<SEC-DOCUMENT>0000928816-16-003619.txt : 20160929
<SEC-HEADER>0000928816-16-003619.hdr.sgml : 20160929
<ACCEPTANCE-DATETIME>20160929142016
ACCESSION NUMBER:		0000928816-16-003619
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160731
FILED AS OF DATE:		20160929
DATE AS OF CHANGE:		20160929
EFFECTIVENESS DATE:		20160929

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:		161909521

	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_managedmuniincome.htm
<DESCRIPTION>PUTNAM MANAGED MUNICIPAL INCOME TRUST
<TEXT>
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<tr valign=top><td></td><td align=center colspan=2><font size=+2>UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION</font></td></tr></table>



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<tr valign=top><td></td><td align=center colspan=2>Washington, D.C. 20549</td></tr></table>




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




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




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<tr valign=top><td></td><td>Investment Company Act file number:</td>	<td>(811-05740)</td></tr></table>




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




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




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




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




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




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<tr valign=top><td></td><td>Date of fiscal year end:</td>	<td>October 31, 2016</td></tr></table>




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<tr valign=top><td></td><td>Date of reporting period:</td>	<td>July 31, 2016</td></tr></table>






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















































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

		<TR><TD></TD><TD colspan=6><FONT size=+1><B>The fund's portfolio</B></FONT></TD></TR>
		<TR><TD></TD><TD colspan=6><FONT size=+1><B>7/31/16 (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 &mdash; 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 &mdash; 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 &mdash; 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 &mdash; 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 &mdash; 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. &mdash; 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. &mdash; 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 &mdash; 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 &mdash; 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. &mdash; 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>IFB &mdash; Inverse Floating Rate Bonds, which are securities that pay interest rates that vary inversely to changes in the market interest rates. As interest rates rise, inverse floaters produce less current income. 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>NATL &mdash; 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>SGI &mdash; Syncora Guarantee, Inc.			<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD colspan=6>U.S. Govt. Coll. &mdash; 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 &mdash; Variable Rate Demand Notes, which are floating-rate securities with long-term maturities that carry coupons that reset and are payable upon demand either daily, weekly or monthly. The rate shown is the current interest rate at the close of the reporting period.			<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR height=48></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>MUNICIPAL BONDS AND NOTES (126.1%)<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 (1.8%)</B></FONT></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, 6.75%, 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>$1,100,000</TD>	<TD vAlign=bottom align=right>$1,199,264</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Jefferson Cnty., Swr. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. D, 6.50%, 10/1/53</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>627,710</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; zero %, 10/1/46</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>3,950,000</TD>	<TD vAlign=bottom align=right>3,112,363</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Lower AL Gas Dist. Rev. Bonds (Gas Project), Ser. A, 5.00%, 9/1/46</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,450,000</TD>	<TD vAlign=bottom align=right>1,986,370</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, 6.25%, 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>1,161,240</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>8,086,947</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Econ. Dev. Auth. Rev. Bonds, Ser. A, 6.625%, 9/1/35</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>500,000</TD>	<TD vAlign=bottom align=right>525,360</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>525,360</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa Grande Regl. Med. Ctr.)</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, 7.625%, 12/1/29 (escrow)<sup><B><I>(F)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>D/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,800,000</TD>	<TD vAlign=bottom align=right>5,380</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 12/1/19 (escrow)<sup><B><I>(F)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>D/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>2,989</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, 5.125%, 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>2,000,000</TD>	<TD vAlign=bottom align=right>2,202,760</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, 7.25%, 2/1/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,200,000</TD>	<TD vAlign=bottom align=right>2,521,442</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Phoenix, Indl. Dev. Auth. Ed. 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; (Great Hearts Academies), 6.00%, 7/1/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BB/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>200,000</TD>	<TD vAlign=bottom align=right>220,760</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Choice Academies, Inc.), 5.625%, 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>334,508</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Choice Academies, Inc.), 5.375%, 9/1/32</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>675,000</TD>	<TD vAlign=bottom align=right>721,609</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Great Hearts Academies), 5.00%, 7/1/44</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>1,700,000</TD>	<TD vAlign=bottom align=right>1,928,854</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Choice Academies, Inc.), 4.875%, 9/1/22</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>905,000</TD>	<TD vAlign=bottom align=right>992,296</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Phoenix, Indl. Dev. Auth. Ed. 144A Rev. Bonds (BASIS Schools, Inc.)</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, 5.00%, 7/1/46</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>250,000</TD>	<TD vAlign=bottom align=right>271,113</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/35</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>900,000</TD>	<TD vAlign=bottom align=right>1,001,097</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A, 5.00%, 7/1/35</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>600,000</TD>	<TD vAlign=bottom align=right>660,168</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; 5.50%, 12/1/29</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>2,000,000</TD>	<TD vAlign=bottom align=right>2,599,740</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,567,780</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/32</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>570,000</TD>	<TD vAlign=bottom align=right>717,134</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, 6.25%, 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>1,091,900</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.), 5.00%, 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>1,046,310</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Yavapai Cnty., Indl. Dev. Ed. Auth. 144A Rev. Bonds, Ser. A, 5.00%, 9/1/34</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>524,505</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>19,410,345</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Arkansas (0.2%)</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.), 6.00%, 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>886,528</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>886,528</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>California (13.2%)</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.), 6.00%, 7/1/31</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>660,000</TD>	<TD vAlign=bottom align=right>777,817</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (O'Connor Woods), 5.00%, 1/1/33</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>600,000</TD>	<TD vAlign=bottom align=right>715,470</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CA Muni. Fin. Auth. COP (Cmnty. Hosp. Central CA), 5.25%, 2/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>650,000</TD>	<TD vAlign=bottom align=right>662,123</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, 6.125%, 6/1/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,163,690</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Emerson College), 6.00%, 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>1,189,460</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Cmnty. Med. Ctrs.), Ser. A, 5.00%, 2/1/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>750,000</TD>	<TD vAlign=bottom align=right>862,958</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CA School Fin. Auth. Rev. Bonds (2023 Union, LLC), Ser. A, 6.00%, 7/1/33</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>465,000</TD>	<TD vAlign=bottom align=right>540,135</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; 6.50%, 4/1/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>4,000,000</TD>	<TD vAlign=bottom align=right>4,612,801</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/42</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,371,360</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, 5.00%, 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>713,685</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CA State Poll. Control Fin. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Wtr. Furnishing), 5.00%, 11/21/45</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>2,000,000</TD>	<TD vAlign=bottom align=right>2,257,880</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Pacific Gas & Electric Corp.), Class D, FGIC, 4.75%, 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>2,578,525</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 Forestry & Fire), Ser. E, 5.00%, 11/1/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,250,000</TD>	<TD vAlign=bottom align=right>1,308,950</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Capital Projects), Ser. A, 5.00%, 4/1/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,372,540</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CA Statewide Cmnty. Dev. Auth. COP (The Internext Group), 5 3/8s, 4/1/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>540,000</TD>	<TD vAlign=bottom align=right>541,701</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, 6.00%, 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>1,345,000</TD>	<TD vAlign=bottom align=right>1,461,450</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (American Baptist Homes West), 5.75%, 10/1/25</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>3,000,000</TD>	<TD vAlign=bottom align=right>3,419,100</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (U. CA Irvine E. Campus Apts. Phase 1), 5.375%, 5/15/38</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>1,000,000</TD>	<TD vAlign=bottom align=right>1,161,120</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (899 Charleston, LLC), Ser. A, 5.25%, 11/1/44</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>508,356</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (U. CA Irvine E. Campus Apts. Phase 1), 5.125%, 5/15/31</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>2,250,000</TD>	<TD vAlign=bottom align=right>2,640,983</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, 5.00%, 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>380,000</TD>	<TD vAlign=bottom align=right>461,871</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Foothill/Eastern Corridor Agcy. Rev. Bonds, Ser. A, 6.00%, 1/15/53</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,818,480</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, 5.30%, 6/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>B3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,026,620</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A-1, 5.125%, 6/1/47</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>3,235,000</TD>	<TD vAlign=bottom align=right>3,239,044</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>La Verne, COP (Brethren Hillcrest Homes), 5.00%, 5/15/36</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>325,000</TD>	<TD vAlign=bottom align=right>355,290</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Los Angeles, Dept. of Arpt. Rev. Bonds (Los Angeles Intl. Arpt.), 5.00%, 5/15/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,203,450</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.), 4.50%, 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>439,184</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>M-S-R Energy Auth. Rev. Bonds, Ser. A, 6.50%, 11/1/39</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>750,000</TD>	<TD vAlign=bottom align=right>1,126,200</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Oakland, Alameda Cnty. Unified School Dist. 