TOB trust to collapse. The fund accounts for the transfer of the fixed-rate bond to the TOB trust as a secured borrowing by including the fixed-rate bond in The fund&#8217;s portfolio and including the floating rate bond as a liability in the Statement of assets and liabilities. At the close of the reporting period, the fund&#8217;s investments with a value of $28,636,956 were held by the TOB trust and served as collateral for $13,509,936 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $11,338 for these investments based on an average interest rate of 0.13%.</TD></TR>	</TABLE>


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







<TABLE style="WIDTH: 80%" border=0 cellSpacing=0  cellPadding=3><TR>
<TD width="5%"></TD>
<TD width="42%"></TD>
<TD width="17%"></TD>
<TD width="17%"></TD>
<TD width="17%"></TD>
</TR>

	<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>
						<TR><TD></TD><TD colspan=4>
<HR SIZE=2 noShade align=right Width="100%">
</TD></TR>
	<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><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>&nbsp;&nbsp;&nbsp;&nbsp;Basic materials</TD>	<TD align=right>$4,055</TD>	<TD align=right>$&#8212;</TD>	<TD align=right>$&#8212;</TD>						</TR>
	<TR><TD></TD>	<TD><B>Total common stocks</B></TD>	<TD align=right><B>4,055</B></TD>	<TD align=right><B>&#8212;</B></TD>	<TD align=right><B>&#8212;</B></TD>						</TR>
	<TR><TD></TD>	<TD>Municipal bonds and notes</TD>	<TD align=right>&#8212;</TD>	<TD align=right>556,208,595</TD>	<TD align=right>&#8212;</TD>						</TR>
	<TR><TD></TD>	<TD>Preferred stocks</TD>	<TD align=right>&#8212;</TD>	<TD align=right>4,003,480</TD>	<TD align=right>&#8212;</TD>						</TR>
	<TR><TD></TD>	<TD>Short-term investments</TD>	<TD align=right>230,000</TD>	<TD align=right>&#8212;</TD>	<TD align=right>&#8212;</TD>						</TR>
	<TR><TD></TD><TD></TD>
<TD>
<HR SIZE=2 noShade align=right Width="60%">
</TD>
<TD>
<HR SIZE=2 noShade align=right Width="60%">
</TD>
<TD>
<HR SIZE=2 noShade align=right Width="60%">
</TD>

</TR>
<TR><TD></TD>	<TD><B>Totals by level</B></TD>	<TD align=right><B>$234,055</B></TD>	<TD align=right><B>$560,212,075</B></TD>	<TD align=right><B>$&#8212;</B></TD>
						<TR><TD><BR><BR></TD></TR>
	<TR><TD><BR></TD>			<TD></TD><TD></TD><TD align=right><B>Valuation inputs</B></TD>							</TR>
						<TR><TD></TD><TD colspan=4>
<HR SIZE=2 noShade align=right Width="100%">
</TD></TR>
	<TR><TD></TD>	<TD><B><B>Other financial instruments:</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><TD></TD></TR>
	<TR><TD></TD>	<TD>Total return swap contracts</TD>	<TD align=right>$&#8212;</TD>	<TD align=right>$(884,849)</TD>	<TD align=right>$&#8212;</TD>						</TR>
	<TR><TD></TD><TD></TD>
<TD>
<HR SIZE=2 noShade align=right Width="60%">
</TD>
<TD>
<HR SIZE=2 noShade align=right Width="60%">
</TD>
<TD>
<HR SIZE=2 noShade align=right Width="60%">
</TD>

</TR>
<TR><TD></TD>	<TD><B>Totals by level</B></TD>	<TD align=right><B>$&#8212;</B></TD>	<TD align=right><B>$(884,849)</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>* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation.</TD></TR>
	<TR><TD></TD>	<TD><B>Market Values of Derivative Instruments as of the close of the reporting period</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><B></B></TD>	<TD align=right><B>Asset derivatives</B></TD>	<TD align=right><B>Liability derivatives</B></TD>
<TR><TD></TD><TD colspan=3>
<HR SIZE=2 noShade align=right Width="100%">
</TD></TR>