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; (Election of 2012), 6.625%, 8/1/38</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>800,000</TD>	<TD vAlign=bottom align=right>959,448</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Election of 2006), Ser. A, 5.50%, 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>586,975</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, 5.00%, 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>495,000</TD>	<TD vAlign=bottom align=right>580,491</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, 5.00%, 9/1/37</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>350,000</TD>	<TD vAlign=bottom align=right>389,855</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, 5.00%, 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>712,974</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>BBB/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>469,460</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (No. 6 Mission Bay Pub. Impts.), Ser. C, zero %, 8/1/38</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>635,920</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 Redev.), Ser. D, 6.625%, 8/1/39 (Prerefunded 8/1/19)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>250,000</TD>	<TD vAlign=bottom align=right>293,980</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>San Joaquin Hills, Trans. Corridor Agcy. Toll Road Rev. Bonds, Ser. A, 5.00%, 1/15/34</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>920,000</TD>	<TD vAlign=bottom align=right>1,086,520</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Santaluz, Cmnty. Fac. Dist. No. 2 Special Tax Bonds (Impt. Area No. 1), Ser. A, 5.25%, 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>1,620,000</TD>	<TD vAlign=bottom align=right>1,893,456</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Univ. of CA Rev. Bonds, Ser. AF, 5s, 5/15/36<sup><B><I>(T)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>7,000,000</TD>	<TD vAlign=bottom align=right>8,513,005</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Sunnyvale, Special Tax Bonds (Cmnty. Fac. Dist. No. 1), 7.75%, 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>837,597</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), 5.375%, 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>431,899</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>58,921,823</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Central Platte Valley, Metro. Dist. G.O. Bonds, 5.00%, 12/1/43</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>400,000</TD>	<TD vAlign=bottom align=right>429,900</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, 5.375%, 9/1/26</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>500,000</TD>	<TD vAlign=bottom align=right>564,290</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CO State Educ. & Cultural Fac. Auth. Rev. Bonds (Skyview Academy), 5.125%, 7/1/34</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>755,000</TD>	<TD vAlign=bottom align=right>826,559</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CO State Hlth. Fac. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Christian Living Cmnty.), 6.375%, 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>893,211</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Total Longterm Care National), Ser. A, 6.25%, 11/15/40 (Prerefunded 11/15/20)</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>300,000</TD>	<TD vAlign=bottom align=right>367,569</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Christian Living Cmntys.), Ser. A, 5.75%, 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>1,944,712</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Evangelical Lutheran Good Samaritan Society Oblig. Group (The)), 5.625%, 6/1/43</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>250,000</TD>	<TD vAlign=bottom align=right>296,678</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Valley View Assn.), 5.25%, 5/15/42</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>3,495,000</TD>	<TD vAlign=bottom align=right>3,601,632</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Evangelical Lutheran Good Samaritan Society Oblig. Group (The)), Ser. A, 5.00%, 6/1/45</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>1,732,350</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Covenant Retirement Cmnty.), Ser. A, 5.00%, 12/1/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB+/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>900,000</TD>	<TD vAlign=bottom align=right>1,017,954</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Evangelical Lutheran Good Samaritan Society Oblig. Group (The)), 5.00%, 12/1/33</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>1,243,781</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Eaton, Area Park & Recreation Dist. G.O. Bonds, 5.25%, 12/1/34</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>220,000</TD>	<TD vAlign=bottom align=right>235,862</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Park Creek Metro. Dist. Tax Allocation Bonds (Sr. Ltd. Property Tax Supported), Ser. A, 5.00%, 12/1/45</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>225,000</TD>	<TD vAlign=bottom align=right>261,965</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Plaza, Tax Alloc. Bonds (Metro. Dist. No. 1), 5.00%, 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>1,785,416</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Regl. Trans. Dist. Rev. Bonds (Denver Trans. Partners), 6.00%, 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>864,315</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>16,066,194</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Delaware (0.9%)</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.), 5.40%, 2/1/31</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>572,610</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Indian River Pwr.), 5.375%, 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>2,856,854</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (ASPIRA Charter School), Ser. A, 5.00%, 6/1/36</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>705,000</TD>	<TD vAlign=bottom align=right>771,383</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>4,200,847</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 (1.8%)</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, 6.50%, 10/1/41</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>400,000</TD>	<TD vAlign=bottom align=right>432,048</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Howard U.), Ser. A, 6.25%, 10/1/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,087,220</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Kipp Charter School), 6.00%, 7/1/33</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>1,209,560</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>CCC/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>7,500,000</TD>	<TD vAlign=bottom align=right>1,017,900</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>DC, Rev. Bonds (Methodist Home of The DC (The)), Ser. A, 5.25%, 1/1/39</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>250,000</TD>	<TD vAlign=bottom align=right>257,875</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Metro. Washington, Arpt. Auth. Dulles Toll Rd. Rev. Bonds, 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>4,222,900</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>8,227,503</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Florida (6.0%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Broward Cnty., Arpt. Syst. Rev. Bonds, Ser. A, 5.00%, 10/1/45</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>2,344,480</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, 4.125%, 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>530,330</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Fishhawk, CCD IV Special Assmt. Bonds, 7.25%, 5/1/43</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>400,000</TD>	<TD vAlign=bottom align=right>442,572</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, 5.00%, 4/1/32</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>600,000</TD>	<TD vAlign=bottom align=right>700,422</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Greater Orlando Aviation Auth. Rev. Bonds (JetBlue Airways Corp.), 5.00%, 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>1,065,870</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Halifax Hosp. Med. Ctr. Rev. Bonds, 5.00%, 6/1/36</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>1,300,000</TD>	<TD vAlign=bottom align=right>1,539,278</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, 6.00%, 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>260,000</TD>	<TD vAlign=bottom align=right>266,422</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.), 5.30%, 5/1/37</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>1,350,000</TD>	<TD vAlign=bottom align=right>1,357,034</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Lakeland, Hosp. Syst. Rev. Bonds (Lakeland Regl. Hlth.), 5.00%, 11/15/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>583,210</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Lakeland, Retirement Cmnty. 144A Rev. Bonds (1st Mtge. - Carpenters), 6.375%, 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>888,754</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Lakewood Ranch, Stewardship Dist. Special Assessment Bonds (Village of Lakewood Ranch South), 5.125%, 5/1/46</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>1,000,000</TD>	<TD vAlign=bottom align=right>1,060,350</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Lakewood Ranch, Stewardship Dist. Special Assmt. Bonds, 4.875%, 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>500,000</TD>	<TD vAlign=bottom align=right>528,580</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 (Shell Pt./Alliance 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; 5.125%, 11/15/36</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>1,075,000</TD>	<TD vAlign=bottom align=right>1,085,696</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/22</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>1,500,000</TD>	<TD vAlign=bottom align=right>1,543,200</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Martin Cnty., Rev. Bonds (Indiantown Cogeneration), 4.20%, 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>525,660</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.), 5.00%, 11/15/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,145,750</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Miami-Dade Cnty., Indl. Dev. Auth. Rev. Bonds (Pinecrest Academy, Inc.), 5.00%, 9/15/34</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>1,240,000</TD>	<TD vAlign=bottom align=right>1,363,777</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Midtown Miami Cmnty. Dev. Dist. Special Assmt. Bonds (Garage), Ser. A, 5.00%, 5/1/29</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>570,000</TD>	<TD vAlign=bottom align=right>618,798</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.), 5.50%, 11/15/33 (Prerefunded 11/15/20)</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>2,000,000</TD>	<TD vAlign=bottom align=right>2,387,540</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, 6.00%, 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>1,112,220</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Southeast Overtown Park West Cmnty. Redev. Agcy. 144A Tax Alloc. Bonds, Ser. A-1, 5.00%, 3/1/30</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>480,000</TD>	<TD vAlign=bottom align=right>548,472</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Tallahassee, Hlth. Fac. Rev. Bonds (Tallahassee Memorial HealthCare, Inc.), Ser. A, 5.00%, 12/1/55</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>1,148,480</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds, 5.40%, 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>745,000</TD>	<TD vAlign=bottom align=right>746,125</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.), 5.00%, 5/1/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>B+/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>470,000</TD>	<TD vAlign=bottom align=right>494,957</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, 5.375%, 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>845,000</TD>	<TD vAlign=bottom align=right>845,549</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Village Cmnty. Dev. Dist. No. 10 Special Assmt. Bonds, 5.75%, 5/1/31</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>790,000</TD>	<TD vAlign=bottom align=right>941,925</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), 6.125%, 5/1/39</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>400,000</TD>	<TD vAlign=bottom align=right>466,152</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Village Cmnty. Dev. Dist. No. 9 Special Assmt. Bonds, 5.00%, 5/1/22</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>385,000</TD>	<TD vAlign=bottom align=right>419,669</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>26,701,272</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Georgia (3.6%)</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, 6.25%, 11/1/39 (Prerefunded 11/1/19)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,500,000</TD>	<TD vAlign=bottom align=right>2,944,300</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, 8.75%, 6/1/29</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>3,000,000</TD>	<TD vAlign=bottom align=right>3,689,460</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Cobb Cnty., Dev. Auth. Student Hsg. Rev. Bonds (Kennesaw State U. Real Estate Oblig. Group), Ser. C, 5.00%, 7/15/38</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>750,000</TD>	<TD vAlign=bottom align=right>851,205</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., 6.25%, 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>730,000</TD>	<TD vAlign=bottom align=right>773,158</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, 5.25%, 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>885,368</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A, 5.25%, 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>1,175,760</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A, 5.00%, 10/1/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,144,800</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, 6.375%, 11/15/29 (Prerefunded 11/15/19)</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>700,000</TD>	<TD vAlign=bottom align=right>827,456</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Marietta, Dev. Auth. Rev. Bonds (Fac. of Life U., Inc.), Ser. PJ, 6.25%, 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>675,000</TD>	<TD vAlign=bottom align=right>721,373</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Muni. Election Auth. of GA Rev. Bonds (Plant Voltage Units 3 & 4), Ser. A, 5.50%, 7/1/60</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>2,473,000</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, 6.125%, 1/1/34</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>607,800</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>16,093,680</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Territory of GU, Pwr. Auth. Rev. Bonds, Ser. A, 5.00%, 10/1/34</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>200,000</TD>	<TD vAlign=bottom align=right>226,388</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>226,388</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Hawaii (1.0%)</B></FONT></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, 9.00%, 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>489,532</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Hawaiian Elec. Co. - Subsidiary), 6.50%, 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>3,415,530</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Kahala Nui), 5.125%, 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>451,016</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>4,356,078</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Chicago, 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. B-2, 5.50%, 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>2,070,660</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. C, 5.00%, 1/1/38</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>1,500,000</TD>	<TD vAlign=bottom align=right>1,524,720</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Chicago, Special Assmt. Bonds (Lake Shore East), 6.75%, 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>1,610,000</TD>	<TD vAlign=bottom align=right>1,613,413</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Chicago, Board of Ed. G.O. Bonds, Ser. C, 5.25%, 12/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>B+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,413,375</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Chicago, Motor Fuel Tax Rev. Bonds, 5.00%, 1/1/29</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>500,000</TD>	<TD vAlign=bottom align=right>535,085</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Chicago, O'Hare Intl. Arpt. Rev. Bonds, Ser. C, 5.00%, 1/1/26</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,595,000</TD>	<TD vAlign=bottom align=right>3,071,494</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Chicago, Waste Wtr. Transmission Rev. Bonds (2nd Lien), 5.00%, 1/1/39</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>1,360,000</TD>	<TD vAlign=bottom align=right>1,531,809</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Chicago, Wtr. Wks Rev. Bonds, 5.00%, 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>875,000</TD>	<TD vAlign=bottom align=right>1,007,458</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Cicero, G.O. Bonds, Ser. A, AGM, 5.00%, 1/1/20</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,250,000</TD>	<TD vAlign=bottom align=right>1,382,188</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), 5.625%, 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>350,294</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, 7.75%, 8/15/34</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>1,800,765</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Silver Cross Hosp. & Med. Ctr.), 7.00%, 8/15/44 (Prerefunded 8/15/19)</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>2,000,000</TD>	<TD vAlign=bottom align=right>2,375,520</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Rush U. Med. Ctr.), Ser. C, U.S. Govt. Coll., 6.625%, 11/1/39 (Prerefunded 5/1/19)</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>1,075,000</TD>	<TD vAlign=bottom align=right>1,251,021</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Navistar Intl. Recvy. Zone), 6.50%, 10/15/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Caa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>501,790</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Three Crowns Pk. Plaza), Ser. A, 5.875%, 2/15/26</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>1,000,000</TD>	<TD vAlign=bottom align=right>1,001,620</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (American Wtr. Cap. Corp.), 5.25%, 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>1,700,323</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>IL State G.O. Bonds, 5.00%, 3/1/34</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>750,000</TD>	<TD vAlign=bottom align=right>803,393</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>IL State Fin. Auth. Rev. Bonds (Presence Hlth. Network ), Ser. C, 5.00%, 2/15/36<sup><B><I>(FWC)</I></B></sup></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>525,000</TD>	<TD vAlign=bottom align=right>598,637</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>IL State Fin. Auth. Rev. Bonds (Plymouth Place ), 5.25%, 5/15/45</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>1,000,000</TD>	<TD vAlign=bottom align=right>1,086,350</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Metro. Wtr. Reclamation Dist. of Greater Chicago G.O. Bonds, Ser. A, 5.00%, 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>1,000,000</TD>	<TD vAlign=bottom align=right>1,240,680</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Railsplitter, Tobacco Settlement Auth. Rev. Bonds, 6.00%, 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>1,256,777</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>28,117,372</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>IN State Fin. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (I-69 Dev. Partners, LLC), 5.25%, 9/1/40</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>500,000</TD>	<TD vAlign=bottom align=right>564,090</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (I-69 Dev. Partners, LLC), 5.25%, 9/1/34</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>1,250,000</TD>	<TD vAlign=bottom align=right>1,441,675</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (OH Valley Elec. Corp.), Ser. A, 5.00%, 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>810,863</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; 5.00%, 2/1/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,132,540</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/29</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>500,000</TD>	<TD vAlign=bottom align=right>572,080</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>IN State Muni. Pwr. Agcy. Rev. Bonds , Ser. A, 5.00%, 1/1/42</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>3,000,000</TD>	<TD vAlign=bottom align=right>3,634,200</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Valparaiso, Exempt Facs. Rev. Bonds (Pratt Paper, LLC), 6.75%, 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>1,125,000</TD>	<TD vAlign=bottom align=right>1,407,679</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>9,563,127</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Iowa (1.0%)</B></FONT></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., 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; 5.50%, 12/1/22</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>1,000,000</TD>	<TD vAlign=bottom align=right>1,041,780</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/25</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>750,000</TD>	<TD vAlign=bottom align=right>810,975</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Orange Cnty., Hosp. Rev. Bonds, 5.50%, 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>1,125,000</TD>	<TD vAlign=bottom align=right>1,145,093</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Tobacco Settlement Auth. of IA Rev. Bonds, Ser. C, 5.375%, 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>1,251,550</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>4,249,398</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Kansas (0.2%)</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), 7.125%, 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>551,830</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Wichita, Hlth. Care Fac. Rev. Bonds (KS Masonic Home Oblig. Group), Ser. 2-A, 5.375%, 12/1/46</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>500,000</TD>	<TD vAlign=bottom align=right>519,445</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>1,071,275</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Kentucky (1.9%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>KY Econ. Dev. Fin. Auth. Rev. Bonds (Masonic Home Indpt. Living II)</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; 7.25%, 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>590,825</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 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>590,425</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>KY Pub. Trans. Infrastructure Auth. Rev. Bonds (1st Tier Downtown Crossing), Ser. A, 6.00%, 7/1/53</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,100,000</TD>	<TD vAlign=bottom align=right>1,339,041</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), 5.375%, 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>931,023</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, 6.00%, 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>533,565</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Louisville & Jefferson Cnty., Metro. Govt. Hlth. Syst. Rev. Bonds (Norton Healthcare Oblig. Group), 5.50%, 10/1/33</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>3,000,000</TD>	<TD vAlign=bottom align=right>3,694,980</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, 6.25%, 