	<TD align=right><B></B></TD>						</TR>
	<TR><TD></TD>	<TD><B>Derivatives not accounted for as hedging instruments under ASC 815</B></TD>	<TD align=right><B>Market value</B></TD>	<TD align=right><B>Market value</B></TD>	<TD align=right><B></B></TD>
	<TR><TD></TD>	<TD>Interest rate contracts</TD>	<TD align=right>$&#8212;</TD>	<TD align=right>$884,849</TD>							</TR>
	<TR><TD></TD><TD></TD>
<TD>
<HR SIZE=2 noShade align=right Width="60%">
</TD>
<TD>
<HR SIZE=2 noShade align=right Width="60%">
</TD>
<TD>
</TR>
<TR><TD></TD>	<TD><B>Total</B></TD>	<TD align=right><B>$&#8212;</B></TD>	<TD align=right><B>$884,849</B></TD>	<TD align=right><B></B></TD>
						<TR><TD><BR><BR></TD></TR>
	<TR vAlign=top align=left><TD></TD>	<TD colspan=4>The average volume of activity for the reporting period for any derivative type that was held at the close of the period is listed below and was as follows:</TD></TR>
	<TR vAlign=top align=left><TD></TD>	<TD colspan=1>OTC total return swap contracts (notional)</TD>	<TD align=right>	$2,000,000</TD></TR>
	<TR vAlign=top align=left><TD></TD>	<TD colspan=4><BR>For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com</TD></TR>									</TABLE>





<BR><BR><BR>









































	<font face=sans-serif size=2>


<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td><u>Item 2. Controls and Procedures:</u>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<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.
</td></tr></table><br>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>(b) Changes in internal control over financial reporting: Not applicable
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td><u>Item 3. Exhibits:</u>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<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.
</td></tr></table><br>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td><u>SIGNATURES</u>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<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.
</td></tr></table><br>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td><u>Putnam Managed Municipal Income Trust</u>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>By (Signature and Title):
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td><u>/s/ Janet C. Smith</u><br>Janet C. Smith<br>Principal Accounting Officer<br>Date: September 27, 2013
</td></tr></table><br>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<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.
</td></tr></table><br>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>By (Signature and Title):
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td><u>/s/ Jonathan S. Horwitz</u><br>Jonathan S. Horwitz<br>Principal Executive Officer<br>Date: September 27, 2013
</td></tr></table><br>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>By (Signature and Title):
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td><u>/s/ Steven D. Krichmar</u><br>Steven D. Krichmar<br>Principal Financial Officer<br>Date: September 27, 2013
</td></tr></table><br>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>




























</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>b_052certifications.htm
<DESCRIPTION>EX-99.CERT
<TEXT>

<html>

	<head>
		<TITLE>b_052certifications.htm</TITLE>
	</head>
	<body>
	<font face=sans-serif size=2>

<br><br>

<table width=95% border=0 cellspacing=0 cellpadding=1>
<tr>
<td width=5%></td>
<td width=95%></td>
</tr>	<tr><td></td><td><u>Certifications<br><br></u></td></tr>
<tr><td></td><td>I, Jonathan S. Horwitz, the Principal Executive Officer of the funds listed on Attachment A, certify that:</td></tr>

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

<tr><td></td><td><br>2.  Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report;</td></tr>

<tr><td></td><td><br>3.  Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</td></tr>
<tr><td></td><td><br>4. The registrant&#8217;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:</td></tr>
<tr><td></td><td><br><br>a)  designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;</td></tr>
<tr><td></td><td><br><br>b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</td></tr>
<tr><td></td><td><br><br>c)  evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</td></tr>

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

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

<tr><td></td><td><br><br>a)  all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant&#8217;s ability to record, process, summarize, and report financial information; and</td></tr>

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

<tr><td></td><td><br>/s/ Jonathan S. Horwitz</td></tr>
<tr><td></td><td>_____________________________</td></tr>
<tr><td></td><td><br>Date: September 26, 2013</td></tr>
<tr><td></td><td>Jonathan S. Horwitz</td></tr>
<tr><td></td><td>Principal Executive Officer</td></tr>

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

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

<tr><td></td><td><br>2.  Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report;</td></tr>

<tr><td></td><td><br>3.  Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</td></tr>
<tr><td></td><td><br>4. The registrant&#8217;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:</td></tr>
<tr><td></td><td><br><br>a)  designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;</td></tr>
<tr><td></td><td><br><br>b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</td></tr>
<tr><td></td><td><br><br>c)  evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</td></tr>

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

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

<tr><td></td><td><br><br>a)  all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant&#8217;s ability to record, process, summarize, and report financial information; and</td></tr>

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

<tr><td></td><td><br>/s/ Steven D. Krichmar</td></tr>
<tr><td></td><td>_______________________________</td></tr>
<tr><td></td><td><br>Date: September 26, 2013</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>Period (s) ended July 31, 2013</td></tr>

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

</table>
			</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