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>791,700</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>8,471,559</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>LA State Local Govt. Env. Fac. & Cmnty. Dev. Auth. Rev. Bonds (Westlake Chemical Corp.), 6.75%, 11/1/32</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>2,200,000</TD>	<TD vAlign=bottom align=right>2,356,574</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>LA State Pub. Fac. Auth. Rev. Bonds (Ochsner Clinic Foundation), 5.00%, 5/15/47</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>250,000</TD>	<TD vAlign=bottom align=right>292,765</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>LA State Pub. Fac. Solid Waste Disp. Auth. Rev. Bonds (LA Pellets, Inc.), Ser. A, 8.375%, 7/1/39</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>500,000</TD>	<TD vAlign=bottom align=right>288,750</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Pub. Fac. Auth. Dock & Wharf 144A Rev. Bonds (Impala Warehousing, LLC), 6.50%, 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>1,138,610</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Rapides, Fin. Auth. FRB (Cleco Pwr.), AMBAC, 4.70%, 11/1/36</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>754,365</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>St. Tammany, Public Trust Fin. Auth. Rev. Bonds (Christwood), 5.25%, 11/15/37</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>385,000</TD>	<TD vAlign=bottom align=right>412,732</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>5,243,796</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Maine (0.7%)</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</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; (ME Gen. Med. Ctr.), 7.50%, 7/1/32</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>1,000,000</TD>	<TD vAlign=bottom align=right>1,203,530</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (MaineGeneral Health Oblig. Group), 6.95%, 7/1/41</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>1,000,000</TD>	<TD vAlign=bottom align=right>1,149,040</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>ME State Fin. Auth. Solid Waste Disp. 144A Mandatory Put Bonds (8/1/25) (Casella Waste Syst.), 5.125%, 8/1/35</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>500,000</TD>	<TD vAlign=bottom align=right>597,575</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>2,950,145</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Maryland (1.0%)</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, 5.00%, 1/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,026,460</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.), 6.20%, 9/1/22</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>550,000</TD>	<TD vAlign=bottom align=right>622,749</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Westminster, 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; (Lutheran Village at Miller's Grant, Inc. (The)), Ser. A, 6.00%, 7/1/34</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>250,000</TD>	<TD vAlign=bottom align=right>278,945</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Carroll Lutheran Village, Inc.), 5.125%, 7/1/34</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>1,500,000</TD>	<TD vAlign=bottom align=right>1,656,210</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>4,584,364</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Massachusetts (8.0%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MA Bay Trans. Auth. Rev. Bonds, Ser. A, 5.00%, 7/1/25<sup><B><I>(FWC)</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>2,000,000</TD>	<TD vAlign=bottom align=right>2,597,300</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MA State G.O. Bonds, Ser. B, 5.00%, 7/1/33</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>1,500,000</TD>	<TD vAlign=bottom align=right>1,893,495</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, 8.00%, 4/15/39 (Prerefunded 10/15/19)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>690,000</TD>	<TD vAlign=bottom align=right>848,114</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Linden Ponds, Inc. Fac.), Ser. A-1, 6.25%, 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>450,850</TD>	<TD vAlign=bottom align=right>473,699</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Linden Ponds, Inc. Fac.), Ser. A-1, 6.25%, 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>289,357</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Boston U.), SGI, 6.00%, 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>691,755</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Loomis Cmntys.), Ser. A, 6.00%, 1/1/33</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>200,000</TD>	<TD vAlign=bottom align=right>231,216</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Linden Ponds, Inc. Fac.), Ser. A-2, 5.50%, 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>85,953</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (New England Conservatory of Music), U.S. Govt. Coll., 5.25%, 7/1/38 (Prerefunded 7/1/18)</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>805,000</TD>	<TD vAlign=bottom align=right>875,373</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Wheelock College), Ser. C, 5.25%, 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>1,754,502</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Dana-Farber Cancer Inst.), Ser. N, 5.00%, 12/1/41</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>1,400,000</TD>	<TD vAlign=bottom align=right>1,715,364</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (WGBH Edl. Foundation ), 5.00%, 1/1/34</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,895,000</TD>	<TD vAlign=bottom align=right>2,361,322</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (First Mtge. - Orchard Cove), 5.00%, 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>564,471</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>3,451</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, 6.65%, 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>1,089,092</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MA State Dev. Fin. Agcy. Solid Waste Disp. FRB (Dominion Energy Brayton Point), Ser. 1, U.S. Govt. Coll., 5.75%, 12/1/42 (Prerefunded 5/1/19)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,050,000</TD>	<TD vAlign=bottom align=right>1,193,871</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MA State Edl. Fin. Auth. Rev. Bonds, Ser. B, 5.50%, 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>450,000</TD>	<TD vAlign=bottom align=right>484,191</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; (Suffolk U.), Ser. A, 6.25%, 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>1,152,430</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Suffolk U.), Ser. A, U.S. Govt. Coll., 5.75%, 7/1/39 (Prerefunded 7/1/19)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>950,000</TD>	<TD vAlign=bottom align=right>1,068,627</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Baystate Med. Ctr.), Ser. I, 5.75%, 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>1,685,925</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Springfield College), 5.625%, 10/15/40 (Prerefunded 10/15/19)</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>519,386</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Springfield College), 5.50%, 10/15/31 (Prerefunded 10/15/19)</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>1,265,264</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Springfield College), 5.50%, 10/15/26 (Prerefunded 10/15/19)</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>1,725,360</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Fisher College), Ser. A, 5.125%, 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>255,668</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Milford Regl. Med.), Ser. E, 5.00%, 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>2,287,692</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, 5.125%, 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>861,750</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MA State Trans. Fund Rev. Bonds (Rail Enhancement Program), 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; 5.00%, 6/1/24</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>650,000</TD>	<TD vAlign=bottom align=right>833,450</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/23</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aaa</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,885,000</TD>	<TD vAlign=bottom align=right>3,620,935</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Metro. Boston, Trans. Pkg. Corp. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Systemwide Pkg.), 5.25%, 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>1,770,795</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 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>1,729,965</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>35,929,773</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Michigan (4.2%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Detroit, Wtr. Supply Syst. Rev. Bonds, Ser. B, AGM, 6.25%, 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>1,876,647</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Flint, Hosp. Bldg. Auth. Rev. Bonds, Ser. A, 5.25%, 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>777,203</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Kentwood, Economic Dev. Rev. Bonds (Holland Home), 5.625%, 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>2,195,000</TD>	<TD vAlign=bottom align=right>2,454,230</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MI State Fin. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Presbyterian Villages of MI), 5.50%, 11/15/45</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>500,000</TD>	<TD vAlign=bottom align=right>531,320</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Local Govt. Loan Program - Detroit Wtr. & Swr. Dept. (DWSD)), Ser. D-2, 5.00%, 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>400,000</TD>	<TD vAlign=bottom align=right>471,036</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Detroit Wtr. & Swr.), Ser. C-6, 5.00%, 7/1/33</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>702,354</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, 6.125%, 6/1/39 (Prerefunded 6/1/19)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,299,600</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Henry Ford Hlth.), 5.75%, 11/15/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,600,000</TD>	<TD vAlign=bottom align=right>1,838,128</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Henry Ford Hlth. Syst.), Ser. A, 5.25%, 11/15/46</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,565,000</TD>	<TD vAlign=bottom align=right>2,599,140</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), 5.75%, 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>1,654,331</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.), 5.25%, 10/15/26</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Aa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,250,000</TD>	<TD vAlign=bottom align=right>1,477,438</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Wayne Cnty., Arpt. Auth. Rev. Bonds, Ser. A, 5.00%, 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>2,312,700</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>18,994,127</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Douglas Cnty., Gross Hlth. Care Fac. Rev. Bonds (Douglas Cnty. Hosp.)</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; 6.25%, 7/1/34 (Prerefunded 7/1/18)</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>1,940,000</TD>	<TD vAlign=bottom align=right>2,146,377</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 7/1/34 (Prerefunded 7/1/18)</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>1,060,000</TD>	<TD vAlign=bottom align=right>1,172,763</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Ham Lake, Charter School Lease Rev. Bonds (DaVinci Academy of Arts & Science), Ser. A, 5.00%, 7/1/47</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>500,000</TD>	<TD vAlign=bottom align=right>522,645</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), 5.375%, 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>700,560</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Minnetonka, Hsg. Fac. VRDN (Beacon Hill), FNMA Coll., 0.44s, 5/15/34</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>385,000</TD>	<TD vAlign=bottom align=right>385,000</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), 6.125%, 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>326,063</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Northfield, Hosp. Rev. Bonds, 5.375%, 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>757,958</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Otsego, Charter School Lease Rev. Bonds (Kaleidoscope Charter School), Ser. A, 5.00%, 9/1/34</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>800,000</TD>	<TD vAlign=bottom align=right>849,056</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Rochester, Hlth. Care Fac. Rev. Bonds (Olmsted Med. Ctr.), 5.875%, 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>1,166,810</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; 5.25%, 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>533,410</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 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>810,188</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; 6.625%, 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>284,925</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 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>291,253</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, 5.00%, 8/1/36</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,125,000</TD>	<TD vAlign=bottom align=right>1,127,318</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>11,074,326</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MS State Bus. Fin. Commission Gulf Opportunity Zone VRDN (Chevron USA, Inc.), Ser. E, 0.4s, 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>1,000,000</TD>	<TD vAlign=bottom align=right>1,000,000</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, 6.50%, 9/1/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,600,000</TD>	<TD vAlign=bottom align=right>1,778,032</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>2,778,032</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Kansas City, Indl. Dev. Auth. Hlth. Fac. Rev. Bonds (First Mtge. Bishop Spencer), Ser. A, 6.50%, 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>1,500,420</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MO State Hlth. & Edl. Fac. Auth. Rev. Bonds (Saint Lukes Hlth. Syst., Inc. ), 5.00%, 11/15/35</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>375,000</TD>	<TD vAlign=bottom align=right>457,725</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MO State Hlth. & Edl. Fac. Auth. VRDN (WA U. (The)), Ser. C, 0.37s, 9/1/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>VMIG1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,000,000</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>St. Louis Arpt. Rev. Bonds (Lambert-St. Louis Intl.), Ser. A-1, 6.625%, 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>1,155,980</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>4,114,125</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, 5.25%, 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>1,640,475</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Lancaster Cnty., Hosp. Auth. Rev. Bonds (Immanuel Oblig. Group), 5.50%, 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>1,136,450</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>2,776,925</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., Arpt. Rev. Bonds, Ser. A-2, 5.00%, 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>1,050,000</TD>	<TD vAlign=bottom align=right>1,270,868</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Clark Cnty., Impt. Dist. Special Assmt. Bonds (Mountains Edge Local No. 142), 5.00%, 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>555,000</TD>	<TD vAlign=bottom align=right>619,491</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Clark Cnty., Impt. Dist. No. 159 Special Assessment Bonds (Summerlin Village 16A), 5.00%, 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>500,000</TD>	<TD vAlign=bottom align=right>528,940</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), 5.00%, 9/1/18</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>350,000</TD>	<TD vAlign=bottom align=right>357,623</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (No. T-18), 5.00%, 9/1/16</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>715,000</TD>	<TD vAlign=bottom align=right>715,265</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Las Vegas, 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; 5.00%, 6/1/31</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>445,000</TD>	<TD vAlign=bottom align=right>475,247</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Dist. No. 607 Local Impt.), 5.00%, 6/1/23</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>390,000</TD>	<TD vAlign=bottom align=right>444,272</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Las Vegas, Impt. Dist. No. 812 Special Assessment Bonds (Summerlin Village 24), 5.00%, 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>250,000</TD>	<TD vAlign=bottom align=right>265,588</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Las Vegas, Redev. Agcy. Tax Allocation Bonds (Tax Increment), 5.00%, 6/15/40</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>600,000</TD>	<TD vAlign=bottom align=right>702,930</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>5,380,224</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>New Hampshire (1.5%)</B></FONT></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, 6.00%, 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>1,916,716</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NH State Bus. Fin. Auth. Solid Waste Disp. 144A Mandatory Put Bonds (10/1/19) (Casella Waste Syst., Inc.), 4.00%, 4/1/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>350,000</TD>	<TD vAlign=bottom align=right>368,361</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NH State 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, 6.875%, 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>2,305,000</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Rivermead), Ser. A, 6.625%, 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>1,526,514</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Kendel at Hanover ), 5.00%, 10/1/40</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>585,000</TD>	<TD vAlign=bottom align=right>689,042</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>6,805,633</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>New Jersey (8.3%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Burlington Cnty., Bridge Comm. Econ. Dev. Rev. Bonds (The Evergreens), 5.625%, 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>1,500,000</TD>	<TD vAlign=bottom align=right>1,576,110</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; (Ashland School, Inc.), 6.00%, 10/1/33</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>1,174,380</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (NYNJ Link Borrower, LLC), 5.375%, 1/1/43</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,171,960</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (MSU Student Hsg. - Provident Group - Montclair LLC), 5.375%, 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>2,234,940</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Lions Gate), 5.25%, 1/1/44</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>300,000</TD>	<TD vAlign=bottom align=right>318,108</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Continental Airlines, Inc.), 5.25%, 9/15/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,000,000</TD>	<TD vAlign=bottom align=right>3,370,980</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (United Methodist Homes), Ser. A, 5.00%, 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>500,000</TD>	<TD vAlign=bottom align=right>558,010</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 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>560,550</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NJ State Econ. Dev. Auth. Fac. Rev. Bonds (Continental Airlines, Inc.), 5.625%, 11/15/30</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>1,729,350</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>2,913,560</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. D, 4.875%, 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>772,170</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NJ State 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.), 6.625%, 7/1/38</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>2,250,000</TD>	<TD vAlign=bottom align=right>2,460,578</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (St. Peter's U. Hosp.), 6.25%, 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>2,214,740</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Princeton HealthCare Syst.), Ser. A, 5.00%, 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>1,000,000</TD>	<TD vAlign=bottom align=right>1,209,450</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Holy Name Hosp.), 5.00%, 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>2,502,825</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>North Hudson, Swr. Auth. Rev. Bonds, Ser. A, 5.00%, 6/1/42</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,152,930</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Tobacco Settlement Fin. 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. 1A, 5.00%, 6/1/41</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>5,000,000</TD>	<TD vAlign=bottom align=right>4,936,600</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. 1A, 4.75%, 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>2,210,000</TD>	<TD vAlign=bottom align=right>2,157,910</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; zero %, 6/1/41</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>10,000,000</TD>	<TD vAlign=bottom align=right>2,672,600</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, 5.25%, 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>1,615,518</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>37,303,269</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 San Juan, NM), Ser. D, 5.90%, 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>567,345</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Public Service Co. of San Juan, NM), Ser. B, 4.875%, 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>4,576,815</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (AZ Pub. Svc. Co.), Ser. B, 4.70%, 9/1/24</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,241,160</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>7,385,320</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>New York (7.2%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Broome Cnty., Indl. Dev. Agcy. Continuing Care Retirement Rev. Bonds (Good Shepard Village), Ser. A, 6.75%, 7/1/28 (Prerefunded 7/1/18)</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>600,000</TD>	<TD vAlign=bottom align=right>669,888</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NY City, Muni. Wtr. & Swr. Fin. Auth. Rev. Bonds, 5s, 6/15/31<sup><B><I>(T)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>10,000,000</TD>	<TD vAlign=bottom align=right>11,831,343</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NY State Dorm. Auth. Rev. Bonds, Ser. A, 5.00%, 3/15/38</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AAA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,797,090</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.), 6.25%, 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>791,243</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NY State Dorm. Auth. Non-Supported Debt Rev. Bonds (NYU Hosp. Ctr.), 5.00%, 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>500,000</TD>	<TD vAlign=bottom align=right>602,345</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NY State Dorm. Auth. Revs. bonds, Ser. C, 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>5,872,678</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NY State Env. Fac. Corp. Solid Waste Disp. 144A Mandatory Put Bonds (12/2/19) (Casella Waste Syst., Inc.), 3.75%, 12/1/44</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>1,037,410</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NY State Liberty Dev. Corp. 144A Rev. Bonds (World Trade Ctr.)</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; Class 2, 5.375%, 11/15/40</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>750,000</TD>	<TD vAlign=bottom align=right>883,965</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Class 1, 5.00%, 11/15/44</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>2,750,000</TD>	<TD vAlign=bottom align=right>3,159,310</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NY State Trans. Special Fac. Dev. Corp. Rev. Bonds (American Airlines, Inc.-John F. Kennedy Intl. Arpt.), 5.00%, 8/1/31</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,250,000</TD>	<TD vAlign=bottom align=right>2,466,585</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Onondaga, Civic Dev. Corp. Rev. Bonds (St. Joseph's Hosp. Hlth. Ctr.), U.S. Govt. Coll., 5.125%, 7/1/31 (Prerefunded 7/1/19)</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>1,620,000</TD>	<TD vAlign=bottom align=right>1,831,734</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Port Auth. of NY & NJ Rev. Bonds (Kennedy Intl. Arpt. - 5th Installment), 6.75%, 10/1/19</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>100,000</TD>	<TD vAlign=bottom align=right>100,037</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Port Auth. of NY & NJ Special Oblig. Rev. Bonds (JFK Intl. Air Term.), 6.00%, 12/1/42</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>1,172,490</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>32,216,118</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>North Carolina (2.4%)</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, 6.75%, 1/1/24 (Prerefunded 1/1/19)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AAA/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>750,000</TD>	<TD vAlign=bottom align=right>858,878</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NC State 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), 5.40%, 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>2,008,740</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (First Mtge. - Presbyterian Homes), 5.375%, 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>1,116,538</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NC State Med. Care Comm. Hlth. Fac. Rev. Bonds (Pennybyrn at Maryfield, Inc.), 5.00%, 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>375,000</TD>	<TD vAlign=bottom align=right>410,989</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NC State 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), 6.00%, 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>1,000,000</TD>	<TD vAlign=bottom align=right>1,041,640</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Salemtowne), 5.25%, 10/1/37</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>385,000</TD>	<TD vAlign=bottom align=right>427,516</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Forest at Duke, Inc. (The)), 5.125%, 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>1,046,540</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Aldersgate United Methodist Church), 5.00%, 7/1/45</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>825,000</TD>	<TD vAlign=bottom align=right>895,967</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (United Church Homes & Svcs. Oblig. Group), Ser. A, 5.00%, 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>500,000</TD>	<TD vAlign=bottom align=right>546,475</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (United Methodist Retirement Homes), Ser. A, 5.00%, 10/1/35</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>598,630</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NC State Med. Care Comm. Retirement Fac. Rev. Bonds (Salemtowne), 5.375%, 10/1/45</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>1,615,000</TD>	<TD vAlign=bottom align=right>1,791,681</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>10,743,594</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Ohio (5.8%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A-2, 6.50%, 6/1/47</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>2,047,420</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A-3, 6.25%, 6/1/37</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>850,000</TD>	<TD vAlign=bottom align=right>867,340</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A-2, 6.00%, 6/1/42</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>2,500,000</TD>	<TD vAlign=bottom align=right>2,499,750</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A-2, 5.875%, 6/1/47</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>B3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>6,500,000</TD>	<TD vAlign=bottom align=right>6,458,140</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A-2, 5.875%, 6/1/30</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>1,315,000</TD>	<TD vAlign=bottom align=right>1,314,264</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A-2, 5.75%, 6/1/34</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>B-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,675,000</TD>	<TD vAlign=bottom align=right>3,630,312</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Franklin Cnty., Hlth. Care Fac. Rev. Bonds (OH Presbyterian Retirement Svcs. (OPRS) Cmntys. Oblig. Group), Ser. A, 5.625%, 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>2,250,000</TD>	<TD vAlign=bottom align=right>2,482,988</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Lake Cnty., Hosp. Fac. Rev. Bonds (Lake Hosp. Syst., Inc.), Ser. C</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 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>245,000</TD>	<TD vAlign=bottom align=right>268,116</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; U.S. Govt. Coll., 5.625%, 8/15/29 (Prerefunded 8/15/18)</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>1,285,000</TD>	<TD vAlign=bottom align=right>1,414,194</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>OH State Higher Edl. Fac. Comm. Rev. Bonds (Kenyon College), 5.00%, 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>896,896</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>OH State Private Activity Rev. Bonds (Portsmouth Bypass), AGM, 5.00%, 12/31/35</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>750,000</TD>	<TD vAlign=bottom align=right>883,808</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>OH State Wtr. Dev. Auth. Poll. Control Mandatory Put Bonds (6/3/19) (FirstEnergy Nuclear Generation, LLC), 4.00%, 12/1/33</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>1,550,000</TD>	<TD vAlign=bottom align=right>1,571,514</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Southeastern OH Port Auth. Hosp. 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; 5.75%, 12/1/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BB/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>900,000</TD>	<TD vAlign=bottom align=right>1,036,044</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Memorial Hlth. Syst. Oblig. Group), 5.00%, 12/1/43</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>150,000</TD>	<TD vAlign=bottom align=right>157,598</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.), 6.45%, 12/15/21</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>619,860</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>26,148,244</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Oklahoma (0.8%)</B></FONT></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, 7.125%, 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>1,369,013</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Tulsa, Muni. Arpt. Trust Mandatory Put Bonds (6/1/25) (American Airlines, Inc.), 5.00%, 6/1/35</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>750,000</TD>	<TD vAlign=bottom align=right>863,978</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, 5.50%, 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>1,429,138</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>3,662,129</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Multnomah Cnty., Hosp. 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; (Mirabella at South Waterfront), Ser. A, 5.40%, 10/1/44</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>562,755</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Terwilliger Plaza, Inc.), 5.00%, 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>404,674</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, 6.375%, 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>782,600</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Yamhill Ctny., Hosp. Auth. Rev. Bonds (Friendsview Retirement Cmnty. ), Ser. A, 5.00%, 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>325,000</TD>	<TD vAlign=bottom align=right>358,449</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>2,108,478</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Pennsylvania (4.1%)</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, 5.50%, 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>1,130,380</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Chester Cnty., Indl. Dev. Auth. Rev. Bonds (Renaissance Academy Charter School), 5.00%, 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>350,000</TD>	<TD vAlign=bottom align=right>388,812</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, 5.00%, 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>1,000,000</TD>	<TD vAlign=bottom align=right>1,068,030</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Dauphin Cnty., Gen. Auth. Hlth. Syst. Rev. Bonds (Pinnacle Hlth. Syst.), Ser. A, 5.00%, 6/1/34</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>250,000</TD>	<TD vAlign=bottom align=right>304,640</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, 6.375%, 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>642,431</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, 5.75%, 7/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,000,000</TD>	<TD vAlign=bottom align=right>3,400,860</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Moon, Indl. Dev. Auth. Rev. Bonds (Baptist Homes Society Oblig. Group), 5.75%, 7/1/35</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>1,677,195</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Northampton Cnty., Indl. Dev. Auth. Tax Alloc. Bonds (Rte. 33), 7.00%, 7/1/32</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>800,000</TD>	<TD vAlign=bottom align=right>884,120</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.), 6.25%, 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>578,175</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Gwynedd Mercy College), Ser. KK1, 5.375%, 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>866,538</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Indiana U.), Ser. A, 5.00%, 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>557,510</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>PA State Tpk. Comm. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A-1, 5.00%, 12/1/41</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>1,000,000</TD>	<TD vAlign=bottom align=right>1,198,290</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A, 5.00%, 12/1/38</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>594,260</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), 6.00%, 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>1,055,000</TD>	<TD vAlign=bottom align=right>1,164,108</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Philadelphia, Gas Wks. Rev. Bonds, Ser. 9, 5.00%, 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>1,000,000</TD>	<TD vAlign=bottom align=right>1,127,330</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, 6.50%, 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>1,401,519</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>West Shore Area Auth. Rev. Bonds (Lifeways at Messiah Village), Ser. A, 5.00%, 7/1/35</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>785,000</TD>	<TD vAlign=bottom align=right>874,451</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Wilkes-Barre, Fin. Auth. Rev. Bonds (Wilkes 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; 5.00%, 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>225,000</TD>	<TD vAlign=bottom align=right>230,528</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; U.S. Govt. Coll., 5.00%, 3/1/22 (Prerefunded 3/1/17)</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>335,000</TD>	<TD vAlign=bottom align=right>343,626</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>18,432,803</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Children's Trust Fund Tobacco Settlement (The) Rev. Bonds, 5.625%, 5/15/43</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>850,000</TD>	<TD vAlign=bottom align=right>850,153</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; (Pub. Impt.), Ser. A, NATL, 5.50%, 7/1/20</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,074,370</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A, FGIC, 1.21%, 7/1/21</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Caa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>741,250</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>2,665,773</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>SC State Pub. Svc. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Santee Cooper), Ser. A, 5.75%, 12/1/43</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,000,000</TD>	<TD vAlign=bottom align=right>3,798,240</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A, 5.50%, 12/1/54</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,409,900</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>SC State Pub. Svcs. Auth. Rev. Bonds, Ser. E, 5.25%, 12/1/55</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>1,821,765</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>8,029,905</B></FONT></TD></TR>

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

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>SD State Hlth. & Edl. Fac. Auth. Rev. Bonds (Sanford Oblig Group), 5.00%, 11/1/45</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>1,467,013</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>1,467,013</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Tennessee (0.5%)</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), 6.00%, 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>1,644,300</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Metro. Govt. Nashville & Davidson Ctny. Hlth. & Edl. Fac. Board Rev. Bonds (Vanderbilt U. Med. Ctr.), Ser. A, 5.00%, 7/1/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>450,000</TD>	<TD vAlign=bottom align=right>542,507</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>2,186,807</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Texas (13.8%)</B></FONT></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), 5.90%, 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>2,735,000</TD>	<TD vAlign=bottom align=right>2,930,553</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Central TX Regl. Mobility 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, 5.00%, 1/1/45</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>294,830</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A, 5.00%, 1/1/40</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>592,270</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Sr. Lien), Ser. A, 5.00%, 1/1/33</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>525,000</TD>	<TD vAlign=bottom align=right>610,738</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Clifton, Higher Ed. Fin. Corp. Rev. Bonds (Idea Pub. Schools)</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; 6.00%, 8/15/33</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>500,000</TD>	<TD vAlign=bottom align=right>603,695</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/32</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>315,000</TD>	<TD vAlign=bottom align=right>353,320</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Grand Parkway Trans. Corp. Rev. Bonds, Ser. B, 5.25%, 10/1/51</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AA+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,396,200</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 the Greater Houston Area), Ser. A, 5.00%, 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>1,127,210</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, 0.38s, 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>1,000,000</TD>	<TD vAlign=bottom align=right>1,000,000</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; Ser. B-1, 5.00%, 7/15/35</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>2,500,000</TD>	<TD vAlign=bottom align=right>2,785,975</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. B-1, 5.00%, 7/15/30</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>650,000</TD>	<TD vAlign=bottom align=right>737,984</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A, 5.00%, 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>1,733,025</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (United Airlines, Inc.), 4.75%, 7/1/24</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>1,300,000</TD>	<TD vAlign=bottom align=right>1,495,208</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; 6.375%, 8/15/44 (Prerefunded 8/15/19)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,100,000</TD>	<TD vAlign=bottom align=right>1,284,140</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 8/15/39 (Prerefunded 8/15/19)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,975,000</TD>	<TD vAlign=bottom align=right>2,298,229</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>La Vernia, Higher Ed. Fin. Corp. 144A Rev. Bonds (Meridian World School, LLC), Ser. A, 5.25%, 8/15/35</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>1,000,000</TD>	<TD vAlign=bottom align=right>1,047,330</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.), 5.25%, 11/1/40</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>3,500,000</TD>	<TD vAlign=bottom align=right>3,988,075</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Lower CO River Auth. Transmission Svcs. Contract Corp. Rev. Bonds, 5.00%, 5/15/33</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>450,000</TD>	<TD vAlign=bottom align=right>554,553</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, 6.30%, 11/1/29</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>1,121,910</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Dist. No. 1), Ser. A, AMBAC, 4.40%, 5/1/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,250,000</TD>	<TD vAlign=bottom align=right>1,500,575</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>New Hope, Cultural Ed. Fac. Fin. 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; (Wesleyan Homes, Inc.), 5.50%, 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>500,000</TD>	<TD vAlign=bottom align=right>538,295</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (NCCD College Station Properties, LLC), Ser. A, 5.00%, 7/1/47</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>567,210</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Collegiate Hsg.-Tarleton St.), 5.00%, 4/1/39</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>500,000</TD>	<TD vAlign=bottom align=right>578,715</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (TX A&M U. Collegiate & Student Hsg. College Station I, LLC), Ser. A, 5.00%, 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>530,000</TD>	<TD vAlign=bottom align=right>626,704</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Newark, Cultural Ed. Fac. Fin. Corp. Rev. Bonds (AW Brown-Fellowship Leadership Academy), Ser. A, 6.00%, 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>685,149</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, 5.25%, 12/1/47</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,255,980</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; (1st Tier), Ser. A, 6.00%, 1/1/25</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>120,000</TD>	<TD vAlign=bottom align=right>128,968</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (1st Tier), Ser. A, FNMA Coll., U.S. Govt. Coll., 6.00%, 1/1/25 (Prerefunded 1/1/18)</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>880,000</TD>	<TD vAlign=bottom align=right>946,669</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Toll 2nd Tier), Ser. F, 5.75%, 1/1/38 (Prerefunded 1/1/18)</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>750,000</TD>	<TD vAlign=bottom align=right>804,188</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; Ser. A, 5.00%, 1/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,250,000</TD>	<TD vAlign=bottom align=right>3,921,483</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Red River, Hlth. Retirement Fac. Dev. 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; (Happy Harbor Methodist Home, Inc.), Ser. A, 7.75%, 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>420,000</TD>	<TD vAlign=bottom align=right>502,547</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Sears Methodist Retirement Syst. Oblig. Group), Ser. C, 6.25%, 5/9/53 (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>39,000</TD>	<TD vAlign=bottom align=right>59</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Sears Methodist Retirement Syst. Oblig. Group), Ser. B, 6.15%, 11/15/49 (In default)<sup><B><I>(NON)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>D/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>749,000</TD>	<TD vAlign=bottom align=right>1,124</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Sears Methodist Retirement Syst. Oblig. Group), Ser. A, 6.05%, 11/15/46 (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>441,000</TD>	<TD vAlign=bottom align=right>662</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Sears Methodist Retirement Syst. Oblig. Group), Ser. D, 6.05%, 11/15/46 (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>76,000</TD>	<TD vAlign=bottom align=right>114</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Sears Methodist Retirement Syst. Oblig. Group), Ser. A, 5.45%, 11/15/38 (In default)<sup><B><I>(NON)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>D/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,124,000</TD>	<TD vAlign=bottom align=right>1,686</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Sears Methodist Retirement Syst. Oblig. Group), Ser. A, 5.15%, 11/15/27 (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>593,000</TD>	<TD vAlign=bottom align=right>890</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, 8.25%, 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>1,500,000</TD>	<TD vAlign=bottom align=right>1,597,635</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Buckingham Sr. Living Cmnty., Inc.), Ser. A, 5.50%, 11/15/45</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>1,000,000</TD>	<TD vAlign=bottom align=right>1,126,880</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Buckner Retirement Svcs., Inc.), 5.25%, 11/15/37</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>1,065,000</TD>	<TD vAlign=bottom align=right>1,104,469</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Buckner Retirement Svcs., Inc.), 5.25%, 11/15/37 (Prerefunded 11/15/17)</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>835,000</TD>	<TD vAlign=bottom align=right>884,774</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Air Force Village), 5.125%, 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>2,850,000</TD>	<TD vAlign=bottom align=right>2,870,805</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Buckner Retirement Svcs., Inc.), Ser. B, 5.00%, 11/15/46</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>1,500,000</TD>	<TD vAlign=bottom align=right>1,779,765</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Travis Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds (Wayside Schools), Ser. A, 5.25%, 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>1,067,740</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, 5.25%, 12/15/24</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>2,444,960</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), 7.50%, 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>2,413,880</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (LBJ Infrastructure), 7.00%, 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>2,500,000</TD>	<TD vAlign=bottom align=right>2,984,275</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., 6.90%, 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>150,000</TD>	<TD vAlign=bottom align=right>150,431</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, 5.00%, 12/15/28</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,745,310</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>TX State Private Activity Bond Surface Trans. Corp. Rev. Bonds (Blueridge Trans. Group, LLC (SH 288 Toll Lane))</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; 5.00%, 12/31/55</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>577,900</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/50</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>870,173</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>61,635,260</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Virginia (2.5%)</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), 5.00%, 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>608,490</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Alexandria, Indl. Dev. Auth. Res. Care Fac. Mtge. Rev. Bonds (Goodwin House, Inc.), 5.00%, 10/1/45</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,741,290</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Cherry Hill Cmnty., Dev. Auth. 144A Special Assmt. Bonds (Potomac Shores), 5.40%, 3/1/45</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>1,051,070</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 (United Methodist Homes), 5.00%, 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>720,581</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Lower Magnolia Green Cmnty., Dev. Auth. 144A Special Assmt. Bonds, 5.00%, 3/1/35</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>500,000</TD>	<TD vAlign=bottom align=right>505,470</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; 5.00%, 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>1,272,388</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 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>1,025,900</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), 6.00%, 1/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>900,000</TD>	<TD vAlign=bottom align=right>1,092,465</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Express Lanes, LLC), 5.00%, 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>1,275,580</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, 7.75%, 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>1,933,257</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>11,226,491</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>Port of Seattle, Rev. Bonds, Ser. C, 5.00%, 4/1/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>625,000</TD>	<TD vAlign=bottom align=right>735,144</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.), 5.00%, 4/1/30</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>300,000</TD>	<TD vAlign=bottom align=right>324,018</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Skagit Cnty., Pub. Hosp. Rev. Bonds (Dist. No. 001), 5.75%, 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>2,769,475</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>5,897,379</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Tobacco Settlement Auth. of WA Rev. Bonds, 5.25%, 6/1/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,275,000</TD>	<TD vAlign=bottom align=right>1,481,333</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.), 5.625%, 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>446,016</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.), 7.00%, 7/1/39 (Prerefunded 7/1/19)</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>1,180,580</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Kadlec Med. Ctr.), 5.50%, 12/1/39 (Prerefunded 12/1/20)</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>1,300,000</TD>	<TD vAlign=bottom align=right>1,553,864</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Central WA Hlth. Svcs. Assn.), 4.00%, 7/1/36</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>810,000</TD>	<TD vAlign=bottom align=right>837,176</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>WA State Hsg. Fin. Comm. 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; (Heron's Key Oblig. Group), Ser. A, 7.00%, 7/1/50</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>542,345</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Bayview Manor Homes ), Ser. A, 5.00%, 7/1/46</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>428,392</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>16,195,722</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.), 6.75%, 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>776,866</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>776,866</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Wisconsin (1.6%)</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), 5.25%, 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>403,617</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Pub. Fin. Auth. Exempt Fac. Rev. Bonds (Celanese U.S. Holdings, LLC), Ser. C, 4.30%, 11/1/30</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>300,000</TD>	<TD vAlign=bottom align=right>325,074</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, 7.625%, 9/15/39 (Prerefunded 9/15/19)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left>AAA/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,350,000</TD>	<TD vAlign=bottom align=right>1,635,836</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (Prohealth Care, Inc.), 6.625%, 2/15/39 (Prerefunded 2/15/19)</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>1,250,000</TD>	<TD vAlign=bottom align=right>1,434,625</TD></TR>
	<TR><TD></TD>	<TD vAlign=top align=left>&nbsp;&nbsp;&nbsp;&nbsp; (St. John's Cmnty., Inc.), Ser. B, 5.00%, 9/15/45</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>250,000</TD>	<TD vAlign=bottom align=right>277,598</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>WI State Pub. Fin. Auth Sr. Living Rev. Bonds (Rose Villa, Inc.), Ser. A, 5.75%, 11/15/44</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>1,993,356</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>WI State Pub. Fin. Auth. 144A Rev. Bonds (Church Home of Hartford, Inc.), Ser. A, 5.00%, 9/1/30</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>800,000</TD>	<TD vAlign=bottom align=right>882,008</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>6,952,114</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 $502,462,546)</B></FONT></TD>
										<TD align=right><FONT size=+0><B>$564,943,072</B></FONT></TD></TR>
					<TR><TD><BR></TD></TR>
	<TR height=48></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>PREFERRED STOCKS (0.8%)<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, 5s cum. pfd.</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,400,000</TD>	<TD vAlign=bottom align=right>$3,604,000</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 preferred stocks (cost $3,400,000)</B></FONT></TD>
										<TD align=right><FONT size=+0><B>$3,604,000</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>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>$1,381</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>$1,381</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 $507,136,491)<sup><B><I>(b)</I></B></sup></B></FONT></TD>
										<TD align=right><FONT size=+0><B>$568,548,453</B></FONT></TD></TR>
					<TR><TD><BR></TD></TR></TABLE>

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<TR height=60></TR><TR vAlign=top><TD align=right></TD>	<TD colspan=2><FONT size=+1><B>Notes to the fund's portfolio</B></FONT></TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6>Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from November 1, 2015 through July 31, 2016 (the reporting period). Within the following notes to the portfolio, references to "ASC 820" represent Accounting Standards Codification 820&nbsp;<I>Fair Value Measurements and Disclosures</I>, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to "OTC", 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 $447,971,133.</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 Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. If a security is insured, it will usually be rated by the ratings organizations based on the financial strength of the insurer.</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 $506,712,882, resulting in gross unrealized appreciation and depreciation of $65,269,487 and $3,433,916, respectively, or net unrealized appreciation of $61,835,571.</TD></TR>
	<TR vAlign=top><TD align=right><sup><B><I>(FWC)</I></B></sup></TD>	<TD colspan=6>Forward commitment, in part or in entirety.</TD></TR>
	<TR vAlign=top><TD align=right><sup><B><I>(F)</I></B></sup></TD>	<TD colspan=6>This security is valued by Putnam Management at fair value following procedures approved by the Trustees. Securities may be classified as Level 2 or Level 3 for ASC 820 based on the securities' valuation inputs.</TD></TR>
	<TR vAlign=top><TD align=right><sup><B><I>(T)</I></B></sup></TD>	<TD colspan=6>Underlying security in a tender option bond transaction. This 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 $18,545,570 to cover tender option bonds.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6>144A after the name of an issuer represents securities exempt from registration under Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6>On Mandatory Put Bonds, the rates shown are the current interest rates at the close of the reporting period and the dates shown 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><br>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>32.7%</TD></TR>
		<TR vAlign=bottom><TD></TD><TD>Utilities</TD>	<TD align=right>17.0</TD></TR>
		<TR vAlign=bottom><TD></TD><TD>Transportation</TD>	<TD align=right>16.7</TD></TR>
		<TR vAlign=bottom><TD></TD><TD>Prerefunded</TD>	<TD align=right>10.3</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6><br><B>Security valuation:</B> Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund's assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6>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. To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. 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, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6><B>Tender option bond transactions:</B> The fund may participate in transactions whereby a fixed-rate bond is transferred to a tender option bond trust (TOB trust) sponsored by a broker. The TOB trust funds the purchase of the fixed rate bonds by issuing floating-rate bonds issued to third parties and allowing the fund to retain the residual interest in the TOB trust'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'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's investments with a value of $32,114,405 were held by the TOB trust and served as collateral for $13,568,834 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $21,236 for these investments based on an average interest rate of 0.19%.</TD></TR>	</TABLE>


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	<TR vAlign=top align=left><TD></TD>	<TD colspan=4>ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund'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'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>
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	<TR><TD></TD>	<TD><B><B>Investments in securities:</B></B></TD>	<TD align=right><B>Level 1</B></TD>	<TD align=right><B>Level 2</B></TD>	<TD align=right><B>Level 3</B></TD>						</TR>
	<TR><TD></TD>	<TD><B><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>$1,381</TD>	<TD align=right>$&mdash;</TD>	<TD align=right>$&mdash;</TD>						</TR>
	<TR><TD></TD>	<TD><B>Total common stocks</B></TD>	<TD align=right><B>1,381</B></TD>	<TD align=right><B>&mdash;</B></TD>	<TD align=right><B>&mdash;</B></TD>						</TR>
	<TR><TD></TD>	<TD>Municipal bonds and notes</TD>	<TD align=right>&mdash;</TD>	<TD align=right>564,930,168</TD>	<TD align=right>12,904</TD>						</TR>
	<TR><TD></TD>	<TD>Preferred stocks</TD>	<TD align=right>&mdash;</TD>	<TD align=right>3,604,000</TD>	<TD align=right>&mdash;</TD>						</TR>
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<TR><TD></TD>	<TD><B>Totals by level</B></TD>	<TD align=right><B>$1,381</B></TD>	<TD align=right><B>$568,534,168</B></TD>	<TD align=right><B>$12,904</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 vAlign=top align=left><TD></TD>	<TD colspan=4>During the reporting period, transfers within the fair value hierarchy, if any, did not represent, in the aggregate, more than 1% of the fund's net assets measured as of the end of the period. Transfers are accounted for using the end of period pricing valuation method.</TD></TR>
	<TR vAlign=top align=left><TD></TD>	<TD colspan=4>At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and were not considered a significant portion of the fund's portfolio.</TD></TR>
	<TR vAlign=top align=left><TD></TD>	<TD colspan=4><br>For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com</TD></TR>									</TABLE>





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<tr><td></td><td>(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms.
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<tr><td></td><td>(b) Changes in internal control over financial reporting: Not applicable
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<tr><td></td><td><u>Item 3. Exhibits:</u>
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<tr><td></td><td>Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.
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<tr><td></td><td><u>SIGNATURES</u>
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<tr><td></td><td>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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<tr><td></td><td><u>Putnam Managed Municipal Income Trust</u>
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<tr><td></td><td>By (Signature and Title):
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<tr><td></td><td><u>/s/ Janet C. Smith</u><br>Janet C. Smith<br>Principal Accounting Officer<br>Date: September 29, 2016
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<tr><td></td><td>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of  1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
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<tr><td></td><td>By (Signature and Title):
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<tr><td></td><td><u>/s/ Jonathan S. Horwitz</u><br>Jonathan S. Horwitz<br>Principal Executive Officer<br>Date: September 29, 2016
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<tr><td></td><td>By (Signature and Title):
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<tr><td></td><td><u>/s/ Steven D. Krichmar</u><br>Steven D. Krichmar<br>Principal Financial Officer<br>Date: September 29, 2016
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</tr>	<tr><td></td><td><u>Certifications<br><br></u></td></tr>
<tr><td></td><td>I, Jonathan S. Horwitz, the Principal Executive Officer of the funds listed on Attachment A, certify that:</td></tr>

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

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

<tr><td></td><td><br>3.  Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</td></tr>
<tr><td></td><td><br>4. The registrant'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'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's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</td></tr>

<tr><td></td><td><br>5.  The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions):</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'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'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 28, 2016</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'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'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's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</td></tr>

<tr><td></td><td><br>5.  The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions):</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'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'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 28, 2016</td></tr>
<tr><td></td><td>Steven D. Krichmar</td></tr>
<tr><td></td><td>Principal Financial Officer</td></tr>

<tr><td></td><td align=center><br><br><br><br><br><br><br><br><br><hr weight=2 noshade><br><br><br><br><br><font size=+2><b>Attachment A</b></font></td></tr>
<tr><td></td><td align=center><br><font size=+2><b>NQ</b></font></td></tr>
<tr><td></td><td align=center><br>Period (s) ended July 31, 2016</td></tr>

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

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